Can I Get A Secured Loan Against My Car Title?
Your vehicle’s title is an important document to have on hand. It proves that the vehicle belongs to you, but it can actually be used to get you a secured loan too.
To learn how to get a secured loan against car title, keep reading.
Getting A Secured Loan Against Car Title 101
A secured loan is one that uses something as collateral. Car titles are one of the most frequent forms of collateral. A loan against a car title is called an auto pawn. Auto pawns are convenient because they allow you to keep and drive your vehicle while you’re paying off your loan.
Better yet, an auto pawn is an option if you have bad credit and need money fast. Because your vehicle’s title will be used as collateral, your credit is not as important of a factor when determining your eligibility. As a result, all credit types are welcome to apply for auto pawns from Alabama Title Loans, Inc.
Auto Pawns Explained
Let’s take a closer look at auto pawns now.
How it works: you will apply for an auto pawn using your lien-free title as collateral. A lien-free title is one that doesn’t have any debts against it. In other words, you own the title outright, making the title lien-free.
If approved, you will get to leave with a certain amount of money. At Alabama Title Loans, Inc., you can get title pawns worth up to $15,000, but the exact amount you are loaned is dependent upon the value of your vehicle. In order to determine your vehicle’s value, a representative will actually do a quick inspection of it before you are approved.
One of the first things people ask when applying for an auto pawn for the first time is whether or not they get to keep their vehicle. The good news is that you get to leave with your vehicle and drive it as normal while you are paying back the loan.
As soon as the loan is paid back in full, the lien will be removed from the title. At no point is your vehicle taken when you are paying back the loan.
Requirements For Applying For Auto Pawns
If you are interested in obtaining a secured loan against car title, there are some things you will need.
Firstly, you will need your driver’s license or state-issued ID. This requirement is used to confirm your identity. It’s a very easy requirement that you should have if you have a title and drive.
Of course, you will need a title as well, but not any title will do. The title must be lien-free, and it must be in your name. You will need to have the liens removed or get the title transferred into your name if you want to use it for an auto pawn.
The last thing you need is your vehicle for the physical inspection. This inspection typically only takes 5 minutes, making it fast and easy. It is just used to determine how much money you are eligible for through a title pawn.
How To Get A Secured Loan Against Car Title
Getting a secured loan against car title is relatively easy, but the process varies from place to place. Here at Alabama Title Loans, Inc., our process is straightforward. Here is what the entire process will look like from start to finish:
- Head over to our home page to fill out our inquiry form. Click submit when you are finished. Once it is submitted, the form will be sent to the closest storefront location so that we can call you directly. Wait for our call but be sure to pick up.
- During this phone call, we will set up an appointment to have your documents and vehicle evaluated. So that the process is as convenient as possible, Alabama Title Loans, Inc. can come to you, or you can come to us. Whichever is most convenient and comfortable for you will work.
- At the time of the appointment, bring all of your required items. This in-person process can take as little as 30 minutes to complete. Sit down with a representative and apply for an auto pawn. The representative will evaluate your vehicle at this time. If you are approved, you can get your auto pawn money as soon as the same day or the next business day.
Apply For An Auto Pawn Today!
If you have a lien-free title, you can get a secured loan against car title. This is called an auto pawn. It’s an option for those with poor credit and who need money fast.
Alabama Title Loans, Inc. offers fast, convenient, and safe title pawns. Apply for one of our title pawns today by filling out our inquiry form. We will get back to you shortly to walk you through the rest of the application process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.