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A Guide to Car Title Loans in Colorado
Are you in Colorado and need some money but don't have any resources?
Do you have an URGENT BILL or BORROWED MONEY that you need to pay back?
Well, look no further than applying for a CAR TITLE LOAN! Car title loans are a quick way to gain money by using your car as a COLLATERAL.
Here's how you guys can apply for a car title loan in Colorado!
What is a Car Title Loan?
A car title loan (also called pink slip loans, auto title loans, or simple title loans) is when you give the rights of your vehicle to a lender in exchange for financial aid, hence TITLE LOAN.
This means that the car title is technically under the lender's name. However, you can still drive your car as you normally would!
The important thing is that you eventually pay back the auto title loan amount. If you cannot pay it back, you will not be able to use your car!
Why Apply for Car Title Loans (Colorado)
In America, title loans are a quick and easy way to gain some money in case of a sudden emergency, like rent, medical bills, or utility expenses.
If you need some emergency funds, using your car or vehicle as collateral may be a helpful decision, as applying for title loans is easier and more flexible when it comes to eligibility.
If you are a resident in COLORADO state, some title lenders give you the money on the SAME DAY as you apply for the loan!
Colorado title loans are more FLEXIBLE in the sense that they allow people with a bad credit score to receive their loans with a low-interest rate.
REMEMBER: A car title loan is helpful but NOT a permanent solution when fixing financial issues!
Car Title Loans (Colorado): The Step-by-Step Process
Now that you know what title loans are let's walk through the step-by-step process of applying for the best title loans in Colorado!
Applying for title loans is such an easy process, and you are guaranteed to get the money you need in a short amount of time!
Luckily, you can apply AND receive online instant cash on the same day! It only takes a few simple steps to start your online application!
What You Will Need
You have to prepare a few requirements before you apply online when it comes to title loans. These necessary documents include:
- Government-issued ID (e.g., driver's license, passport, etc.)
- Clear vehicle title (a vehicle under your name)
- Three references (no family members)
- Proof of INCOME and RESIDENCE
- Vehicle registration and insurance
- Social security card or bank account set up (depending on the lender)
Make sure to have these ready for when you apply. Otherwise, the process may be more difficult, and you might not get approved.
Step 1: Online Application
The first step is to fill up the online application with all the necessary details.
The online factor makes the application process a lot easier as you can find an application form online and apply for easy title loans from there!
Once you have filled up all the necessary details, a pre-approved loan quote will be provided to you.
Step 2: Discuss and Review with Representative
After you apply online, a representative (usually one of the friendly customer service agents) will contact you regarding the loan terms.
Here, you will discuss EVERYTHING, from the maximum loan amount, interest rates, which plan is the best for you, and more!
This is also the time for the representative to assess your credit score, the requirements and condition of your vehicle, and your overall eligibility.
This is also your chance to REVIEW everything!
Take note of the terms and conditions, check for hidden fees, CLARIFY anything unclear, and try to NEGOTIATE some more if needed!
Sometimes, some forget to review because they are in such a hurry to get the money. The loan process takes PATIENCE and being careful.
Step 3: Claim Your Money
After going through the background check, if everything looks good, you will choose among the many Colorado title loans locations where you can claim your cash loans.
The best part is this process usually takes less than 24 hours, so there is no long waiting! The loan amount will depend on your vehicle model, overall condition, and so on.
Lenders usually lend around 25-50% of the vehicle's total value since Colorado title loans are mostly short-term with smaller amounts.
Regular citizens usually take a short-term loan with immediate means.
Pros & Cons of American Title Loans Colorado
If you are thinking of applying for title loans in Colorado for the first time, it may be difficult to determine if it is the right move.
Let's break down the pros and cons to help you decide!
Pros
One of the biggest plus points of auto title loans in Colorado is how FAST you will get your cash loans!
The lending process is EASY, and in some cases, you may get approved in about an hour and receive your loan amount in less than a day.
You may have to undergo a CREDIT CHECK, which is an assessment of your financial status, including income (which is why the source of income is one of the required documents).
However, with Colorado title loans, there is NO CREDIT CHECK required! ANYONE, regardless of credit, can apply for the loan.
Additionally, in the case of Colorado title loans and other places, sometimes a poor credit score does not automatically mean you are not eligible. Many companies that provide title loans are a lot more FLEXIBLE when it comes to a credit check.
