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Title Loans in New Jersey: How to Apply, Requirements, & Tips

Need money fast? Consider taking out title loans in New Jersey.

The whole process is so easy to do, and you can even apply online!

When you're strapped for cash and need a quick fix, New Jersey auto title loans might just be your savior.

Sounds like something that interests you? Keep reading, and let's talk more about New Jersey title loans.

Title Loans and What You Need to Know

Taking out car title loans is becoming so popular these days. With many of the populace living beneath the government destitution line, people are finding ways to survive.

Car title loans are pretty easy and straightforward to understand. In essence, all you need is an automobile to use as collateral — motorcycle, car, among others.

Many people prefer title loan services compared to a traditional bank loan because it's relatively easy to apply for.

The requirements aren't that stringent, and the terms are more favorable/flexible to the applicant.

Advantages of Title Loans in New Jersey

The best solution to help you get emergency funding is title loans. Here are some of the reasons why we think you'll like car title loans.

#1 Drive Home With Your Automobile

Don't worry about your lender getting your car! All they need is the title to keep as collateral while you're paying off the loan.

For now, enjoy using your automobile while addressing your financial emergency at the same time. It's a win-win for everyone!

Once you fully pay your title loan, you'll be able to get your title back in the end.

#2 Receive a Fair Amount

In many cases, the amount of money you can receive from a car title loan depends on your ability to pay and the condition of your vehicle.

From the get-go, you can already assess the reasonable amount you believe you can get.

This is a good thing, especially when you want to manage your expectations from the start.

#3 Credit Rating Is Not an Issue

People with bad credit are always worried when a credit union or bank does a credit check. Once they find out about the bad rating, they'll most likely fail to qualify for a loan.

The beauty of title loans in New Jersey is that credit score is hardly a problem.

Anyone can apply, regardless of whether they have a good or bad credit score.

IMPORTANT NOTE: A person with a poor credit score may still be disadvantaged. It is still possible that their application gets denied, which is pretty inconvenient.

Disadvantages of Title Loans in New Jersey

There's a lot of reason to convince anyone to apply for New Jersey title loans online. Because of its convenience, people will hardly second guess their application.

However, there are certain disadvantages and risks some people don't take into consideration.

#1 Car Repossession

The first thing people should know from the get-go is that there is a chance their car could be taken away. This usually happens when a borrower is unable to pay off the loan after several times.

Most lenders would repossess the vehicle and sell it for value. Later on, they'll apply the proceeds of the sale to the loan.

So be careful and be sure to make prompt payments.

#2 Interest Rates May Be High

Consider various title loan services to be a risky business. There's always a risk on the lenders that they won't get paid back.

And when this happens, the business owned by the lenders will fail and may even go bankrupt.

To protect the interest of lenders, interest rates could get pretty high. Most of the time, interest rates already take into account the possibility of non-payment of the borrower.

Moreover, interest rates could also vary depending on the borrowers' ability to pay.

#3 Short Term Loan

Depending on the loan amount, the payment term could be short. This is something you need to discuss with your lender to come up with a comprehensive plan to pay back the loan.

As much as possible, you want to end up with convenient terms for both parties. You may get money fast, but that might mean you have to pay back the loan amount fast.

Applying for New Jersey Car Title Loans: Steps, Requirements, and Tips

Applying for New Jersey title loans can take as fast as a few minutes and sometimes no more than an hour!

Easy Steps to Start Your Application

1. Pre-Approval

If you don't want to waste your time going through all the application process only to find out you don't qualify, get a pre-approval.

Doing this helps you save your time and helps inform you of the requirements or documents you think you may have a problem with.

Most online title loans have a pre-approval system you can check out. All you have to do is answer a few questions to check if you qualify for a New Jersey auto title loan.

When you get pre-approved, you can now move on to the next step of filling your online application form.

2. Application Form

Like any other type of loan, a New Jersey car title loan requires that you fill out a form. The form is so easy to fill out — it'll hardly take you more than an hour to do!

In filling out the auto title loan form, be sure to answer all the information required. Don't skip anything because this may affect your chances of approval and cause some delay.

3. Requirements Submission 

Once your application form gets the go signal, you'll be asked to submit certain requirements to continue with your New Jersey title loan application.

To save yourself some time, ask your lender what requirements they need. Doing so makes sure you experience a seamless application process.

No delays or problems later on!

