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Car Title Loans in Hawaii: All You Need to Know
It’s the end of the month, and you’re strapped for cash. You need to pay urgent bill/s and you don’t know what to do.
We’ve all been there.
Fortunately, car title loans (a.k.a auto title loans or pink slip loans) can help you out. It’s the easiest way to get fast money during emergencies and unexpected utility expenses.
The BEST part: you don’t need to leave your home to get a cash loan!
Here's a guide for you to learn how you can apply for affordable title loans-Hawaii.
American Title Loans: Hawaii
A car title loan is a simple loan that needs to be paid within a short period. It’s similar to pawning an item (but it’s your car).
Lenders will make an offer (which depends on the value of your vehicle), and if you choose to accept it, you can drive away with the money within the day.
You don’t even have to worry about surrendering your ride. What they only need is your car’s title that serves as collateral.
NOTE: Collateral is kept until the borrowed money is fully paid.
- This means you can keep driving your car while repaying the loan! Yep, you can continue living your life as usual.
- However, make sure to pay off your dues on time because your car’s title serves as collateral.
- Not staying on top of your payment means the lending company has the right to take away your vehicle (YIKES!).
Now, don’t be too discouraged about this. If a borrower consistently makes payments, there’s no reason to panic.
A title loan can be a lifesaver--especially if you need to pay an urgent bill. But, before even jumping into the wagon, what factors should you consider?
Hawaii Title Loans: What to Consider
While there are multiple options for loan providers, it’s best to think about the following before continuing with any transaction:
1. Company Reputation
Applying for a loan must be taken SERIOUSLY.
Why? Because a loan’s cost hurts. And the sad reality is: affordable title loans are hard to come by.
So, before even transacting with anyone, make sure you do proper research on the company of your choice.
We don’t want to sleep at night thinking we’ve got the wrong end of a title loan deal.
Please make sure they are reliable and trustworthy. These days, it’s easy to establish a business without an actual office.
2. Borrowing Percentage
Like any other finite source in the world, there is a limit to how much you can borrow.
It generally depends on where you are located and the condition of your vehicle.
To maximize your loan amount, check how much your provider offers.
3. Interest Rate
Some title loans offer notoriously high-interest rates.
This is a piece of unwelcome news for people with a bad credit score, credit card debt, or poor payment history.
Car title loans with high-interest rates are harder to repay and may even cause your financial ruin!
Our advice? Avoid these types of transactions AT ALL COST.
Pick a title loan provider that can give you a fair deal and won’t charge you as much.
4. Speed of Remittance
You are applying for a short-term loan because you need cash RIGHT NOW.
Make sure that your chosen provider is reliable and can transfer money as soon as possible.
5. Convenience of Application
Ease of application should be another thing on your checklist.
Fortunately, more providers are starting to offer online title loans.
Because transactions are done online, you don’t even have to go out to withdraw. Once you receive your loan approval, you can immediately access online instant cash!
6. Confidentiality of Personal Information
With all the scams and hacking schemes we’ve seen and heard all over the news, you need to find a title loans dealer that can protect your information.
If a company requires more documents during the application, they inadvertently know more about your details. This makes you vulnerable.
There are a lot of easy title loans services out there, but you need to make sure that your provider is capable of securing your private data.
We’ve pretty much covered what you need to consider before applying.
If you found that Hawaii car title loans are the right move for you, check out their requirements below!
Car Title Loans: Hawaii Requirements
Let’s go over all the requirements to ensure safe and easy title loans-Hawaii.
1. The Vehicle Title
If you’re seeking a pink slip loan, it’s quite obvious that you need a car title.
You must prove your auto title is officially and legally registered in Hawaii under your name. It must also be free and clear.
NOTE: Free and clear means your vehicle is fully paid for, and no creditors have a claim for it.
2. The Car
Providers need to see if your car qualifies for a title loan. As your collateral, they need to assess its value.
They would mostly look for the following:
Since title loans are accomplished online, a picture of your vehicle can serve as proof that you own the car.
