car collateral loans

How Car Collateral Loans Are Saving People Money

Getting car collateral loans can be many things, but you may not think of it as a way to save money. This is probably due to the indirect positive effect they can have on your savings.

But saving money should always be the end goal. While many people may be more optimistic about their financial futures in 2022, personal saving approaches are still very much on their minds.

According to a recent survey, 73% of people in the United States say they want to save much more money. However, many are managing to save less than before. The personal savings rate was nearly 20% in January 2020, but by February 2021 it had fallen to 13.6%.

What can help? Car collateral loans. For those looking for ways to save money while still being able to address pressing financial emergencies, car collateral loans are an option for relief that you can take advantage of right now. They can also help you avoid extra costs that may happen if you don’t address your emergency sooner. So, let’s look at how car collateral loans work.

Car Collateral Loans: The Basics

When facing any type of financial emergency, it can be difficult figuring out where to turn — especially if saving money is high on your list of priorities. Car collateral loans, or car title loans, simply use your vehicle’s title in exchange for a loan.

Car title loans can often help you save an amount of money while still addressing a money emergency. For example, through a car title loan at Wisconsin Auto Title Loans, Inc., you may qualify for a loan of up to $15,000 just by using your car’s title.

car title loans for emergencies

They Are Designed For Emergencies

The loans are specifically designed for dealing directly with financial emergencies. These include unexpected money issues such as an expensive trip to the emergency room, a much-needed home or vehicle repair, or last-minute travel.

These are often urgent expenses, and car title loans will help you continue to save money while obtaining a way to pay off the expense. This prevents any urgent situation from possibly getting worse and costing you more money down the line. This makes car title loans a short-term option for needed cash, meaning that they’re not designed to fix long-term financial issues.

They Are Quick To Qualify For

When you’re dealing with a financial emergency, especially while trying to continue saving money, time is of the essence. That’s why it can take as little as 30 minutes to qualify for a car collateral loan through an in-person process with Wisconsin Auto Title Loans, Inc.

You even have the option of qualifying for a title loan entirely from the comfort of your own home by using online title loans.

On top of that, if you qualify for a loan, you can receive the cash you need the same day or the very next business day. 

What You Need For A Car Collateral Loan 

One of the other benefits of a car title loan is that you don’t need too many items to qualify. Here is all you need:

  • A form of identification issued by the state or a driver’s license.
  • The lien-free title to your vehicle. A lien-free, or clear title, means that you own your vehicle; there are no outstanding loans or judgments against it.
  • Your car for a quick inspection. We use this as a way to determine your car’s value, which determines how much of a loan you may qualify for.

What You Don’t Need For A Car Collateral Loan 

If you’ve ever sought a loan before, you know that it can often be challenging because of what’s required by traditional financial providers.

However, at Wisconsin Auto Title Loans, Inc. we keep the process simple. We do not require that you have a checking account to qualify for a car title loan. In addition, we welcome those with all forms of credit histories — good or bad — to pursue a car title loan with us. You can absolutely still qualify for a car collateral loan even if your credit is not considered good.

qualifying for title loans

The Car Title Loan Process

How do we make it possible for you to qualify for a title loan through an in-person process that takes as little as 30 minutes? It all starts online. Here is how our process works:

  1. Fill out our Wisconsin auto title loan inquiry form with some basic personal information, including your name, email address, phone number, and zip code. You’ll also send us the year, make, and model of your vehicle.
  2. Keep your phone handy because soon after you submit the form, one of our loan representatives from the nearest location will give you a quick phone call. They will discuss the next steps in the car title loan process, give an overview of the required items, and answer any questions you have.
  3. You then have a choice. You can either come to the Wisconsin Auto Title Loans, Inc. location of your choice or a loan representative can meet you wherever you choose if you don’t feel like coming to one of our stores.
  4. Simple have your vehicle and the required items with you for the appointment with the loan representative. After they perform a quick inspection, and if you qualify for the loan, you will get the money you need on the same day or the following business day! 

Get Started Today 

Car collateral loans can go a long way in helping you save money while still addressing financial emergencies by helping you address them before they get any worse. All you need to start the process for one is to go online, fill out the title loan form, and submit it to have a loan representative help you through the rest of the process.

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

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.