Car title loans in Atlanta, GA
Everyone faces emergencies now and then, whether it’s because you got sick or something happened at home.
Fortunately, car title loans in Atlanta are a fantastic way to solve your problems. The procedure is simple as long as you own a vehicle under your name.
If you’re want to know more about a vehicle title loan or title pawn, you’re in the right place.
Let’s discuss what you need to get car title loans.
Can You Apply for a Title Loan Using a Different Vehicle?
You can avail of a title loan option as long as you own a car or motorcycle and need money immediately.
You can use your vehicle’s deed as collateral to borrow money and secure your title loan.
You can use your car, motorcycle, or other accepted vehicles. It doesn’t have to be the newest model.
Creditors have experts who will appraise your vehicle and determine how much equity is in it. This equity will be the basis for the cash they will allow you to take out.
The Basic Requirement of Title Loans: A Clean Deed
You need to own a car or some automobile for a title loan. Moreover, the deed of that vehicle has to be registered in Georgia and your name.
Creditors will require a clean or clear deed.
This means that the title has to be lien-free. The car under your name must not have any outstanding debts or judgments against it.
When you get one of these car title loans, your vehicle deed will have a lien placed against it.
This makes the lender the legal owner of the automobile during the life of the title loan until you’ve repaid your debt.
You’ll also have to surrender a hard copy of your deed to the lender to secure your title loan.
In the meantime, you can continue using and driving your vehicle because you continue to be the registered owner of the automobile despite the lien.
Now, once you’ve repaid the money you borrowed, including costs and fees, the lender will release the lien and give the deed back to you.
Are Title Loans Different From Payday Loans?
Payday Loans: The Unsecured Cousin
These cash loans are similar to a title loan in Atlanta. The only difference is they’re not secured by anything.
You will “secure” the loan through either of the following:
- A personal check for the sum you want to borrow, plus lender’s fees
- Prior authorization to the lender to take the money you borrowed, plus fees, from your bank account through electronic channels.
Because they’re not secured, you’ll find that payday loans are usually just small, short-term agreements for about $500 or less.
The smaller amount also translates to a shorter payment period, which means you’ll have to repay it within 2 to 4 weeks.
If you submit the full amount on the due date, the lender can cash the check or debit the cash from your bank account.
Payday Loans vs. Car Title Loans in Atlanta
Similar to payday loans, title loans are also short-term agreements. However, they differ in several things.
- Instead of issuing a check or authority to debit your account, you use your automobile as collateral for title loans.
- You can borrow more money (sometimes even up to $20 000) with a title loan. This is usually based on 25% to 50% of the value of your automobile.
- The interest rate for title loans is relatively lower.
- Title loans last longer, ranging from a month to even 36 months of scheduled payments, depending on the lender and your needs.
Benefits of Car Title Loans
Title Loans Are Easier to Get
Getting title loans is a lot easier than borrowing money from other sources.
If you borrow from a traditional bank instead of a title loan, there would be more requirements and longer processes because of the credit check, verification, and approval process.
A title loan will let you get the cash you need based on the value of your automobile or motorcycle by simply submitting basic documents you already have and showing up for verification!
Title Loans Can Help You Prevent Bankruptcy and Foreclosure
A title pawn can potentially help you avoid these events or at least hold you over until you have the cash to work your way out of debt.
As long as you can prove you can pay your title pawn loans back, you’ll get the money to prevent that bankruptcy.
Title Loans Are Convenient
There are plenty of title loan creditors who now offer a streamlined online application process.
That way, you don’t even have to leave the comfort of your own home to find out whether you’re qualified to get a title loan in the first place.
They’ll require you to come in personally later on, but at least you’re more sure you’re getting a title loan approval by that point.
Title Loans Are Fast
Because of the nature of a title loan, creditors understand that only people who are in dire emergencies will take out these kinds of loans in Atlanta.
This means that they’re likely to need the money as soon as possible.
That’s why most of these creditors offer fast approvals of title loans. You can even submit your title loan application then get your cash within 30 minutes!
