A major difference between a title loan and other types of funding like a signature loan, a payday loan, or a registration loan is that a title loan requires a vehicle title in exchange for funding while these other types of funding typically do not.
But that is certainly not the only difference between title loans and other loans. Did you know that one of certain types of funding could set you up for financial disaster? Before you jump into an important economic endeavor, such as taking out a loan, you should learn all you can about your different options. Thankfully, we have your resources right here!
A Closer Look at Title Loans vs Other Loans
Let’s talk about registration loans first. Registration loans are a type of funding, only available in the state of Arizona. Some people think registration loans are a good idea because the registration loan lender cannot repossess their car in the event that they default on their registration loan. While this is true, registration loans also come with some pretty hefty consequences.
It can be easy to be trapped by certain terms and conditions that virtually always come with registration loans. Most of the time, registration loans come with high interest rates and short payback terms. This can turn a small loan into a massive amount of debt that you are expected to pay back right away. If you don’t have thousands of dollars to drop in a moment’s notice, registration loans are probably not for you.
Title loans are much different. Title loans are offered throughout multiple states in the U.S., but not in every state. Title loans can also go by various different names. Here are some other phrases that can be used to talk about title loans:
- Auto title loan
- Car title loan
- Pink slip loan
- Automobile title loans
- Car equity loan
- Cash for car title loans
- Auto equity loan
- Auto collateral loan
- Title loans with bad credit
Max Cash is one of the best places to get connected with a great car title loan. Not only has Max Cash been a leader in connecting people with fantastic non traditional lending for years, we have also helped people across the United States get the help they need through the financial assistance of an auto title loan.
Benefits of Getting a Car Title Loan
- High Approval Rate – Have you ever been rejected by a lender because your credit score wasn’t as high as you wanted it to be? Max Cash understands this is a common issue, that’s why we look at other factors when we determine your eligibility for a title loan. Lenders usually care more about the equity of your vehicle, and your ability to repay your loan, rather than just your credit score. Max Cash knows you are more than just a number!
- Competitive Rates4 – Most lenders who are connected to Max Cash won’t bog you down with astronomically high interest rates. Registration loan interest rates can reach as high as 300 percent, and we think that is just crazy! Max Cash lenders2 will usually work with you to determine an interest rate that works for your unique budget that way paying back your title loan is a breeze.
- Convenient Terms4 – Enjoy some breathing room when you get an auto title loan. Max Cash doesn’t expect you to come up with thousands of dollars in just a few days. That’s why most of the lenders we are connected to have manageable terms ranging from 12 48 months, because paying back your auto title loan shouldn’t be stressful.
- No Balloon Payments or Early Payment Fines3 – A balloon payment is when a lender expects you to pay back your loan balance in full all at once. Most lenders under Max Cash won’t make you jump through hoops like that. Max Cash also encourages to make your monthly installment when it is most convenient for you whether that be on the due date, or any time before the due date. Max Cash lenders2 will never charge you a fine for making a monthly installment on your auto title loan early.
How to Get an Auto Title Loan with Max Cash
Getting an auto title loan with the fantastic broker, Max Cash, is simple and easy! Here’s how it works:
- Send us your info
Go to the Max Cash homepage and fill out a quick information request. The form should only take about 5 minutes to fill out and we can tell you right away if you are approved. Don’t waste your time waiting on unreliable lenders, Max Cash is fast and efficient for your convenience.
- Send in your documents
After you are approved, your auto title loan agent will ask you for a few documents. These will include:
- Government issued form of photo ID
- Proof of residence
- Proof of income
- Vehicle title
- Photos of your car
- Get paid
The last step is to sign your auto title loan contract and get paid! Your lender will also sign onto your vehicle title as a lienholder, but this is just for the duration of your loan. Get paid electronically, through a check in the mail, a Money gram at a Walmart cash center, or you can even stop by the licensed location and get your money from your lender in person. They would love to see you!
Your journey towards financial success starts now! Get started on your auto title loan process today!