What Is Required To Get A Title Loan In Oshkosh, WI?
So, you're looking to get a title loan in Oshkosh, Wisconsin. If it is your first time looking into Oshkosh title loans, you may not know what you need to apply and qualify. After all, everyone applies for a loan for the first time at some point.
In this article, we'll tell you everything you need to get a title loan in Oshkosh, WI.
The Requirements You Must Have For A Title Loan In Oshkosh
In all honesty, there isn't a whole lot that you actually need to apply for and qualify for Oshkosh title loans. In fact, there are only three things that you actually need in order to do so. Namely, they are a state-issued ID, a vehicle to put up as collateral, and the lien-free title for that vehicle. Let's talk about them in more detail.
1. A State-Issued ID
This is exactly what it sounds like: a form of identification that has been officially provided to you by the state of Wisconsin. That might sound fancy, but for most people, that just means their driver's license. That's the form of state-issued ID that most people are going to have.
However, if you have a job working directly for the state, you may have some other form of state-issued identification. That too would be acceptable. Either way, you'll need an official state-issued ID to apply for a title loan in Oshkosh, WI. After all, a lender needs to know that you are who you say you are.
2. A Vehicle For Inspection
Hopefully, you already know that a title loan involves putting up ownership of a vehicle as collateral. That being the case, it only makes sense that you will need an actual vehicle to use as collateral. If you don't have one, you can't get a title loan. Moreover, the vehicle in question needs to legally belong to you.
That means a few different things. First of all, the vehicle must be fully paid off. If you are still paying it off, it technically belongs to someone else, not you. It also can't be a company vehicle that is simply driven by you. The vehicle must be legally yours.
3. A Lien-Free Title to Your Vehicle
Okay, so in order for a vehicle to be legally yours, you need to have a title in your name. Any vehicle that you own, should have a title. You'll need that title for the vehicle you plan to use as collateral, and it needs to be lien-free, which sounds complicated but isn't.
Lien-free just means that there can't be any outstanding loans against the title. In other words, you aren't paying off the vehicle, and the vehicle is not currently being used as collateral for another loan. You can't use the same vehicle and title for two different title loans!
This isn't just true for a title loan in Oshkosh, WI, either. It's true in pretty much every state. So, keep that in mind. Other than that, there is nothing else you actually need to apply for title loans in Wisconsin.
Do You Need Good Credit For A Title Loan In Oshkosh, WI?
Most people believe that they need good credit in order to qualify for any type of loan, but this is not the case. That is usually only true in the case of unsecured loans. However, a title loan is a secured loan, which means that collateral mostly takes the place of credit.
You see, when there is no collateral, a lender has no guarantee that a borrower is going to pay them back. In that case, they have to rely on the borrower's credit history to determine how reliable they are. However, this is not necessary if the collateral is involved.
That's because collateral covers any risk. If a borrower doesn't pay, the collateral ensures the lender doesn't lose its investment. This is not to say that your credit is totally irrelevant, but you don't particularly need good credit to apply or qualify for a title loan in Wisconsin.
Getting A Title Loan With Wisconsin Auto Title Loans, Inc.
If you feel that a title loan is right for you, Wisconsin Auto Title Loans, Inc. has a quick and easy process. Just submit an inquiry form here on our website, and a representative will contact you as soon as possible.
They'll set up a time to meet with you. Bring the required items mentioned in this article to that meeting. The rep will then verify your documents and inspect your vehicle to determine if you qualify for the loan. If you do, you'll just have to sign a few documents.
After approval, you can get your money either the day of or the following business day. It really is that easy, so don't hesitate to contact us for your loan needs!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.