With title loans in Colorado, since it is a short-term loan, you will be loaned a small amount with low-interest rates, making it easier and more affordable for you!
Nowadays, it is also very easy to apply for American title loans ONLINE! Since there are a lot of responsible firms in Colorado, affordable title loans are easier and faster to come by!
Plus, even if you are still in the process of paying back, you can still use your car for your everyday use!
Cons
On the other hand, car title loans in Colorado have negative implications.
First, the loan's cost hurts your finances (and wallet or bank account) altogether!
In some cases, the interest rates may be HIGHER, especially if you have poor or bad credit (at least in the areas that require credit checks).
Next, as you surrender your title, you are essentially entrusting your vehicle and its keys to a third party. If you have trust issues, it might not be the best decision.
There may also be instances where you will have to wait days or weeks to get approved, which is a hassle. You do not want to waste time waiting only to find out that you did not get approved.
There could also be hidden fees that your lender did not mention previously, and no one likes those. You also run the risk of losing possession of your vehicle altogether if some requirements are not met!
REMEMBER: If you are going to apply for a title loan, MAKE SURE YOU HAVE THE FUNDS TO PAY IT BACK!
Frequently Asked Questions
How Long Will the Loan Approval Take?
It depends on the lender and client. It can usually take about an hour for online loans, or in some cases, a day or two.
With American Title Loans Colorado, the approval process is done within the day, and the disbursement may take up to 5-6 hours. However, larger loans will usually take longer.
Whether you applied with an online account or onsite, what is important is that you provide all the requirements needed to make your loan.
If you have everything required and VERIFIED, the process should be easy!
What if I Have Bad Credit?
As mentioned earlier, some title loan processes require a credit check, which is used to assess your current financial background to see if you are eligible to pay back the loan.
HOWEVER! Whether you have a poor or perfect credit score, it does not matter!
A credit check is not required when applying for a title loan with Colorado title loans!
Rest assured that with Colorado auto title loans, regardless of credit history, you will be guided through which loan plan works best for your financial situation.
Your credit is NOT a reason for being rejected from the loan.
Instead, what COULD get you to be rejected are if you do not have the requirements, if your car is not a 2000 model or newer and if you are not of legal age of 18.
Can You Apply for a Loan with a Co-Signer?
YES!
You can have a CO-SIGNER sign the deal with you if you cannot pay back the loan on your own! You can divide the loan amongst yourselves and have each pay their share.
However, doing this comes with great risk as well.
Make sure that your co-signer is someone you TRUST to pay their share of the loan. If they do not pay their end of the loan and vice versa, then BOTH of you will be affected!
If you are a married couple or family members who share a car, it may be helpful to share the loan and help each other pay it out.
How is the Value of the Vehicle Determined?
The value of your vehicle is determined through several factors.
For a Colorado title loan, they usually look at the vehicle year, make, model, and mileage to determine the value.
They also consider the car's modifications, both internal and external. The OVERALL CONDITION of the car is examined.
Remember to always take care of your car or vehicle because you never know when you will need it to apply for a vehicle title loan!
The condition of your vehicle also determines HOW MUCH you can get out of the loan. A better-maintained vehicle will likely get you a higher amount of money.
Alternatives to Colorado Car Title Loans
Aside from affordable title loans (Colorado), there are other ways you can secure some emergency money. Some may be cheaper and less risky, while others might seem a little more familiar to you!
But others have just as much risk to them as well.
Short-Term Bank Loans and Personal Loans
Short-term bank loans are among the most commonly used loans, which you can get from your local bank or credit union.
This is one of the simplest ways to borrow money without using any assets (like your car or vehicle) as collateral.
Most banks also approve loans to people with bad credit, so you won't have to worry about that!
You can also get personal loans at a bank, credit union, or online lenders. These personal loans are not secured by your car or any collateral.
Instead, they use your credit scores as a basis for approval. And yes, even poor credit scores are eligible.
The best part is that it comes with a fixed interest rate, which is generally lower than a title loan.
Payday Loans
Payday loans are another quick way to earn emergency funds for utility expenses or pay an urgent bill.
You register at a payday lending service to apply for a payday loan. Once you apply for the loan, the money should be deposited in your bank account within one to two days.
The difficult part is that the loan must be repaid IN FULL and come from the borrower's next SALARY (hence, payday), generally every two weeks.
