A bad financial situation can be tough. The last thing you want to do is get a loan you cannot afford. Different people have different opinions on what the word cheap means. That’s why there is no clear-cut answer to what a cheap title loan is.
Auto Title Loans are a type of secured loan that can get you fast funding¹. If you can keep up with monthly payments and interest, title loans may be the right choice for you. Max Cash® Title Loans is here to help you find the best deal on a car title loan!
How Do Title Loans Work?
A car title loan is a secured loan option that can allow you to borrow off of your vehicle’s equity. The more equity your car has, the more potential you have to receive a higher loan amount. Only, of course, if your income supports it! You will
Since title loans are secured loans, they generally can have competitive interest rates. These interest rates will determine how cheap your car title loan will be.
Interest rates come in two basic types: fixed and adjustable
The type of interest rate will affect:
- Whether your monthly principal and interest payment can change
- How much interest you will pay over the life of the loan
Each loan type is for different situations. Sometimes, only one loan type will accommodate your situation. Ask our Max Cash Title Loan representative to explain your options. Then, you can see which type offers the best deal overall. Cheap title loans are not hard to find if you have the right people on your side!
Do I Have To Have Income To Get A Cheap Title Loan?
Income is a critical factor in car title loan eligibility. By looking at your income, lenders will determine whether a borrower can realistically pay back their loan. While you may not need a traditional 9-5 to apply for a car title loan, you will need proof that you can afford it.
Is Good Credit a Requirement to Get Cheap Title Loans?
Not at all.⁵ While Max Cash Title Loan lenders do still run a credit check on you when determining your pre-approval status for a car title loan, they are more concerned with whether you have a source of steady income to repay the loan. ² ⁵ If your vehicle has a good amount of equity, it is more likely that we will be able to get you a good title loan. ⁵ We want our customers to be able to get the help they need when they need it, so that they may get back on the path to financial success.² ⁵
How Does the Repayment Process Work?
You may want to find out what the terms are for your loan before you sign a contract. Your financial situation will determine what is the best option for you.
Title loan lenders usually offer various options for how often the loan needs to be repaid which include weekly, bi-weekly, or monthly payments. Additionally, the lender can stipulate other requirements, such as paying with checks or money orders that must be sent by mail. Or, they may require you to make a payment in person or over the phone with a credit card.
Understanding the rules of the specific auto title loan company you are using is important to ensure that you get payments in on time, and that you do not default on your loan. If you are late with a payment, or do not pay the total amount owed, then you can face consequences as set out in the payment terms. All penalties must be disclosed in your contract.
When you are signing for your loan, you have the right to request that the lender provide you with the payment due dates and amounts in writing. This can be helpful to ensure you don’t miss a payment. It is also a good idea to talk to the auto title loan company about what help they typically offer to borrowers who face an emergency and need a little extra help.
How Does The Application Process Work?
The application process is simple and involves a few simple steps:
1) Apply online or through the phone
2) Find out eligibility with a lender
3) Find out approval
4) Once approved, get the funds¹²
The funds can be sent to a bank account, sent as a check in the mail, or picked up at a local Money Gram location.¹ ² Even if your credit is not in good shape, we may be able to help you get funded.⁵ Click here to apply now!
The most important part of your auto title loan search is finding a reputable lender. It can be easier than you think to find cheap title loans online!
Choosing a lender that cares is important. Max Cash Title Loans does the work for you at no cost. We advocate for you and always try to get exceptions if you don’t meet all of their strict requirements. If you need emergency cash, there is no time to waste! Get into touch with Max Cash Title Loans right away! Once approved, the funds could be made available in as little as one business day.1 2