Facing tough circumstances money-wise? Keeping up with your financial obligations or emergency medical expenses leaving you in need of fast cash?
Car title loans may be what you’re looking for! They’re a quick and simple way of getting that much-needed money!
In this article, we’ll teach you everything you need to know to avail of title loans in Evansville, Indiana! Read on to know more!
Car Title Loans: Let’s Unpack the Basic Information
Here, you pledge your car (or other vehicle types) as collateral in exchange for cash. Loan amounts usually go for a quarter (25%) or half (50%) of your vehicle’s value.
Why Applying for a Car Title Loan Can Be Practical
Doesn’t it sound appealing? Well, auto title loans actually have their upsides. We’ll tell you about them to paint you a clearer picture.
Title Loans Are Useful for Getting Emergency Funds
We all experience life events that are out of our control. They can be sudden medical bills, your child’s tuition you can’t afford at the moment, even a natural calamity damaging your home.
Dealing with them while being strapped for cash can be especially punishing. This is where title loans can come in handy. If you have full ownership of a vehicle, you can easily avail of title loans.
Your Bad Credit Score Isn’t a Concern
This is a HUGE advantage of title loans. Having a bad credit score doesn’t affect your chosen lender’s credit decisions! As long as your vehicle qualifies, you’ll get the financial help you need!
Disclaimer: Applying for title loans despite having a bad credit score doesn’t guarantee approval. Some lenders still perform credit checks to ensure borrowers can pay them back.
The Application Process for Evansville Title Loans Is Convenient
It can be done online or via phone! There’s no need to set an appointment in some cases since other lenders are open all week. You can walk in ANYTIME!
Being able to apply for title loans remotely is huge, especially if your needs are sudden! These are advantages some lenders in Evansville have.
Your chosen lender’s loan agent will contact you after your application is reviewed. They’ll even answer your questions about the loan process!
Processing and Approval Is Quick
Some lenders in Evansville are not only open throughout the week, but their loan process is unbelievably fast and simple.
You can get your loan approved as swiftly as under 15 minutes! You’ll even be able to receive your cash in as fast as 24 to 48 hours!
The Terms You Get Can Be Convenient
Would you believe it if we said some lenders are willing to adjust to your circumstances? If you’re a resident of Evansville, you’ll like this one.
Some lenders allow you to work with them to develop a payment plan that works for you! This customization aspect is huge, especially if you’re not in an ideal situation money-wise.
You Can Still Drive Your Car
Is this one advantage a surprise? Getting title loans DON’T necessarily mean they take possession of your vehicle from the start.
That’s why they’re called title loans specifically. You’re NOT temporarily giving them your car until the loan is repaid. Nope!
You’re actually giving them the rights to your vehicle (a.k.a. your car title) in exchange for a sum of money!
Requirements for Getting a Car Title Loan in Evansville, Indiana
We gave you a brief background of the upsides and downsides of title loans. Now let us take you through the requirements you’ll need to get a title loan in Evansville, Indiana.
Personal Information for Your Title Loan Application
Minimal explanation is needed here. You’ll be accomplishing an application form asking for personal information, then turning it in for processing.
Your Vehicle Title
This is an obvious requirement to prepare. A lender needs to know that what you’re exchanging for money is truly yours!
Keep in mind that your automobile has to be free and clear! This shows your credibility to the lender! This means your vehicle should fit these three criteria:
- You have outright ownership of the vehicle
- The car SHOULD be completely paid off
- NO creditor has ANY claim on it
Your Car
Aside from your title, a lender would, of course, want physical evidence that the car is yours. Some lenders in Evansville require just photos of your car, which is more convenient!
Pro Tip: Remember to take pictures of each side of your car. Also, take photos of the interior just to be sure!
Vehicle Registration Papers
Your vehicle must be properly registered under your name. Don’t forget to include your car’s insurance papers too!
Your Proof of Residence in Evansville, Indiana
It can be your utility bill, or any other official mail addressed to you. Just be sure you present any document or file that proves you actually live in Evansville.
Your Proof of Income
A lender has to be sure you make enough money to repay the cash you owe them. A pay stub, tax return, or bank account statement serves as proof.
Valid Identification
It can be your driver’s license or state ID. They just need proof of your identity.
Contact Information for Two Character References
Other lenders require this so they could perform the necessary due diligence regarding your background. So make sure you can provide character references who can back up your credibility!
How to Apply for Car Title Loans in Evansville, Indiana
You now know the requirements for getting your auto title loan. Now we’ll take you through how you can complete your loan application.
1.) Fill Out Your Online Application
Simple right? Make sure to fill in all the necessary information they’re asking for. It’s just simple personal information like your name, e-mail, and address.
Other lenders even ask for your monthly income and car information at this early stage.
Some lenders let you file your application via phone too! It’s as simple as giving the lender a call. They’ll have a loan officer help you out in case you have questions about the loan process.
Before you know it, a loan officer will get in touch with you regarding the approval status of your title loan.
Pro Tip: Have all your requirements prepared to speed up the loan process. It also helps with the next steps.
2.) Turn In the Necessary Requirements
Here’s where the prepared requirements come into play. You may have to visit a lender’s location to turn them in before proceeding to the next step.
For some lenders, it’s during this step that loan agents will answer any questions you may have.
3.) Get Your Car Verified
The lender will do this for you. This is where the lender confirms the value of your car. It’s also how they determine the loan amounts you can avail of.
4.) Get Your Title Loan Contract Processed
The lender also does this for you. This is where you iron out ALL the loan terms and conditions with them. Simply put, this part of the loan process is CRUCIAL!
Pro Tip: Pay attention to all the details and make sure you leave with an agreement you’re happy with!
5.) Get Your Money!
Surprised at how simple the loan application is? You can get your cash just like that! You can even have the loan proceeds wired to your bank account!
Now it’s all about making sure you meet the terms and conditions of your loan.
FAQs About Getting a Car Title Loan
You should be pretty much ready to apply for title loans in Evansville, Indiana. Now let’s answer some questions which could still be on your mind. Hopefully, this section answers all of them.
How Much Money Can I Get From a Title Loan in Evansville?
Evansville car title loans usually provide loan amounts based on the equity of your vehicle. Depending on the lender, Evansville residents are guaranteed at least $2,500, even up to $50,000!
How Will the Equity of My Car Be Determined?
It will actually be determined based on these criteria:
- Car year
- Car make
- Car model
- Car mileage
These four would actually determine the exact amount of money you can get out of title loans too!
How Soon Can I Receive My Title Loan Money in Evansville?
For title loans in Evansville, Indiana, you could receive your cash in as fast as under 60 minutes! In most cases, the same day! If not, the latest would be the next business day.
Ready to Apply for Your Evansville Title Loan?
We’re sure you are! Let us conclude by leaving you with some IMPORTANT DETAILS you should always remember:
- Title loans are a good way of receiving emergency money if you’re strapped for cash.
- Availing of Evansville title loans can be done through a quick and simple application process!
- Your car’s equity usually determines the loan amount!
- Always pay attention to the details of the agreed terms and conditions! Make sure you walk away satisfied!
That’s pretty much it!
What are you waiting for? It’s time to secure a title loan to help you pay off those expenses and other important emergencies.