Getting a Title Loan With Less Than Perfect Credit

Traditional lending options like personal loans and credit cards and lines aren’t practical for many people. If you find yourself in a financial jam, a bank likely won’t provide you a solution. This truth is why so many people are turning to car title loans and other alternative lending options. These loans are accessible to all and give consumers a great deal of freedom in terms of how they borrow.

A Brief Title Loan Primer

A car title loan—often simply called a title loan—is a kind of secured loan that uses a vehicle title as collateral. Note that the vehicle itself isn’t used as collateral. The borrower still has full control of their car to travel to work, run errands and so forth. These loans can be for small amounts and have short terms, and when a loan is finalized, the lender returns the title to the vehicle owner.

How Credit Affects Title Loans

It’s actually quite easy to get a title with less than perfect credit or even bad credit or no credit at all. This has to do with a title loan being a secured loan. The full amount of the loan is covered by the value at which the car can be sold, and these loans will never exceed that value.

A lender of title loans and other alternative borrowing options is much more concerned with the specifics of your ownership and the vehicle. Value is often based on blue book value and then adjusted based on mileage, condition and perhaps other factors. This can vary from one lender to the next. Credit, employment, background screening and such factors simply aren’t pertinent. In fact, you can almost always get a title loan if you:

  • Are 18 years old or older
  • Possess a valid driver’s license or state ID
  • Hold the vehicle title and it’s clear of liens

A Clear Title: The Cornerstone of Any Title Loan

Lenders of title loans will often refer to vehicle titles as being clear. A clear title means that there are no liens against the title. A lien is a claim rights over property. When you financing a new car, you’ll often receive the title so that you can register it and whatnot. However, the title will have a lien against it. Lenders generally don’t want to secure a loan with such a title. Even if there is enough value not accounted for, the process of getting reimbursed should be it be required will be much more difficult.

Get a Quote

The easiest way to see if you’re eligible and to get an estimate of how much you can borrow is to request a quote. This isn’t difficult. It takes seconds to fill out a brief form and get a response. It can be completed online and done on this very website in fact. You’ll notice that factors related to your credit aren’t taken into account or even requested. Information that will be requested includes:

  • Your name
  • Street address and zip code
  • Phone number or email address
  • Year, make and model
  • Odometer reading

Chat with a Loan Representative

You also have easy access to a loan representative who can answer any questions that you may have and assuage any concerns as well. Perhaps the easiest way to conduct this conversation is via online chat. A phone call or even a local office visit are options as well. This chat can provide a first-time borrower great peace of mind and ease an entire process that can take less than 15 minutes. .

How the Lending Process Works

Even the first time, the title loan lending process is a breeze, and if you ever need to borrow again, it’s even easier since you’ve established a business relationship with the lender. As mentioned above, you’ll fill out a brief form. Once you submit, you’ll receive an estimate in mere seconds. You decide how much you want to borrow and for how long. Then, it simply a matter of picking up cash at a local destination.

Conclusion

A title loan is available to any adult who owns a vehicle and possesses a title free and clear. It is irrelevant whether you have no credit or bad credit, are unemployed or have a background that may make you ineligible for other types of borrowing. This kind of secured borrowing is a fast and simple option that can give you the financial flexibility that you require.

If you’re in a hurry for quick cash, for any reason, title loans in Goose Creek provided by Bedford Title Loans has the cash you need.

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