Just make sure to provide a shot of your ride at different angles so the lender can properly assess your vehicle value.
3. Proof of Identification
You need to present a state-issued ID so companies can cross-check your personal information with your documents.
Make sure that the name of the ID matches the vehicle title.
4. Evidence of Hawaii Residence
Utility expenses or any government-issued mail can suffice to prove you are a Hawaii resident.
Also, just like your proof of identification, make sure that the name on the papers matches the owner of the vehicle title.
5. Car Keys
Some title loans providers require that you present a working DUPLICATE of your car keys. Thus, it’s best if you have one at hand.
6. Car Insurance
Only two states in America (Virginia and New Hampshire) don’t require car insurance coverage. So, if you’re caught driving uninsured outside of those areas, it can result in a license suspension or a fine.
Also, having car insurance is a means to comply with the law and protect you and your car. Without it, you’ll be stuck paying for any car accidents to which you’re liable.
7. Proof of Income and Credit History
Being unemployed does not mean you’re ineligible to apply.
As long as you can prove you can repay the loan, there is still a chance that your application will be accepted.
If you cannot present proof of income, they can ask for the following instead:
- Bank statement
- Disability payments
- Social security payments
- Any other benefits that you receive
By the way, there’s a misconception that Hawaii title loans don’t require credit checks, OR you can apply even with bad credit history.
Lenders MAY still perform credit checks. After all, it’s still a business.
For large credit bureaus, they check the borrower’s credit score. Look into the applicant’s ability to pay for the loan for auto title loan providers. So if they’re bankrupt, applying for loans in Hawaii might be a bit harder.
Also, people with higher credit scores will receive BETTER DEALS and LOWER INTEREST RATES than those with a poor credit score.
In most cases, you need to present the name and contact information of at least two valid references who can vouch for you.
Now, enough with the jibber-jabber.
I know you’re dying to ask: how can you apply for Hawaii affordable title loans?
Online Title Loans: Hawaii Process
Luckily, you don’t need to break a sweat in the loan process. It’s all done ONLINE and can be accomplished WITHIN THE DAY.
DISCLAIMER: American title loans can be quite tricky. Some States allow a pink slip loan, while others sanction it. Shopfronts for title loans in Hawaii are ILLEGAL.
However, there are no restrictions on entering an online title loan. So, you can travel to neighboring states and apply for one.
Let’s do this!
Step 1: Apply Online
Like we said a while ago, more title loan providers embrace the online factor. So, you can now do your application over the internet.
The first thing is to check Hawaii title loans locations near your area.
Once you have your list, do your research and compare the rates of the auto title loan providers.
You can get the best title loans to offer with the right information.
After making a choice, check their website and fill out their form. Providers of title loans usually ask the following questions:
- Personal information
- Loan amount
- Vehicle details
NOTE: While most title loan providers claim they accept people with poor credit scores (even no credit), others may still require a credit check.
Our advice: it pays to review your credit score to ensure you’ll have a smooth loan process.
Step 2: Get Pre-Approved
If you’re done with the first step, click submit and wait for your provider to contact you.
Again there’s no guarantee that you’ll be approved in Hawaii title loans. The approval or denial of your request mostly depends on:
- Validity of documents
- Value of car
- Credit check (optional)
- Ability to repay the loan (this is the most important one!)
TIP: For faster approval of your title loan request, make sure to submit valid and complete papers ONLY. Submitting fake ones won’t do the work--worse, it can just cost you trouble.
Step 3: Review the Terms and Conditions
If you have been approved, your provider will contact you to discuss the terms and conditions of your car title loan.
By this point, DON’T RUSH. Make sure to listen and remember ALL the nitty-gritty details of the agreement.
Some people sign immediately without reviewing the loan conditions. That’s a BIG MISTAKE!
Always read the whole contract first before signing it!
TIP: We recommend that you familiarize yourself with regulations on American title loans. Check your State’s repossession laws and consumer rights policies.
