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Car Title Loans in Wyoming: How to Apply and FAQs to Know
Wyoming, WY is known for the Great Salt Lake, which covers 2100 square miles with a depth of 34 feet.
While the Great Salt Lake is a popular tourist attraction, what do you do when you are suddenly thrown into debt as deep as the lake?
One lifesaver to get you out of those depths would be a car title loan.
What Are Car Title Loans?
American car title loans, also known as pink slip loans, or title loans, are short-term loans that use your car title as collateral.
This means that the moneylender loans you money in exchange for the car title or legal ownership of the car.
They do this as a means of making sure that you DO pay them back within the specified time.
The amount of money you can get from a car title loan depends on the value of your vehicle. You may get as little as $250 to as much as $10,000, and it usually needs to be paid off within 30 days.
That 30-day deadline may be extended accordingly depending on the circumstances and the agreement between you and the moneylender.
While this kind of loan is typically called an auto title loan or car title loan, other vehicles, such as motorcycles or trucks can also be used as collateral.
The great thing about Wyoming title loans is that you don't lose your car during the loan period.
You will only loan the title, but you can still drive your vehicle as usual.
TAKE NOTE: This is not meant as a permanent fix for fixing financial issues.
When You May Need Car Title Loans in Wyoming
Auto title loans are great for when you need a big sum of money in a single instant.
You should only use it for emergencies, such as when you need to pay urgent bill/s.
You may need this money for any of the following reasons:
- Home repairs
- Tuition expenses
- Medical bills
- Funeral expenses
- Business startup
Benefits of Car Title Loans
There are several reasons to go for car title loans over other loans.
Here are just some of them:
You can very easily apply for America title loans online.
The online factor makes applying very convenient and eliminates the need for long lines and waiting periods.
You don't even need to leave the comfort of your house! There's a reason they're called EASY title loans.
#2 Instant Payout
After filling out the form online, you can get approved in as little as 15 minutes.
You can then receive your money within 24 hours. How great is that?!
#3 Requires Less Paperwork
Unlike traditional bank loans that can drown you in paperwork, the car title loan process has very few requirements. (More on that later.)
#4 Flexible Payment Plans
There are various payment plans available.
Your loan officer can help you come up with the right payment plan for your situation.
This will help ensure that you'll be able to pay on time and have just what you need.
#5 Fewer Car Limitations
Any fully paid-off car in good running condition can be used as collateral.
Age, mileage, condition, or make of the car do not affect whether or not your request for a loan will be accepted.
You don't even need car insurance to qualify for a car title loan!
Some lending companies offer you gift cards or a $100 referral bonus for amounts around or above $500.
Who doesn't love freebies?
How to Apply for Car Title Loans in Wyoming
Are you a Wyoming resident?
Are you above the age of 18?
Do you have a vehicle under your sole possession?
If you answered YES to all of the above questions, you are eligible for a car title loan in Wyoming.
Before applying for Wyoming affordable title loans, be sure to gather all required documents:
- Vehicle title proving sole possession
- Valid government ID
- Proof of residence
- Proof of employment/ability to repay
- Names and contact numbers of two valid references
- Working duplicates of car keys
- The car
IMPORTANT NOTE: Some lenders will not require proof of employment/ability to pay.
There are some companies who are willing to approve loans in Wyoming, even for those under the normal median income or with no income at all.
For proof of residence, you may use any monthly statement or utility bill that has the same name that appears on your government ID.
Now that you have all the requirements, it's time to go through with the loan process.
1. Look for a Good Lending Company
The first thing you have to do is find a good and reliable lending company.
You can easily find various title loan services in the area, or maybe you can ask around if anyone you know has taken out a car title loan before or is even an advance customer of a lending company.
Some car title loan companies even give BONUSES to those who recommend them, so you can even help a friend out in the process.
The good thing about getting a referral from a friend is that you can rest easy knowing that the company you'll be lending from is a credible one.
What if you don't know anyone who has taken a vehicle title loan before?
We suggest you look online for any reputable lending companies. And if you are looking online, be sure to read reviews.
This is important to see if the company in question isn't a scam.
WARNING: If a certain auto loans company has a lot of bad reviews, it may be best not to trust them.
2. Apply Online
The auto loans form can be completed through the online application system or in person at the store.
You can accomplish the form through your laptop or even just your mobile device from the comfort of your couch.
If you already had all the necessary documents with you before application, this should take less than 15 minutes.
3. Get Approved
After submitting the application form and any required documents, wait for approval.
The best title loans usually will give you a pre-approval in about an hour.
After receiving the pre-approval, talk to the agent and negotiate as needed.
REMINDER: Be sure of all terms and conditions discussed for your title loans.
Leave no stone unturned when reviewing the deal before you sign the agreement.
4. Get Inspected (OPTIONAL)
This is an optional step in the title loan process.
There are some lending companies who won't inspect your car, especially if you have submitted good pictures of it already.
