According to a recent study, about 35% of Americans only have a few hundred dollars in their savings accounts. Additionally, about 34% of people don’t have a single dollar saved up.
This can make it difficult, if not impossible, for many people to manage financial emergencies. They struggle to pay for things like unexpected auto repairs and medical bills.
If you ever find yourself in a situation like this, consider taking out a loan. A title loan, in particular, is perfect for those people who own a car.
Ask yourself, “What do I need for a title loan?”, and then set out to get your hands on one. It’s never been easier to get approved for this type of loan.
Here are five key steps to getting a car title loan in a hurry.
1. Begin by Gathering the Documents You’ll Need to Take Out a Title Loan
Before you start looking around for a lender to provide you with a title loan, it’s important for you to make sure you have the necessary documents. If you don’t have certain documents in hand, most lenders are going to shut down your attempts to take out a title loan.
The good news is that there aren’t that many documents that people need to apply for title loans. But there are a few key pieces of information that you’ll need to provide to a lender in most cases prior to them providing you with a loan.
The documents that you’ll need will include:
- A lien-free title for your car with your name on it
- A driver’s license or another government-issued ID with a name on it that matches the one on your title
- A utility bill with your name and address on it
- A registration card for your vehicle as well as proof of auto insurance
- At least two recent paystubs
There are some lenders that will only ask you for a few of these documents when you apply for a title loan through them. But it’s still a good idea to gather as many of these documents as you can so that you don’t have to scramble around for them later.
You won’t have to worry about asking a lender, “What do I need for a title loan?”, when you already have all these important documents at your disposal.
2. Find a Lender That Specializes in Providing People With Title Loans
Once you’ve put together a pile of the important documents you’ll need to take out a title loan, the next thing you’ll want to do is find a company that specializes in providing people with title loans.
There are plenty of lenders out there that can provide you with a wide range of loans. But not all lenders are qualified to extend title loans to their customers.
Look specifically for a title loan lender, and make sure that they have earned a reputation for providing the best lending services in the industry. The last thing you want to do is work with a lender that’s going to overcharge you for a loan and put you in a worse position than the one you’re already in.
3. Fill Out an Application for a Title Loan Through Your Preferred Lender
After you’ve located a reputable lender to provide you with a title loan, it’ll be time for you to fill out a loan application through them. Most lenders these days make this part of the process super easy for those interested in taking out a title loan.
In many cases, you can fill out an application for a title loan right on a lender’s website within just a minute or two. A lender will ask you to provide things like:
- Your first and last name
- Your address, phone number, and email address
- The year, make, and model of your vehicle
- The mileage on your vehicle
- The amount of money you want to borrow
Your lender will take it from there and tell you whether or not you qualify for a title loan. They’ll often let you know within a matter of just minutes if they’re willing to give you a loan.
4. Provide Your Lender With a Few Required Documents
If a lender decides that they are, in fact, going to give you a title loan, they’ll reach out to you and let you know. They’ll also ask you to send them some required documents so that they can finish processing the loan for you.
As long as you gathered the documents that we mentioned earlier, you shouldn’t have any trouble turning around and sending them the required documents right away. Every lender is a little bit different, so it’s important to ask them exactly what they’ll need you to send.
The sooner you’re able to send your required documents over to them, the sooner they’ll be able to send you the money you need.
5. Send Your Lender Your Banking Information
There are some title loan lenders that will give you the opportunity to stop by and see them in person so that you can pick up the money you’re borrowing from them. But there is also an even easier option than that.
If you want to have the money you’re borrowing deposited right into your bank account, most lenders are more than happy to send it in the form of an e-transfer. You can have the money you need in your account within a day or two in most cases.
Simply send your lender your banking information and they’ll handle depositing your money into your account.
Stop Asking, “What Do I Need for a Title Loan?”, and Go Apply for One Now
Are you in a bind and wondering where you can turn for a loan? Take a title loan out for a test drive to see how useful one can be.
After asking the question, “What do I need for a title loan?”, and gathering the necessary documents, you’ll find that applying for a title loan is easy. It’ll help you obtain the money that you need without forcing you to jump through too many hoops.
Browse through the articles on our blog to learn more about some of the other types of loans that you can take out when you need cash fast.