How to Get Car Title Loans in Stillwater, Oklahoma
Car title loans, auto title loans, title loans—whatever name you call them, they’re a fast and easy way to get money in an EMERGENCY.
“Are loans in Stillwater OK?”
Read on and find out more about this handy service!
What Requirements Do I Need to Get a Car Title Loan in Stillwater?
If you’re applying for an auto title loan in Stillwater, Oklahoma, these are the most common documents that lenders will ask for:
- Car title: When applying for car title loans, the most important document you need to show is a lien-free car title with your name on it.
NOTE: A lien is a claim on an asset by another person or entity. A lien-free car title proves that the same vehicle is not being used as collateral for any other loans.
- Car details: These include information such as:
- The year
- The make
- The model
- The mileage
- Photos of the car
NOTE: Some title loans lenders may require car insurance. This usually happens with larger loan amounts (about $5,000 or more).
- Personal details: You will need to give basic information such as:
- Your name
- Your date of birth
- Your mailing address
- Your email address
- Your phone number
- Your social security number
Generally, you will have to provide these in your loan application form.
NOTE: Stillwater residents will have to provide proof of residency, usually a permanent address within the state of Oklahoma.
- Valid government-issued ID: The most commonly accepted forms of identification include:
- Driver’s license
- Social security card
- Any other state-issued ID
NOTE: The ID you present must not be expired.
- Proof of income: Commonly accepted proofs of income include:
- Certificate of employment
- Income tax returns
- Business registration papers
NOTE: Stillwater residents are required to have an active bank account.
- References: Stillwater title loans lenders will usually ask potential borrowers to name at least 2 or 3 character references.
- Some may even ask for as many as five references: 3 personal and two professional.
Why Are These Requirements Necessary?
Does that list look intimidating?
Well, there are valid reasons for each requirement. Let’s go through each one:
Instead of taking your actual vehicle as collateral, your lender will use your car title as proof that they legally own it for the loan duration.
The car title must be LIEN-FREE.
A lien-free car title proves that no other person or entity has a claim on the vehicle that may clash with your lender’s.
These are part of the initial assessment by your loan officer.
Generally, these are NOT a substitute for a physical inspection of your vehicle. You may still need to bring your vehicle to the loan office in Stillwater for a more accurate assessment of its cash value.
HOWEVER, some lenders in Stillwater conduct their loan application processes completely online.
If this is the case, the information and photos will be all they need to assess your car’s cash value.
The lender will need this to confirm your identity.
They will check the personal details in your application form to see that they match those entered in official government documents.
Proof of Income
Your lender will need this to confirm that you can repay the loan.
These provide additional security for your lender.
Your references should be able to confirm that:
- You can make payments on time, and
- You won’t default on the loan
The Car Title Loan Process in Stillwater, Oklahoma
1) Choose the Right Lender.
Considering how many lenders offer title loans in Stillwater, this first step may seem overwhelming. Here are some tips to help you pick the right lender:
- Check if the lender has an Oklahoma state license or a federal license.
- Having BOTH is a sign of trustworthiness.
- Read reviews left by previous clients.
- Ask questions at their customer service portal.
Your loan process will go much smoother if you choose a lender you can trust.
2) Comply With Your Lender’s Requirements.
After you choose your Stillwater lender, the next thing you have to do is: file the loan application.
- Filling out an online application form
- Giving your details via phone call
- Visiting the nearest Stillwater title loans office
This step also includes submitting whatever documents your lender asks for.
NOTE: Please see the previous section for a more detailed rundown of possible requirements.
Finally, ask your lender if you’ll need to bring your vehicle in for a physical inspection or if the vehicle information and photos are enough for them to assess your car’s value.
3) Get Your Money!
Once the loan officer has approved you AND estimated how much money you can get for your vehicle, they will present you with a loan agreement.
Read the fine print. Check for:
- The loan amount you’re getting
- The interest rates
- The duration of the loan
Once everything is in order, all you need to do is SIGN—and voila! You can now get your money!
