Car Title Loans in Twin Falls: Cover Those Bills ASAP
Do you want to solve your money problem in no time?
You’ll be surprised to know that it’s an easy thing to do in Idaho. There are tons of title loans in Twin Falls as well as in other neighboring cities.
Allow us to help you go through the entire process of obtaining car title loans. Indeed, you’ll be able to get the cash you’ve most longed for.
So let’s get to the topic now!
The Car Title Loan: A Brief Overview
Car title loans (aka auto-title loans or pink slip loans) let you pledge your car in exchange for the loan you have requested.
The title loan amount will be entirely dependent on the equity value (EV) of your vehicle. And you cannot request money that exceeds that value in Twin Falls.
Benefits
Believe it or not, the title loan process is fast and simple. It’s possible to get the money on the same day if there are no recurring problems.
Some lenders also offer services like online loan transactions. So those who don’t feel like driving can continue binging K-Dramas on Netflix while awaiting a direct bank transfer.
Or it could be via other methods too. Most loan lenders are willing to adjust as long as it’s still convenient for both parties.
And that’s not only limited to preferences in payment options. A good lender accommodates any problem — be it about your credit, vehicle, title, or even simple ID issues.
It’s also important that we tell you you can still drive your vehicle even when you’re still paying the title loans.
A Step-by-Step Guide to the Car Title Loan Application Process
Here’s the detailed list of steps of what you’ll have to do to acquire pink slip loans.
Step 1 – Look for a Legitimate Lender
This is honestly the hardest part of all — the lender hunting. The reason for that is that scammers are continuously growing in every state. And it’s even possible to encounter one in Twin Falls.
So it’s important to ensure that you’re trusting the right lender that gives you actual loans.
A rightful title lender should…
- Have excellent customer service
- Verify your personal and financial background for fair loan approval
- Disclose all expenses you will pay, including hidden fees
- Have their website show https in the address bar
- Have proof that they are legally conducting a loan business in Twin Falls
Step 2 – Fill Out the Application Form and Submit All Documents Required
You can proceed to fill up application forms once you’ve got yourself a trusted lender. The application forms usually have questions regarding your…
- Personal details
- Car details (with year, model, make, style, odometer, VIN, license plate number)
Main Requirements
- Valid ID (like Twin Falls ID or Driver’s license)
- Clear car title
- Proof of ability to pay the title loan (like recent tax returns, bills, pay stubs, etc.)
- The vehicle itself for inspection
Supporting Documents
- Vehicle registration
- Car insurance
- At least two car key duplicates
- Pictures of your car (including all 4 sides)
- Credit and bank account information
- Proof of residency (like home utility bills, lease agreements, postal mails, etc.)
- At least two references (with their phone numbers and addresses)
NOTE: You’ll have to hand your car title to your lender here. But you’ll get it back once you’re done with the loan payments.
Step 3 – Undergo a Verification Process
A loan officer will verify your Twin Falls ID or any other identification to know if you’re a legitimate borrower.
But apart from those, there are TWO more important determining factors for your qualification.
Vehicle Inspection
Lenders will inspect your vehicle to see if it’s eligible.
Some loan agencies in Twin Falls only approve cars, trucks, and SUVs. But some also accept motorcycles and even boats. So it rests on what your lender can offer loans for.
Your vehicle must also have ENOUGH equity value for it to be qualified for loans.
Credit Score
Some lenders might check your credit history too. It’s to know if you can pay the title loan. Basically, you’ll have a better shot with car title loans if you have a higher credit score.
Bad credit doesn’t completely squash your quest for a title loan… Some lenders accept other proofs aside from credit as long as they’re strong evidence proving your ability to repay the title loans.
You can present your most recent financial statements. However, the paycheck is the MOST convincing document to get title loans.
Step 4 – Review the Loan Quote
Congrats if you got a title loan approval.
What you’ll have to do next is review the summary of expenses that you’ll pay. You should write EVERYTHING there. These include:
- Estimated interest rates
- Value of your vehicle
- Other additional fees
And don’t worry, by the way. These loan quotes are free. You can sign the terms of service once you’ve decided you’ll go for it.
Loan Amount
Like we said earlier, the amount of money you can borrow depends on the EV of your vehicle. And that value will be based on…
- The car details you will provide
- Its reselling price on the market
- And the entire condition of your vehicle
So you can get a reasonable cash amount even with an old vehicle if you keep it in good condition.
Step 5 – Get the Cash
Your money should be there once you’re done with the loan process. As we mentioned, it’s typically ready within the same day of the loan application.
But a lender in Twin Falls can actually be done with the loan process as fast as 60 minutes.
You can get your money via…
- Pickup
- Delivery
- Or direct transfer to your bank
Step 6 – Pay for the Loan
You’re technically DONE with the loan application procedure once you’ve reached this step. All you need to do is pay for the car title loans.
You can also have it done in various ways, like how you receive your money.
Frequently Asked Questions (FAQs)
How Old Should One Be to Qualify for Title Loans?
In Idaho, you’ll have to be AT LEAST 18 years of age to get a title loan. And of course, that’s with complete documents.
Will My Lender Report My Credit to Credit Bureaus?
We can’t speak for every loan lender in Twin Falls. But to be safe, you should have a positive credit history with title loans. Avoid defaulting on a loan as much as possible.
Is Having a Bank Account Required to Get Title Loans?
As we said, you’re so lucky you’re in Idaho. You don’t need to own one to acquire title loans unless you’re in Florida.
We still highly encourage you to have one if you don’t have enough proof to pay the title loans.
Pointers to Remember
Now you’ve seen the detailed process of getting car title loans. But it’s totally up to you if you want to resort to it or not in case of emergencies.
It all depends on your financial capability of repaying the loan.
So, why wait? Apply now for a car title loan!