what is a car title loan

What Is A Car Title Loan?

Many people consider getting a title loan to help with a financial emergency, and it's important to understand car title loan basics. If you're asking yourself, "What is a car title loan, and how exactly does it work?" we're here to help you understand car title loans.

Over two million individuals in the United States utilize the financial assistance provided through car title loans every year. So, being familiar with this loan type can be helpful in certain situations. That’s why we are here to explain a car title loan and how you can get one in Wisconsin through us today.

Understanding Car Title Loans

A car title loan is a short-term loan that can provide borrowers with money. It is often obtained for emergencies requiring you to gather funds quickly. Such emergencies where a car title loan can be used may include:

  • Medical Bills.
  • Unexpected but essential travel.
  • Home and auto repairs.
  • Paying utility bills or rent.

When you choose to get a car title loan, you temporarily hand over your vehicle title to the lender you’re working with. By doing so, your lien-free vehicle title acts as collateral.

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What Is Required To Get A Title Loan?

An essential part of understanding a car title loan in Wisconsin is knowing what is required for one. Of course, you must own a vehicle to get one.

You should keep in mind that you will not be able to apply for a title loan if a vehicle is not owned by you (meaning the title is not under your name) or has outstanding payments.

You will also need proof of ownership by supplying two more items: your ID and vehicle title. Let’s have a more detailed look at these items:

1. Your ID And Title To The Vehicle

To prove ownership of the vehicle you are using to obtain the loan, you must provide a lien-free car title and government-issued photo ID that matches the name on the title.

At Wisconsin Auto Title Loans, Inc., we will make sure that you are the person in the provided photo ID, that you are of age to apply (18 years or older), and that your name matches that on the car title.

Acceptable forms of identification are a driver’s license or any state-issued or government-issued ID.

2. Your Vehicle For Inspection 

As we talked about, you will also need to provide the vehicle to which the title belongs.

Although the car title is required for the loan, the loan amount is based on the vehicle’s value. That’s why one of our loan representatives will inspect the vehicle to determine your eligibility.

What Is The Step-By-Step Process To Get A Title Loan?

Qualifying for a title loan is easy. When you contact Wisconsin Auto Title Loans, Inc., we'll review the items we need and how the process works at our stores. This is what the process would look like:

  • Gather the required documents and start your process by submitting the online title loan form.
  • The loan representative will call you in a few minutes to answer your questions and schedule an appointment at a location of your choice.
  • When you meet the loan representative, bring your government-issued ID and lien-free title. The representative will review your documents and perform a quick vehicle inspection.
  • If qualified, you can complete the final paperwork with the representative's help.
  • Lastly, you’d receive the funds on the same or the following business day.

Using this method, you can get a title loan of up to $15,000. The in-person process can be completed in as little as thirty minutes! 

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1. How Long Does The Lender Keep The Car Title?

The length of time the lender keeps the car title will depend on the terms of the agreement you signed. On average, the duration of a lender holding onto your vehicle title can be anywhere from a couple of weeks to a couple of months, depending on the repayment plan.

No matter how long the loan is (remember it is not a long-term loan), you will get your vehicle title back once you pay it back in full.

2. Can I Keep My Car With A Title Loan In Wisconsin?

You can use your car as usual while you enjoy the benefits of an emergency title loan. Since your lien-free car title is collateral for the loan, you can keep and drive your car. 

3. Can I Qualify For A Title Loan With Bad Credit?

You can qualify. for a Missouri title loan even if you have good, bad, or no credit at all. Remember, your lien-free car title secures the loan, so your credit background plays a minor role in gaining eligibility for a title loan.

Apply For A Title Loan Today!

After reading this simple explanation of a car title loan, you may feel confident and ready to start the application process. You can do this from the comfort of your home by submitting an online inquiry form so that one of our representatives can contact you and guide you 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.

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.