4. Sign Your Contract

The moment your lenders are satisfied with your requirements, you'll be asked to sign a contract. In most cases, the contract would contain all the essential information like the following:

  • Loan amount
  • Title loan interest rates
  • Payment terms/schedule
  • Penalty clauses
  • Express written consent that you comply with the contract and its terms

Always read the contract carefully, ESPECIALLY the fine prints! You want to make sure there aren't any unfavorable terms.

Also, be sure to go through the contract thoroughly and make sure there are no hidden fees.

5. Receive Your Funds

Hooray, you're officially done with your New Jersey title loan application! You'll finally be able to receive your loan money and use it for your emergency.

There are so many ways for you to receive your money. It could be deposited directly to your bank account, a cheque, or in cash. It's up to you!

Most borrowers can get their funds on the same business day they submitted their New Jersey loan application.

As long as you comply with requirements, you should experience the same thing.

Requirements for Submission

Part of the New Jersey loan application process is the submission of requirements. Unfortunately, it is usually during this step where most people fail.

Either they don't have the document being asked for, or there's some discrepancy that needs to be addressed.

Here are some of the requirements you need to prepare to guarantee your New Jersey loan approval.

Government ID

This must be an updated government ID and should contain the borrowers' information: Name, New Jersey address, and contact details for some.

Consider this a very important requirement because it helps lenders identify who they are lending their money to. In all cases, borrowers have to be a US resident, particularly residing in New Jersey.

Photos of the Automobile 

A lender would always look at the condition of the car. They'll do this by asking you to show photos of it, so be sure to take photos of all four sides.

Also, take photos of the interior of the vehicle, including the odometer showing the total mileage. This helps lenders assess the best deal they can give you for your car collateral.

Automobile Title

Your automobiles title is THE one requirement you should always have.

The approval of your New Jersey title loan depends on the existence of this one.

Without the title, you'll have no collateral to guarantee your title loan in New Jersey.

Ideally, the title should be clean. Meaning, there are no liens on it, and it's not used as collateral for another loan.

When your collateral already has a lien, the chances of your New Jersey loan approval being favorable get low.

Proof of Income

New Jersey title loan lenders want to know HOW you'll pay the loan and WHERE you'll be getting your source from.

You don't have to be specific, and it's enough that you show you have a source of revenue. This could be through your employment certificate, payslip, and even bank account certificates showing that you receive a normal median income.

Some people often raise the question of "What if they don't have a job? Will they be able to benefit from this fast cash title loans application?"

Yes, they still can. Some New Jersey title loans application allows unemployed individuals to apply for a loan. However, there will be some additional basic requirements.

Unemployed individuals would have to show that they are getting a source of income from somewhere else — whether it's through remittance, disability payments, among others.

Tips to Ensure Your Success

New Jersey title loans offer competitive rates that can help you get your funds paid quickly. All you need is a car title, an income source, and you can get your cash fast.

However, some would say that applying for a title loan in New Jersey can be a bit tricky. It could even be hard and frustrating for some, which is always unfortunate.

This is why we're a firm believer that it's always best to prepare ahead before applying for a title loan in New Jersey.

There are different ways to help ensure your car title loan gets approved. We've listed down some of the things you can do to make you more appealing to a lender.

#1 Make Your Car Presentable

One of the first things your lender would look at is the condition of your car. Is it still good and running? Or is it worn down and practically useless?

If your car is the latter, your New Jersey title loan application will probably be DENIED. Your lender would have no use for the car, and it probably has a low re-sell value in the market.

Notwithstanding this fact, some would still consider taking the car. The only trade-off is that the loan amount would be very low. The case you might receive won't be enough.

#2 Clean Your Credit

Like what we've mentioned earlier, it doesn't matter if you have good or bad credit. Everyone is welcome to apply for a New Jersey title loan.

But keep in mind, it is always better to have good credit in taking out loans. It shows the ability of the borrower to make prompt payments, which is a good sign.

This also translates that there is no risk on the lender to lend cash to a person with good credit.

However, with the gross median monthly rent most people in New Jersey have to pay for, it's completely understandable if some can't make good on their loans.

Before applying for a new loan, make sure you've paid up any outstanding bills or loans you have.

Final Words

Affordable title loans and cash options are one of the ways to get cash fast in New Jersey. All you need is a car title, and you're all set to receive your cash!

The next time you need a quick cash fix, don't forget car title loans. An online title loan is incredibly easy to apply for and could save an average family size in New Jersey from an emergency.

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