Do Title Loans Go On Your Credit Report?
Sometimes in life, you encounter financial problems you cannot handle alone. This is not something unique to any specific person. In America, over 60% of adults aren’t able to cover a financial emergency worth $400 or more without asking for some help.
Many, when encountering such financial problems, turn to loans. Although such loans should be a last resort, people can find themselves in this situation, unsure of how they got there. The downfalls of loans exist, especially bank loans. You can find yourself paying extra fees and your credit at stake if you apply for these loans and are making repayments, but especially falling behind on repayments.
While there are certain situations when getting a loan is an option that is warranted and is worth looking into, it doesn’t mean you should seek a loan for every trivial financial problem you may have, as some loans may have some impact on your credit.
For example, bank loans traditionally impact your credit score since they are reported to credit agencies. But not all loans affect your credit the same way.
So if you need quick cash and are considering applying for title loans online, asking yourself “do car title loans and credit go hand-in-hand and what impact will they have?” would be a smart thing to do.
Which is the topic we’ll be breaking down in this article. But first...
When Should I Apply For A Title Loan?
Before googling “do title loans go on your credit report?”, determine whether you need the loan to deal with the situation in the first place.
Taking a loan should never be your first choice of action unless the consequences are certainly as dire as you’d imagine.
Title loans' main benefits are that they’re accessible, have a straightforward application procedure, and they’re fast, the procedure typically takes under an hour and the borrower gets the cash the same day if approved.
This makes them an optimal option for emergencies when you need cash on short notice. Medical emergencies, overdue bills, urgent house repairs (leaky roof, broken locks, a clogged toilet, etc.).
If you have an option to postpone dealing with the problem or it isn’t a time-sensitive one, you should try to get cash together without resorting to a loan. If not – title loans could be of help.
Now back to the topic.
Do Title Loans Go On Your Credit Report?
The straightforward answer is: no.
For there to be credit reporting for title loans, the lender must report the loan to a credit agency, due to the connection of car title loans and credit. However, when you get your title loan through Wisconsin Auto Title Loans, Inc., no loan information is reported to any credit agencies or bureaus.
Thus, the loan information stays entirely between you and the lender.
Do Title Loans Go On Your Credit Report If You Specifically Ask For It?
Unfortunately, no.
According to Wisconsin Auto Title Loans, Inc. policy, the loan information is private and stays between the lender and the borrower, even if the latter wants for it to go on the credit report, in the instance of a title loan and credit score.
If you were planning to take out a title loan only to have positive title loan credit impact purposes, this option does not work for the specific purpose of title loan credit impact.
Do Title Loans Go on Your Credit Report If You’re Late With A Loan Payment?
Luckily, no.
Again, Wisconsin Auto Title Loans, Inc. keeps the loan information private. Your loan information isn’t a “hostage” the lender will hold over you for payments.
Credit reporting for title loans to a loan agency does not happen. Even if you’re unwittingly late with the payment.
Do Title Loans Go On Your Credit Report If You Roll The Loan Over?
Again, no.
The status of your loan won’t change the way the lender treats your loan information. It won’t be reported to any credit bureaus and won’t impact your credit history.
Do Title Loans Go On Your Credit Report If You Apply For Another Loan?
No.
Any loan you get from Wisconsin Auto Title Loans, Inc. is fully separated and has nothing to do with any other loan you might take out while paying the title loan off.
The only loan that concerns Wisconsin Auto Title Loans, Inc. is their own and the information of that loan will be kept separate from any other loan you get from other sources.
How To Get A Title Loan At Wisconsin Auto Title Loans, Inc.
One of the benefits of title loans (aside from accessibility, welcoming all credit types, and accommodating all types of income) is just how quick and simple it is to get one.
All you need to qualify is to be over 18 and outright own your car. Here are the items you’ll need to provide the lender with:
- A state-issued ID or driver’s license to verify your identity and age.
- Your car for inspection.
- The car’s lien-free title is in your name.
After that, you can easily start the application process online:
- Fill out the car title loans inquiry form on the website.
- Wait for the form to get processed.
- Answer when the loan representative calls you to provide further instructions and answer any questions you might have.
- Take the required items to the meeting with the associate the loan representative sets up.
- Let them inspect the vehicle and assess the documents to determine the maximum loan amount you qualify for (could be up to $15,000).
- If you’re approved, you’ll complete the simple paperwork right there, and get the cash you qualified for the very same day.
Get A Title Loan Without An Impact On Your Credit Score
Since no part and no information of your personal title loan is ever reported as debt to any credit agency, this type of loan does not affect, your credit score positively or negatively.
Because of that, and other details about this loan option, you may have decided to fill out the online form to determine if you qualify. If so, loan representatives are waiting to assist you with a title loan today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.