How to Get Car Title Loans in Lacey, Washington
Need some quick cash? You can get some with car title loans!
If you have trouble keeping up with your bills, applying for title loans may be the easiest way to buck up.
“I use my vehicle every day, though, and my work or business needs it as well! Selling isn’t an option!”
We know how important your car is to you. Not to mention how much you need it getting your way through Washington.
But this title loan process allows you to get cash WITHOUT having to sell your vehicle.
Here’s how you can get money through a title loan in Lacey, WA.
What’s a Car Title Loan?
Car title loans, also known as pink slip loans, lets you hand over a vehicle property as collateral in exchange for a cash loan.
The loan usually amounts to the equity value of the vehicle you’re handing over.
Compared to other loan processes, getting a car title loan is the QUICKEST and MOST SEAMLESS process.
You can get the money within the day of your application as long as you have all the legal documents verified. But do take note, it may come with high interest, but we’ll talk more about that later.
A Car Title Loan Requires Your Ownership of A Car
Before you roll your eyes at this statement, it isn’t as simple as it seems.
Some lenders may be apprehensive about giving you a money loan if the car isn’t entirely yours yet.
If you’re still paying installments on your vehicle, you might not get approved for car title loans.
There are also other cases wherein the owner of a vehicle is not its legal owner. You NEED to have your name on the paperwork for the car in order for the loan process to push through.
The documents will factor in quite a lot in the decision for your loan application.
YES, the paperwork for the vehicle title loan DOES matter more than the actual car and here’s why:
Car Title Loans Let You Keep The Car
Unlike a title pawn, a car title loan will allow you to keep using the car even while your title loan isn’t paid off yet.
These kinds of auto title loans embody the ideal setup for those who use their only car on the daily, or for business purposes.
Thus, the only proof for the loan occurring and your obligation to the lender, is the PAPERWORK.
The lenders will usually have quite a lot of stringent conditions to safeguard themselves from borrowers defaulting and disappearing.
What Kind of Requirements Are There For Title Loans?
Here are some of the requirements for a title loan in Lacey before you can get some money:
- Official, government-issued resident ID to prove legal age (above 18) and clear photo
- A set of CLEAN title papers of the car to be used as collateral under the borrower’s name
- Proof of income gives lenders assurance that borrowers can pay off the debt (bank account records, etc.)
- Completed application form
Please note that these are ONLY some of the requirements. Certain companies may ask for more information or paperwork.
Please be diligent in working with your lending company. Be open and communicative as they are willing to work around for the loan deal to work.
Other lenders will also look into your past credit score, although it is typical that they gloss over the information because they have a form of collateral which is the car’s title.
The attention to your credit score and bank account statements will differ from lender to lender.
Frequently Asked Questions
How Much Money Can I Borrow From Title Loans?
Much like a pawnshop, a valuator will check the equity value of your vehicle to be used as collateral before you get a title loan.
In a common scenario wherein an owner possesses 100% of the vehicle and has made all payments, a borrower can ask money for up to a certain percentage of the car’s value.
The main difference is that pawnshops will give you MORE; up to the full amount of the pawned item’s value. But the tradeoff is that the car will have to be at the shop.
How do the Interest Rates Compare and for How Long?
Car title loans are considered short-term loans.
So short-term in fact, that they’re also called payday loans. The expectation is for you to pay off your loans after one or a few payday sequences.
As a result, the interest rates are high on your loan amount – sometimes bordering on exorbitant.
The high interest rate is something you must keep in mind if you intend to take an auto title loan.
How Quickly Do I Get The Money From Title Loans?
What makes title loans so popular is the convenience of the application process.
Give the completed application form for the loans and other necessary paperwork, and you’re one step closer to the cash!
The loan approval process is also relatively quick. As long as you have the requirements with you, you can acquire the money of the loan amount WITHIN THE DAY of your application.
Time is saved by not doing an in-depth credit check and relying more on your car’s paperwork for approval.
What Happens If I Crash The Title Loaned Car?
Make sure to give your insurance company a ring because regulations may differ regardless if you’re in Lacey, the area of Washington, or outside those boundaries.
- If the car is a total write-off, then they will hand over to you the automobile’s value before the crash. You can still use that amount to pay off your cash loans.
- If it isn’t, then you can pass the loan onto another of your vehicles, discuss flexible payment plans with your lender, or find another way to pay off the loan PLUS the interest rate.
We’re crossing our fingers that you never get in this situation. Never mind the concerns on auto title loans, but for your safety.
What Do I Do If I Can’t Pay My Title Loan On Time?
Not paying on time on your title loan is a cause for concern, but MOST lenders would rather find workarounds with their clients than go through the hassle of repossession.
It costs them money and time, two things they would rather not waste.
If you can’t pay on time, you can discuss flexible payment plans and loan terms with your lender.
The last resort is to take out another loan to pay for your current loan amount, but that could easily send you into a spiral of debt if you’re not careful.
Just keep in mind that repossession is an absolute last resort, so be communicative and open.
And don’t forget to be smart about it – the more you panic, the worse your decisions will become.
Does This Apply To Other Areas?
Generally, the laws for vehicle title loans remain the same.
That’s why whether or not you get your car title loan in Lacey, WA, you still need the fundamental documents such as identification.
However, some localities may have additional policies to safeguard both parties in a vehicle loan transaction. These include additional processes such as:
- Deeper checking of credit score and bank statements
- Verification of title and paperwork
- Other factors that may make it more difficult than borrowing in Lacey, WA.
Wrapping Up
It’s pretty easy to get a car title loan. Especially in Lacey, where title loans are pretty quick to process!
Just have the needed documents ready and verified and you’re good to get the cash within the day. AND you get to still use your vehicle.
Remember, other cities or states may have different rules for car title loans and different documents needed for loan application.
Make sure to keep track of your cash and ALWAYS loan responsibly!