You can take the loan proceeds by:
- Direct bank deposit
- MoneyGram deposit
Advantages of Car Title Loans
Getting loans from big banks and credit bureaus isn’t easy, even at the best of times. Their loan approval processes are long and have a lot of strict requirements.
So, if you’re in an emergency, this will only cause you more stress.
Conversely, Stillwater title loans are a convenient service for people who need money URGENTLY.
Here are some of the reasons why:
The approval process is quick and easy. There aren’t very many steps to get approved, and the criteria are far less stringent than traditional loans!
You can receive cash on the spot. Because the loan process is so quick, you can get your money on the same day you apply!
You can still use your car. Your lender will only take your car’s title, so you can still use your vehicle normally, even while paying back the loan!
The loan won’t affect your credit score. Whether you or a third party checks your credit status, your credit score lowers. Because credit checks usually aren’t required for title loans, your credit score will be safe!
Disadvantages of Car Title Loans
High fees. The interest rates and the annual percentage rate are higher for title loans than for traditional bank loans.
Short repayment terms. While you can repay traditional bank loans within months or years, title loans have durations of 3-6 months at most.
You may lose your car. If you default on your loan, the lender has the legal right to repossess your vehicle.
Frequently Asked Questions
How do I pay off a title loan?
There are many ways for people to repay an auto title loan service:
- Cash payments
- Check or money order payments
- Phone payments
- Online payments
Depending on the loan terms, you can pay either in installments or in one lump sum.
I’m unemployed. Can I still get a loan?
Your chances of getting approved for title loans don’t depend solely on your employment status.
Remember that the defining criteria for car title loans is your ability to repay the loan.
If you’re unemployed, there are still documents you can use to prove that you have enough money to make loan payments:
- Pension or retirement checks
- Social security payments
- Disability benefits
- Bank statements
Another way to increase your chances of getting approved is to have a co-signer or guarantor guarantee your loan.
- A co-signer shares equal responsibility with you for paying back the loan. The lender can pursue both the primary borrower and the co-signer at the same time.
- A guarantor will agree to repay your loan if, for any reason, you are unable to. However, they will step in ONLY when you’ve completely exhausted all possible avenues of repaying the loan.
What do I do if the title has another person’s name?
It depends on whether your names are separated by “OR” or “AND.”
If your title has an “OR,” each name is treated as a separate owner. Both people are free to take out a loan against the car without the other’s approval. So, the loan process will go on as it normally would.
However, if your title has an “AND,” each name is considered a joint owner of the car. Because each party has a share in the asset, neither can make decisions without the other’s approval.
In this case, the owners can either:
- Take out the loan under both names, OR
- One party can sign the title off to the other.
The remaining party will then be the sole owner of the vehicle, and the loan process can proceed normally.
Are other vehicles eligible for auto title loans?
Title loans can be taken out against pretty much any kind of vehicle.
The only real requirement is that you have a title to the vehicle that lists YOU as the sole registered owner.
Some other vehicles that people take out title loans against include:
- Commercial vehicles (e.g., trailer trucks)
- All-terrain vehicles (ATVs)
Can I be rejected for car title loans?
It doesn’t happen very often. Still, you should be aware of some of the reasons why people get rejected when applying for title loans:
- Incorrectly entered data. To avoid this, MAKE SURE that the personal details you enter in your application form match the ones on your title and government-issued ID.
- Bankruptcy. If you apply for title loans while currently bankrupt, lenders may reject your application. That’s because they can’t be sure you have the money to repay the loan.
- A payday loan or other pre-existing loan. This makes you a higher-risk investment. Lenders will be more doubtful of your capacity to repay TWO loans at once.
- A new bank account. Lenders in Stillwater require borrowers to have an active bank account. If there aren’t many transactions in your account history, it’ll look like your money is only there for show.
We hope that this article gave you a better idea of how title loans work and how they can help you.
Let us know in the comments!