Car Title Loans in Beaverton, Oregon
Sometimes, life takes an unexpected turn, and suddenly, we are in the middle of tough times.
It’s okay, we understand. The right support is available for you for your medical bills or college payments.
Curious how car title loans can help you? Continue reading this article to find out!
Car Title Loans: Let’s Talk About Them
Title loans are a type of short-term borrowing where the vehicle acts as the collateral for the loan.
Auto title loans, as they are also called, are becoming known all over Beaverton for their flexibility in terms and conditions and the convenience of the approval process.
Car title loans are perfect for people who want to get money fast. This loan type is for those who would appreciate avoiding a mountain of paperwork before being allowed to loan.
Car title loans are part of the BEST options in Beaverton, OR, if you want hassle-free, flexible loaning with immediate cash.
Why You Should Get a Title Loan
Here are more reasons why title loans are the BEST in getting you quick cash!
You Save a Lot of Waiting Time
Have you ever experienced applying for a loan in a bank or another credit union?
If you have, you’re most likely familiar with the feeling of having to wait a long time just for your loan to not get approved.
Here in Beaverton title loans, we know that your financial needs are urgent. That’s why we work hard with you to simplify the application process.
Title loans are known for their speed. Once your vehicle qualifies for a loan, the proceeds will be sent to you as soon as possible.
No Strict Credit Requirements
Aside from being fast, title loans are highly tolerant of bad credit scores.
DISCLAIMER: Having a low credit score DOES NOT reject an applicant from title loans right away. However, those with good credit will secure better deals with their lenders.
As long as you prove that you have the ability to pay off the loan, you’re good to go.
More often than not, lenders of title loans are willing to provide low rates to ease the loan process.
Although there will still be other factors to consider, such as the length of the loan, you can always negotiate these terms.
Note: Once you have agreed to the terms and conditions of the loan, make sure to follow them to avoid any misunderstandings in the future.
Convenient Loan Application Process
For those who reside in Beaverton, OR, getting an auto title loan is easy as ABC!
Your application can be submitted via phone call, online application, or face-to-face.
However, given that the Delta variant is causing the spike in cases again, we advise you to apply online instead.
Here, we care for your health and safety.
If you can’t go around Beaverton to apply, a loan specialist will gladly assist you from the comfort of your home.
Four Easy Steps to Getting a Title Loan
1 – Complete the Online Application Form
Fill out the necessary details of your local car loaning service in Beaverton. The application form will only take up around five minutes.
Prepare all the requirements beforehand. This way, the process is much smoother.
Have some concerns you want to clarify? You don’t even need to go around Beaverton. A loan specialist will gladly guide you through the process over the phone.
2 – Verification of Important Requirements
After the application, the lender will double-check some information that you have submitted.
In this step, lenders will assess your car, and you will get an estimate of the loan amount from your vehicle’s equity value.
Here are the requirements that you will need:
For your personal information, a lender usually verifies your:
- Phone number
- Email address
Vehicle title loans can only be availed by those who are 18 years of age and above.
Supplementary documents such as a passport, a government-issued ID, or even utility bills might also be useful.
It confirms that you are one of the residents of Beaverton, OR, AND this also builds up your credibility with the lenders.
Of course, the main document is your car title.
Auto title loans require your car title to be lien-free. This means that there are no outstanding title loans or judgments against your car.
This is proof of your ability to repay the loan.
The title lender will assess the car’s equity value through the make, model, and year of your car.
Another factor in determining the equity value of your vehicle is the mileage and insurance.
Prepare your car’s insurance documents. This ensures that if you do run into an accident, the insurance will be covering the costs.
Lenders also assess if the car has extra features such as sunroofs and leather seats. Remember, the greater the car’s overall condition, the higher the possible money you can get.
An important requirement in getting approved for a car title loan is proof of income.
This can include your payslips or even a copy of your social security benefits to prove that you can make short-term payments for the loan.
NOTE: Full-time employment is not a requirement in title loans.
A bank account is also important.
