The Step-By-Step Guide To Getting A Car Collateral Loan
Getting a car collateral loan with us at Alabama Title Loans, Inc. is easy when you know how. Provided you have the required items, you'll find the step-by-step tutorial very easy to follow. So, let's take a deep dive into the process and requirements before discussing the things you can use a title pawn for.
Here’s How To Get A Car Collateral Loan
In just six steps, you can get your hands on the car collateral loan you need:
- Complete the online form found on this website. It sends your information straight to your nearest Alabama Title Loans, Inc. storefront.
- One of the branch's representatives will give you a call shortly, so make sure you have your phone at hand.
- During the phone call, the loan associate will walk you through this process, explain the required items, and answer your questions. They'll also ask you to set a meeting location — you don't have to come to the store if you'd prefer to meet elsewhere. Our representatives can come to you.
- No matter where you meet, ensure you bring the necessary documents (we'll talk about the requirements in the next section).
- Sit down with the loan associate, who will take a look at your ID and title before examining your vehicle to assess how much you qualify for.
- If you qualify for the car collateral loan, you will finish the paperwork with their help and receive the money you need on the same or the very next day.
The Title Pawn Requirements
As promised, we'll go over the car title pawn requirements now:
- State-issued photo identification — The easiest document to use is your driver's license which serves as proof of your identity and age. You can get a pawn only if you’re 18 years of age or older.
- Lien-free title to your vehicle — Otherwise known as a clear title, it proves you don't have any outstanding judgments or debts placed on your vehicle. Unfortunately, we can't offer you a car collateral loan if you don't have a lien-free title.
- Your vehicle — We use your vehicle to determine how much money you qualify for. Depending on your car's value, we offer between $300 to $15,000. To ensure we can offer you the amount needed, it's worth considering the factors that influence the vehicle's value. These factors are as follows:
- Condition — The mechanical and cosmetic conditions play major roles in how much your vehicle is worth. Any scratches, dents, dings, bumps, scrapes, and even stained interiors can negatively impact your vehicle's worth. On top of that, if you fail to keep up with regular oil changes, this can compromise its value too.
- Mileage — The further your car has traveled, the less it's worth. Why? Because it indicates excessive wear and tear. This is especially apparent if your car's odometer has a reading over 120,000. At this stage, it'll need more upkeep than cars that have traveled fewer miles.
- Age — The younger your car, the more it's worth compared to its older model. Cars tend to lose 60% of their value during the first five years of their life, so if you're looking to receive a high car collateral loan amount, it's worthwhile using a newer vehicle.
- Make and model — Of course, some makes and models are always worth more than others, regardless of age or mileage. Luxury brands like Lexus, Cadillac, and BMW come with premium features and higher price tags than run-of-the-mill makes like Toyota and Kia.
What To Use A Car Collateral Loan For
So, you know how to get a title pawn, and you've gathered the necessary documents. The only thing left to understand is the situations that justify one. While you can use them for anything you like, they're best when saved for emergencies only. Put simply, if your situation would worsen or become more expensive if left unpaid, then a title pawn is an option.
Our customers tend to use them for:
- paying medical bills.
- funding urgent home repairs.
- paying for emergency travel.
- covering higher-than-anticipated bills.
- funding overdue bills to avoid late fees.
- funding urgent auto repairs on another vehicle.
Submit Your Car Collateral Loan Inquiry Today!
Now you know exactly what you need to get a car collateral loan with us, just follow the step-by-step guide in the first section to make it happen. Whether you're looking to fund medical bills or pay for urgent travel, a title pawn in Alabama might be the right way to go.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.