What You Need To Qualify For A Title Loan In Wisconsin

You may have heard that getting a title loan in Wisconsin is a fast process with not a lot in the way of requirements. Title loans are meant to provide fast access to cash, with very few hoops to jump through. Still, there are a few Wisconsin title loan requirements that you’ll need to prove you qualify.

In this guide from Wisconsin Auto Title Loans, Inc., we will explain the three required items you will need for title loan approval. After explaining Wisconsin title loan requirements, we will review how to get approved and some Wisconsin vehicle repossession laws you should know before borrowing.

Wisconsin Title Loan Requirements: Three Items You’ll Need To Get Approved

Title loans are secured loans that let you use your lien-free vehicle title as collateral to borrow up to $15,000 for emergency expenses. How much you can borrow depends on your vehicle’s value. As long as you own your car outright, you have a good chance of getting approved.

Despite the fast, efficient approval process, there are a few items you'll need to get approved. You must verify your identity, age, vehicle ownership, and car value before getting approved for auto title loans.

Here are the required items you need to get approved for a Wisconsin title loan:

1. Your Driver’s License (Or A Valid State ID)

This is the simplest of the Wisconsin title loan requirements. We need to confirm who we are lending to. This means you need either a driver’s license or a valid state-issued ID, such as a passport, student ID, or military service member's card. The ID must have your full name, photograph, and date of birth.

Remember – you need to be over 18 to take out a title loan. Wisconsin laws state that you must be a legal adult to borrow money in the state. The name on your ID should also match the name on your vehicle’s title.

2. Lien-Free Vehicle Title

To get a title loan in Wisconsin (or anywhere, for that matter), there should be no outstanding liens on your vehicle’s title. A lien is when somebody else, normally a financing company, has a legal claim to your vehicle. This is common with vehicle financing when you have not yet repaid your loan.

Wisconsin vehicle repossession laws state that we cannot lend cash against the vehicle’s title unless that title is lien-free. This is because a person doesn’t fully own the vehicle. Another person or company has a financial stake in that vehicle, meaning you cannot use it to borrow cash.

The title must also be in your name. If you received the car as a gift or bought it from a third party, the title may still have the previous owner’s name on it. In this case, you must get a title transfer at your local DMV office. Thankfully, this is a short process that just requires you to fill out a few forms and pay a small fee.

3. Your Vehicle For Inspection

We at Wisconsin Title Loans, Inc. can lend up to $15,000 against the value of your vehicle. To determine how much we can lend you, we’ll need to take a quick look at your vehicle. Our vehicle inspections are swift. Using industry-recognized techniques and price guides, we’ll determine the value of your vehicle.

The following are the vehicle factors that can determine the value of your title loan:

• Your car’s age
• Vehicle make and model (Ex, Kia Sorrento)
• Interior and exterior condition
• Odometer reading (mileage)
• Modifications
• Maintenance history

These three items are all that you will need to get approved for a title loan. You may have feared a long list of other documents that you would need for a traditional bank loan, but they are not relevant for a title loan.

What You Don’t Need For A Title Loan In Wisconsin

Other loan types may ask you to verify your income and credit, among other things. Traditional banking institutions are known for requiring a long list of documents just to see if you qualify. With Wisconsin Auto Title Loans, Inc., we keep things simple so you can get fast access to emergency cash.

Here are some things you won’t have to worry about with title loans:

• Proof of income – We don’t need you to prove that you have money flowing in. Your vehicle is your loan collateral. Of course, you do need some way to repay your title loan, but we don’t need proof of it. This allows you to get a title loan between jobs, or without traditional employment.
• Good credit – Title loans are not given based on your credit score; they’re based on the value of your vehicle. Since your vehicle serves as your loan security, we don’t rely as much on your financial history. We regularly offer title loans to those with bad or no credit history.
• Your vehicle – We’ll need access to your vehicle for inspection. However, contrary to popular belief, we won’t keep hold of your vehicle. You are free to keep your vehicle during loan repayment. As long as you keep up with your loan payments, the vehicle can remain in your possession.

If you are between jobs or have bad credit, don’t worry; you can still get a title loan. Just remember to borrow responsibly and only borrow money you feel you can repay. If you feel you can qualify for a title loan, you can proceed with the approval process below.

How To Get A Title Loan In Wisconsin

Wisconsin Title Loans, Inc. can offer title loans throughout the state. We have 19 branches across Wisconsin with friendly representatives who can guide you through the process. Our experience in the title loan industry means we’ve designed the process to be as simple as possible. Fill out an online inquiry today, and you could have access to funds the same day.

Here is the approval process for a title loan:

• Fill out our online request form with your name, zip code, contact information, and vehicle details
• Answer our phone call to discuss title loan terms
• Bring your required items to the nearest Wisconsin store location
• Get your requirements verified and your vehicle inspected for its value
• If approved, sign the loan agreement to finish the process
• Receive your title loan cash later that day or by the next business day

Once you receive your cash, you can pay off your costs and begin planning for repayment. Wisconsin vehicle repossession laws state that you can lose your car if you default on a title loan. If you default on your loan, which means missing payments for 90 days, your car can be repossessed to recoup the value the lender lost, so make sure you have a plan in place for repaying.

Borrow A Title Loan In Wisconsin – Borrow Up To $15,000 Today!

Need fast emergency cash for urgent costs? Wisconsin Title Loans, Inc. can help; our simple Wisconsin title loan requirements allow you to get approved swiftly for our emergency loans. You can get approved for title loans today with just three items. Borrow money today without income or good credit. Fill out our online title loan form, and visit us in person to get approved in just 30 minutes!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.