However, if the lending company still has any doubts or just wants to be extra sure, they may ask to inspect your car before giving you a final amount.
5. Receive Your Money
When you and the lender are happy with your agreement, you can receive your money.
You can have it directly deposited in your bank account or access it through MoneyGram or Cash App.
The lending company can also give it to you as a check.
Frequently Asked Questions
What If I Have Bad Credit?
There's no need to fear!
Most title loans in Wyoming do not require a credit check as part of their procedures.
This means that the borrower's credit card debt or bad payment history does not determine whether or not they are eligible for a car title loan.
Your CAR qualifies for the Wyoming title loans!
In fact, American title loans can be a way to improve a bad credit score.
Your credit rating can go up if the borrower consistently makes payments on time.
Are Title Loans Legal?
Under Chapter 537 of the Wyoming Title Loan Act,all title credit banks in Wyoming need to be authorized by the state Office of Financial Regulation.
This means that if you want to get an advance, you won't be able to get your credit before the bank consents to the composed arrangement.
Reimbursement details for car title loans are also covered by Chapter 537.
If you don't pay back the borrowed money during the prescribed pay period, the lender hasfull rights to claim your vehicle.
They can also sell it and keep any returns.
It also states that you must be informed in advance of any plans to repossess your car.
This would give you the chance to voluntarily hand over your car instead of having a repossession operator come to your house to get it from you.
Are Car Title Loans the Only Way to Get Instant Cash?
We understand that car title loans may not be the best fit for everyone in need of instant cash.
Here are a few alternatives to car title loans.
1. Payday Credits
Payday credits, just like single installment title advances, require full reimbursement with any added fees and expenses within a month.
The main difference between payday credits and title advances is that payday credits don't require security.
You can apply for payday credits online or in-store, just like car title loans.
However, unlike car title loans, you won't be able to get any assets from them until the next working day.
2. Individual Advance
This is an option open only to those with a good credit history.
If you have a respectable credit balance, you can request an individual advance from a credit association, bank, or online advance supplier.
Because this advance is based on the borrower's credit score, there is no need to set up a guarantee in the way that you would for a car title loan.
And, since the lending company could probably feel that they can trust you to pay, an individual advance usually costs a lot less than a title credit.
3. Charge Card Advances
While charge card advances can be quite costly, they are nowhere near as much as title credits.
They also don't put you at risk of losing your car.
4. Distributed Loans
Distributed loans are micro or small personal loans that come from single loan specialists.
It is usually far simpler to get since it doesn't come from a bank.
That being said, you will still need to cooperate with the bank to affirm your credit and prepare various parts of the advance.
What Are the Risks of Car Title Loans?
Of course, no financial transaction comes without risk.
It is important to take note of the risks of car title loans before applying.
#1 High-Interest Rate
Car title loan interest rates can be really high.
The usual interest rates for a car title loan are around 25%.
This means that if you receive $1,000 as a loan, that comes with an interest of $250.
If you cannot pay this on time, you will have to pay even MORE by the next month.
#2 Possibility of Car Loss
It's easy to forget that your car is being used as collateral when you're driving it around every day.
However, if you don't pay your dues on time, there is a very big possibility of the lender repossessing your vehicle.
It is even well within their right to sell it and pocket the profit!
#3 Hidden Charges
One of the things that can really make or break your bank is the exorbitant expenses that can come with the loan.
These hidden charges are usually in the fine print of the signed agreement.
They may include repossession charges (yes, you can get charged for having your vehicle repossessed!) or prepayment penalties.
Be sure to read the fine print carefully before signing to ensure you don't fall prey to any hidden charges.
How Soon Can I Get My Money?
Once your vehicle title loan is approved, you can get your cash on the same day or the next working day.
Why Choose an Auto Title Loan Over a Usual Bank Loan?
In Wyoming, a traditional bank loan will not approve your loan if you have bad credit.
On the other hand,car title loans will not take your past credit score or poor payment history as factors for your approval.
Auto title loans are also quicker and more flexible than the usual bank loans!
What Factors Determine How Much Cash I Get?
The loan amount is determined by the car's year, model, make, mileage, and condition.
Thus, a newer, well-maintained car is more likely to have more value than one that is old and run down.
What's the Difference Between a Pawn Loan and a Car Title Loan?
Online title loans allow you to keep and drive your vehicle throughout the loan period.
The moneylender will just hold on to the title to be sure you pay them back.
For a pawn advance, you lose your car during the duration of the loan period.
Wyoming car title loans are an option open to Wyoming residents who immediately need online instant cash to cover an emergency.
Car title loans in Wyoming involve temporarily surrendering your vehicle's title in exchange for as little as $100 to as much as $10,000.
You can easily apply online and have the fundspaid quickly into your account on the same day.
During the loan period, you may still drive your car as usual.
However, note that a car title loan is not a permanent solution.
The loan's cost hurts due to high-interest rates, and there runs the risk of having your car repossessed IF you can't pay in time.