The lender can withdraw the money from the borrower's account, or you can write a post-date check in case of any delays in repayment.
Lenders charge interest of around $15-$20 for every $100 borrowed, which could pile up depending on how much you borrow.
This is one of the downsides of payday loans, as the interest rates are very high and often have additional fees.
What happens if you cannot repay?
If you cannot pay back within the two-week pay period, the lender can delay the due date of repayment, but doing so accumulates interest.
Credit Card Cash Advances
A credit card cash advance is a loan from your credit card issuer.
This means you are borrowing an amount of money on your credit limit, whichmeans you will have to pay it back with interest.
You can take out a cash advance from an ATM using your PIN, at an onsite bank, or through a convenience check.
Unlike other loan options that do not require a credit check, a credit cash advance DOES require a credit check because it is linked to your credit card.
Cash advances may be easy, but the FEES that come with it are no fun.
You will get charged with high interests, a cash advance fee (around 3-5% of what you borrowed), and a bank fee.
Cash advances also have no grace period, so once you receive the money you withdrew or borrowed, the clock already starts ticking for when you have to pay it back with interest.
Friends or Family
Sometimes a simple "Can I borrow some money?" is all it takes!
Of course, most people would rather NOT burden their family and friends with such a huge request.
However, if you have a trusted person in your life who will be willing to lend you the money, and if you are out of other options, then by all means!
A trusted friend or family member could greatly help you out of a financial slump. There are no bad credit checks, contracts, sky-high interest rates, or anything like that!
You can contact the person and talk to them about the terms and conditions of the loan.
Of course, just because they are close to you DOES NOT mean that you can delay the repayment.
"Oh, we're family; it's fine." Or "It's okay, we're best friends!"
While that may be true, it might not be true for long if you refuse to hold up your end of the deal. You do not want to end that relationship over such a thing!
Summary
What is a Car Title Loan (Colorado)?
A car title loan (also known as an auto title loan) is when you hand over your car or vehicle title to a lender in exchange for financial aid in the form of a LOAN.
The lender now has full control over the rights and title of the vehicle, and you can only reclaim the rights and title back after you have paid back the loan in full.
BUT! You can still drive around the car. Just remember to pay back the loan according to the agreed-upon terms discussed with your lender.
Or else you may not get your car back!
In America, title loans (Colorado) are a fast way to receive money when there is an emergency. This includes medical bills, rent, a down payment on something, or utility expenses.
You can apply for easy title loans (Colorado) in just these next few steps!
How Do You Apply for a Colorado Title Loan?
When it comes to American title loans, you can summarize everything with 3 A's: APPLICATION, ASSESSMENT, APPROVAL.
APPLICATION: You can get ONLINE title loans (Colorado) through an online application. Fill out the form with all the necessary information, and you will receive a pre-approved loan quote.
*Remember to have all the required documents needed for the application.
ASSESSMENT: Discuss all the conditions with your representative. This is their chance to get to know (or assess) you as a client, your financial background, and your vehicle's overall condition.
You will also discuss all the loan terms, interest, repayment terms, and anything else that needs to be addressed.
APPROVAL: Once you and your vehicle have been thoroughly assessed and verified by the lender and you meet all the requirements, the next step is to claim your money from any convenient location.
Other Places to Get a Loan
If online title loans are not for you, there are other loan options that you can turn to! Please note that one option is not better than the other, and each has its risks and rewards.
- Short-Term Bank Loans and Personal Loans - Easiest way to get loans without collateral and with a fixed interest rate, which is lower than Colorado car title loans.
- Payday Loans - A payday lending service supplies you with the money you have to pay back in full with your next payday.
- Additional fees and interest tend to increase and pile up, depending on how much you borrow.
- Credit Card Cash Advance - You borrow money from your credit card issuer.
- This comes with interest and other additional fees and requires a credit check.
- Family and Friends - Most convenient way because your lender is someone close and personal to you.
- As always, make sure you pay back your end of the deal!
Conclusion
And there you have it!
American title loans (Colorado) are a quick, simple way to get funds for your bills and utility expenses.
However, make sure you assess your financial situation before applying for the loan. This includes ensuring that you can pay it back on time.
Also, if you DO decide to apply for a loan, make sure that your vehicle is in tip-top shape before you surrender the rights!
If you live in Colorado, apply for a car title loan today!