Many of them guarantee same-day approval for title loans, too. Be sure to prepare all the necessary documents ready to prevent further delays!
How to Apply for Car Title Loans in Atlanta GA
Personal Qualifications for Title Loan Application
First, you need to be 18 years of age or above. Car title pawns are binding legal agreements that can have massive consequences if you don’t abide by them. That’s why it’s not for kids.
And don’t think you can hide your age because they’ll require a valid ID with your name, birthday, and other details on it.
Second, you need to own an automobile. Otherwise, there’s nothing to secure your debt with.
That means that:
- The deed for the automobile is registered in Georgia title; and
- The title is under YOUR name.
Next, you have to be a resident of Georgia. Creditors will usually require you to present a utility bill with your name listed as proof of your residency.
Requirements for Title Loans in Atlanta
In Atlanta, the requirements are pretty basic. If you see an available online application, submit digital or scanned copies of these documents first.
Then, bring them with you when it’s time to visit the lender with your automobile, as well.
You’ll need to bring these things to your chosen lender:
- Automobile and proof of ownership
- One Clear Vehicle Title
- AT LEAST one Valid Government-Issued ID (usually, your driver’s license or passport)
- Proof of income (of at least $1500 a month)
- Proof of vehicle insurance (only some may require)
What the Lender Will Evaluate in Your Application
Tons of people ask the following questions:
- Can I get a cash loan even if I have bad credit?
- Do I need to have a job to get approved?
- Can I get approved for a loan even without a bank account?
The simple answer is that not all lenders require credit checks, but some do.
Some lenders in Atlanta MAY still perform credit checks to determine your credit status. They do this to check if you can repay them.
So, bad credit history does not automatically disqualify you. What’s vital in title loans is your ability to pay for them.
So if you’re facing serious financial issues, it will be more difficult for you to get title loans.
But if you do get that approval, your terms may be relatively worse compared to another borrower with better credit. That means you may get higher interest or a smaller cash loan.
So REMEMBER that bad credit scores MAY not prevent you from getting car title pawns. However, you’re not guaranteed a car title loan approval in Atlanta.
Frequently Asked Questions
How Much Money Can You Get By Taking Out Loans?
Most vehicle owners will qualify for car title loans in Atlanta. The amount of cash you’re approved for and the interest you’ll be charged for the title pawn can vary depending on several factors.
This money amount can range from a few hundred dollars up to even $20 000. This depends on the lender, how much equity you have in the vehicle, and how much the automobile is worth.
Some creditors won’t lend you anything less than $1, 000 so it will do well to find out beforehand if you need a smaller cash amount.
Can I Increase the Amount of My Car Title Loan?
Most creditors will let you borrow more as long as it’s within their approved limit. This process is what’s called refinancing.
Just talk to your lender and ask! Of course, be prepared to pay higher interest and/or additional fees and costs for this (i.e., refinance charge).
But if you’re ever in a pinch, it’s great knowing that you can get additional money easily just by coming to a new agreement with your creditor.
Will Title Title Loans Affect My Credit History?
No, as long as you make all your payments properly and do not default on the loan.
Doing this will ensure that your title loan will not hurt your credit.
Lenders don’t report your loan progress to the credit bureaus.
This is one thing that makes car title loans a fantastic solution to get cash without all the hassle or future negative implications that a traditional loan can have.
Are There Any Hidden Fees in Car Title Loans?
No. Under federal law, lenders are required to disclose certain details to you before you sign the agreement. These requirements also apply in Atlanta.
To prevent any unfortunate surprises, make sure you check these details when reading your agreement.
- APR (in percentage) – based on how much cash you’ll borrow, the monthly finance charge, fees (i.e., processing fees, document fees, and other charges), and term.
- Cost of the Loan – in writing and disclosed before signing ANY agreement
- Finance charge – must be stated in dollar amount.
Applying for title loans in Atlanta is fast, easy, and convenient. So if you need money right then and there, try seeing if you qualify for a title loan!