What Is A Car Title Loan?
February 18, 2022 | June Mckaig
Getting a title loan to help with financial woes is done by many, but what is a car title loan and how exactly does it work?
Every year, over two million individuals in the United States utilize the financial assistance that is provided to them through car title loans. So, being familiar with this type of loan can prove helpful in certain situations. That’s why we are here to explain what is a car title loan and how you can get one in Wisconsin through us today.
What Is A Car Title Loan?
A car title loan is a short-term loan that can provide burrowers with a sum of money. It is often obtained for emergency purposes that require you to gather funds quickly. Such emergencies where a car title loan can be used may include:
- Medical Bills.
- Unexpected but important 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 vehicle title acts as collateral.
How Long Does The Lender Keep The Car Title?
How long the lender keeps the car title will depend on the term agreements that you agreed on. 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 duration of the loan is (keep in mind it is not a long-term loan), you will get your vehicle title back once you complete paying back the loan in full.
What Is Required To Get A Title Loan?
An essential part of understanding what is a car title loan in Wisconsin is knowing what is required for one. To get a car title loan, you will of course need to own a vehicle.
You will want to keep in mind that if a vehicle is not owned by you (meaning the title is not under your name) or has outstanding payments that need to be made on it, you will not be able to apply for a title loan.
You will also need proof of ownership by supplying two more items, which are your ID and vehicle title. Let’s have a more detailed look at these items:
1. Your ID And Title To The Vehicle
To show proof of ownership of the vehicle that you are using to obtain the loan, you need to 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 confirm you are the person in the provided photo ID, that you are of age to apply (18 years or older), and that your name match 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 mentioned, you will also need to provide the vehicle that the title belongs to.
Although the car title is required for the loan, the amount of the loan itself is based on the vehicle’s value. That’s why one of our loan representatives will inspect the vehicle to determine how much you qualify for.
What Is The Step-By-Step Process To Get A Title Loan?
Qualifying for a title loan is easy. When you reach out to Wisconsin Auto Title Loans, Inc., we will go over the required items 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.
- Make sure to have your government-issued ID and lien-free title along with your vehicle when you meet the loan representative, who is going to review your documents and perform a quick vehicle inspection.
- If you are found to be qualified, you can complete the final paperwork with the help of the representative.
- Lastly, you’d receive the funds on the same day 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!
Submit A Title Loan Form Today
After reading this simple explanation of what is a car title loan, you may feel confident and ready to start the application process. You can do this from the comfort of your own home by submitting an online form to have one of our representatives contact you and guide you today!