Spare a few minutes to think about:
- Terms and conditions
- Hidden fees
- Interest rate
- Pay period
TIP: If you’re not satisfied with the proposal’s provisions, you can always try to negotiate with your title loan provider.
Step 4: Get Your $$$
Suppose you got into this part. CONGRATULATIONS! Your car title loan Hawaii application just got APPROVED!
But before any celebration happens, listen carefully to your provider on how you can claim your loan.
You can get your cash through a check, wire transfer, or hard cash.
Title Loans Hawaii: Pros and Cons
Some of you might still have reservations about title loans. And that’s fine. It’s not for everybody, anyway.
But to help you make better and informed decisions, check out the benefits and drawbacks of car title loans.
1. Lenient credit check
Again, lenders MAY still perform credit checks. However, unlike the three large credit bureaus in the country, title loan providers are more lenient with people with bad credit loans.
So, there’s still a chance for you to get approved even with bad credit. But, remember, borrowers with higher credit scores will receive better deals and lower interest rates.
2. Quick approval
Title loans in Hawaii only take a few minutes to be checked. Once approved, you can also easily access the money.
1. You can lose assets
Your vehicle serves as collateral. Stay on top of your payments to avoid any problems.
2. High-interest rates
Short-term loans have steep but competitive interest rates. Take your time and research the title loan companies before making any decision.
Hawaii Car Title Loans: Frequently Asked Questions
Here are some common concerns when securing a title loan.
Can I Still Apply for Car Title Loans Hawaii Even if I Don’t Have a Bank Account?
Our answer would be: it depends.
Some title lenders DON’T REQUIRE a bank account.
But, it’s better to have one for convenience. Borrowers receive their loans through their bank accounts most of the time.
How Many Title Loans-Hawaii Can I Have?
It’s possible to avail of multiple car title loans in Hawaii as long as you have more than one vehicle to serve as collateral.
How Much Cash Can I Receive?
The loan amount mainly depends on:
- value of your vehicle
- amount to be borrowed
- speed of repayment
TIP: It would be best to borrow the least amount of cash. That way, you can pay off your loan faster and get your car title back as soon as possible.
Are There Additional Fees For American Title Loans Hawaii?
You have to incur extra fees for car title loans in Hawaii.
If you’re going to calculate the expenses, DON’T FORGET about additional costs.
In this case, you might pay for:
- loan origination fees
- document fees
- processing fees
How Can I Pay For My Car Title Loan?
There are multiple options to repay your loan, from wire transfers, phone payments, checks to hard cash.
But to be sure, it would be best to reach out to the company’s customer service agents.
Most American title loan services have well-mannered managers who can further assist you if you have other questions.
How Long Do I Have to Repay My Car Title Loans (Hawaii)?
A title loan is a short-term loan.
They require quick repayment and are usually due within a year of getting the money. But, you can discuss with your title lender if it’s possible to have a more flexible time frame.
TIP: Always pay off your repayments on time. If you do so, your lender might be open to compromise when you have issues.
Are There Prepayment Penalties in American Title Loans-Hawaii?
Some lenders impose a penalty for the early repayment of loans.
BUT American title loans-Hawaii prefers the borrower to pay off their loan before the due date.
Luckily, there are no penalties or hidden fees for it.
However, we still suggest reading your loan agreements carefully to be safe.
Are Title Loans Better Than Payday Loans?
Title loans and payday loans are BOTH forms of short-term financing.
However, a car title loan is better. It has a LONGER REPAYMENT period and gives a SUBSTANTIALLY HIGHER amount of cash.
Wrapping Up: America Title Loans-Hawaii
We hope you got all the information you need to apply for a car title loan.
But before we end, we would like to remind everyone that pink slip loans are not a permanent solution to fixing financial issues.
So, make sure not to rush into anything. Explore all your options and do your research.
Are you looking for Hawaii auto title loans? We hope this article helped you in your search. Feel free to share your thoughts below!