Don’t worry! You don’t actually need to have money in your bank. What’s important is that the account is in your name to get money for your loan proceeds.
Your loan is most likely granted, so lenders may send your money through bank transfer.
3 – Signing of Loan Agreement
Your lender will notify you of the decision if you are qualified for a car equity loan.
Before you get your money, you must discuss a loan agreement with the lenders to lay down the terms and conditions of your car title loan.
The loan agreement will contain the payment terms, the loan amounts, and any other terms provided by the lender.
It will also mention if the lender will be accepting prepayments or a down payment.
Remember, if a provision in the agreement seems unfavorable to you, you can always negotiate with the lender.
As with any other loans, car title loans are also a business that has to make money.
A loan agreement is a written proof of what you and the lender agreed on if problems arise in the future.
4 – Receiving Your Loan AKA Collecting Your Money
And just like that, you get your cash!
All you have to do is make sure you comply to avoid any conflict and damage to your credibility with the lender.
Do you still need a bit of help? Let’s guide you through any questions or concerns you have.
Are Car Title Loans Legal in Beaverton?
With the ease of the approval process, there might be doubts on your part if title loans are legitimate. We assure you that auto title loans are absolutely legal in Beaverton, Oregon.
The Oregon Title Loan Act governs all title loans in the State of Oregon. The Act requires all lenders to be licensed by the state before operating.
In Beaverton, the lenders are required to negotiate and agree to the interest and related fees that you will pay.
State regulations in Beaverton require the lender to disclose that there is a possibility of repossession.
Note: Repossession only happens when a title loan borrower defaults from their loan.
Lenders of title loans in Beaverton will mail a Notice to Cure Default, which gives the vehicle owner 10 days from the notice to solve the matter by paying the required amount.
To avoid a serious problem like this, stick religiously with the terms you and the title lenders have agreed upon.
Is There Really No Credit Check?
Like any institutions involved in loans, lenders of title loans in Beaverton use the credit score to gauge a borrower’s credibility.
BUT! Most lenders will only perform credit checks to assess that you have the resources to make the monthly payments.
Once you prove to the title lenders that you finished the terms of previous loans, there is a higher possibility your vehicle title loan will get approved, regardless of your credit score.
What if I Am Not a Resident of Beaverton?
Sadly, only a resident of the city of Beaverton will be allowed to apply for loans in Beaverton.
Just moved into Beaverton? You might be worried that you are not registered in the city yet.
Instead, you can show the utility receipts or a subscription you have paid for the last month or a couple of months to prove that you are indeed residing in Beaverton.
What Are the Disadvantages of Car Title Loans?
Despite all the ease and convenience, not all vehicles can qualify for title loans.
Lenders may not accept cars made on or before the year 2000. In some cases, cars with high mileage may be disqualified from loans because of their lowered equity value.
There is also a possibility of your vehicle being repossessed. Before applying for a title loan, determine first if you can meet the terms of the lenders.
We highly discourage you from signing a contract for title loans if you do not have the reliable means to get enough money for the monthly payments.
There is a high risk of losing your vehicle, and this won’t be easy if you use your car multiple times a week.
A competitive interest rate is another potential drawback. We encourage you to compare prices around the lending institutions in Beaverton before deciding to settle on a title loan.
Is It Possible to Reschedule Payments in Title Loans?
Although title loans usually have strict schedules, rescheduling is not out of the question.
However, it is not advisable for title loans. Your lenders may grant an extension for late payments, but they may ask you to pay more.
Instead of allotting the money for the next month, you would have spent more money on late fees.
What if I Lose My Car Title?
Here’s the secret! You can always get a duplicate copy of the vehicle’s title at the DMV office in Oregon.
You can either apply by mail, in-person and online. It will be delivered, and you can proceed with your application for title loans.
To Sum It Up
You need the right support to get through tough financial times. Applying for title loans in Beaverton might be the BEST step your business can take.
It’s the FASTEST way out there, and it’s safe to say the pros outweigh the cons.
So what are you waiting for? Go ahead and fill up our online form so you can get the money you need right away!