For many Americans, your vehicle is your only source of transportation. Many people may take out a loan to get their car out of impound. When your car impounded, it can wreak havoc on your life! You may not have any means of transportation to get to work, or elsewhere. However, an emergency loan can help.
Cars can get sent to the impound for many different reasons, including:
- Expired Registration
- Vehicle was in a Serious Accident
- Unauthorized Parking
- Unpaid Parking Tickets, Resulting in a Towing
- The Driver was Operating Vehicle Without a Valid Driver’s License
- The Driver did not have Valid Car Insurance or Proof of Insurance
Your vehicle likely ended up in the impound lot after a police officer pulled you over for a mild traffic violation, and found out you lacked the insurance coverage or other necessary qualifications to have your vehicle on the road.
Typically, law enforcement will pull over motor vehicles and check their insurance company to make sure it is up to date. The registered owner must have registration as well as auto insurance in order to drive their vehicle safely. Proof of insurance is a document that shows you have an active car insurance policy. If the police department or officer deems you a high-risk driver after an accident or traffic stop, they may call a towing company to pick up your car and take it to the impound lot until you meet the qualifications.
If you don’t pick up your impounded vehicle it can rack up a lot of charges from the city it has been impounded to. Unfortunately, getting your car out of impound can be costly. Many lots have impound fees and storage fees that can make it almost impossible to get your car back from impoundment.
If you do not currently have enough money to get your vehicle back, you do have options. Don’t go to the dealership to get a new car when you can rescue your vehicle!
How Can I Qualify to Take out a Loan to Get My Car out of Impound?
If you are exploring the option of a cash loan to get your car out of impound, there are a few options. Many consider a credit card, personal loan, or even to phone a family member when they need cash after their car is in the tow yard.
However, the most advantageous and hassle-free way to get your money is through a title loan!
Unlike traditional bank loans, you can qualify for a title loan even if you do not have perfect credit. This is because title loans are secured loans, and they require collateral for approval. The collateral is the title to your vehicle, so if you have a car title in your name, you could be close to obtaining title loan approval! All you will need is a reliable source of income and a vehicle with equity. After loan approval, the title loan lender will become your lienholder and stay on your title until the loan is paid in full. But, if you make timely car payments on your loan, you can continue to drive your vehicle as you normally would!
How Can I Take Out a Car Title Loan?
When your vehicle is in the impound lot, a car title loan can be a great way to get emergency money. Borrowers can choose their car title loan lender and start on their application process even if their car is in impound! Here at Max Cash® Title Loans, we can connect you to the right lender with competitive interest rates for your financial situation.4 5
Title loans can offer flexible requirements and accept all different types of vehicle models as collateral. If your vehicle has equity, it could qualify for a title loan!
If you are unsure of what your vehicle could be potentially worth, feel free to use our online title loan calculator to get a better understanding of how much money you could receive. In order to use it, you will need to input your vehicle’s make, model, and year. Additionally, you will need to put in the current mileage to get your free estimate!
What Documents Will I Need to Qualify for a Car Title Loan?
Like any other type of loan, there are a few documents you will need to submit in order to qualify. Fortunately, you can submit your documents online for your convenience! Here’s what you can expect to submit:
- Your Vehicle’s Title: It must be in your name, as it will be collateral for the loan.
- Proof of Income: In order to prove that you can afford the loan, you will need to submit bank statements or other proof to the lender. You do not need to work a traditional 9-5 job to have proof of income!
- Proof of Address: In order to prove that it is you applying for the loan, you will need to submit proof of address. This can be your recent utility bill or other forms of mail.
- Photo ID: Your government-issued driver’s license, passport, or other IDs will qualify as proof.
- Photos of the Vehicle: Some lenders will require you to submit photos of the vehicle if you are applying online.
Don’t Wait to Qualify for Your Loan!
If you receive approval for your loan through Max Cash Title Loans, you could get your funds in as little as 24 hours!1 2 Get started on your loan today by applying online through our website. Or, give one of our helpful loan agents a call at 855-561-5626. We are available seven days a week to take your call! Let Max Cash Title Loans help you get your car back today!