If you’re like many people, from time to time you could use a little financial help. For most of those times a payday advance takes care of the problem, or a little help from family or friends suffice. What can you do when you need more than the $500 or $600 you get from payday loans? What do you do when the amount you need for a financial emergency is just too much for any friends or family to bear? You get an auto title loan. The best part is, you can get one regardless of your credit and it can be done during your lunch hour at work. Here’s what to do.
Making your Lunch a Productive One
Taking time off to get a loan is counterproductive. You need more money and missing work is not the answer. Most households have at least one automobile they use to get to and from work. All you need is a car with a free and clear title and a market value of about $5,000 or more.
- Drive your Car to Work
Most people in times of hardship cannot afford to take off work to get a loan. For that reason many title lenders are equipped to come to your house or place of work to do the loan.
- Fill out an Easy Online Application
Go online and fill out an easy five minute application during your lunch hour. While you’re doing that a representative from the lender will appraise your car. He will be able to determine how much money you can borrow.
- Bring your Documents
It’s important to have your documents in order to make the process go faster. Bring a clear title (that means the car is paid off and there are no lienholders on title), bring your state or government issued ID (like your driver’s license), and proof of income. Notice nothing is mentioned about your credit report. Your credit doesn’t matter and will not be checked. For proof of income you can bring paystubs, W-2, 1099, retirement income, or disability income. Even if you don’t have a job or proof of income some lender will still make the loan. They’re chiefly interested in your car’s value.
- Get your Cash
While you’re filling out the application a title representative will appraise your car and let you know how much they can lend you. The amount depends partly on the value of your car, the amount you need to borrow, and applicable state laws. Since laws vary from state to state it is advisable that you choose a title lender in the state you reside in. Some states only allow you to borrow as little as $1,500 while others will allow $10,000 or more.
Terms of Your Loan
Unlike payday loans that are usually required to be paid off in one balloon payment, usually within two weeks, you are set up on easy payments you can afford when it comes to an auto title loan. The best thing about auto title loans is that you still get to drive your car while you’re paying off the loan.
Most people do not like borrowing from friends and family members, and for good reasons. It’s usually better to keep those valuable relationships clean without muddying them up with a potentially messy loan. Rather than stretch your family members finances, consider an auto title loan. In most cases you will need to have paid off your car. However, some lenders will still make the loan if the balance is small. The auto title lender will first pay off the lienholder(s), then give you the remaining cash. That also helps your credit to pay off your car early. So the next time you have a financial emergency that requires more than a few hundred dollars, consider an auto title loan.
Jessica Moore is a professional blogger that provides financial information and resources for auto title loans. She writes for TitleBucks, a title loan company providing auto title loans and no credit check title loans.