What Does Getting a Title Loan Entail?

If you need cash and have a vehicle with a clear title, title loans can be a quick, easy way to get the money you need. These are secured short-term loans that use your vehicle as collateral, with the lender holding onto the car title until you repay the loan. Whether you need cash for an unexpected expense or to cover bills before your next paycheck, consider Georgia Title Loans as your lender. Here’s what getting a title loan entails:

Personal and Vehicle Ownership Verification

Since you’re entering into a legally binding agreement with the lender, you must be 18 years or older. The lender will verify your age and identity using a valid state driver’s license. They will also confirm that you own the vehicle you intend to use as collateral and that it’s insured. If your name appears on the vehicle’s title, you are the owner and can use it to secure a loan. The title must be clear, meaning no outstanding liens or loans against the vehicle exist. A motorcycle is also eligible for use as collateral for a title loan.

Vehicle Appraisal

Your car’s value will determine how much loan you can receive. The lender will appraise its worth and set the loan amount based on a percentage of that value. If you’re considering us for the loan, visit one of our service centers with your car or motorcycle. We’ll conduct a brief appraisal to determine your car or motorcycle’s worth and how much we can lend you. We accept any make, model, year, and vehicle condition.

Repayment Ability Assessment

Your loan repayment ability also determines how much you can borrow. The lender will ask for proof of verifiable income, such as a recent pay stub or bank statement. Our company only needs to verify that you work and have an income. We also won’t check your credit, so don’t worry about having a low score or no credit. You can get a loan if you’re self-employed. We’ll work with you to obtain the information we need. We also consider unemployment benefits, retirement income, and disability benefits, so don’t feel left out if you don’t have a traditional job.

Loan Agreement and Signing

Once you’re approved for a loan, the lender will go over the terms and conditions of the loan with you. These include the interest rate, repayment schedule, and consequences of defaulting on payments. Read and understand these terms before signing the agreement. Georgia Title Loans strives to make our processes transparent. We don’t include hidden charges or fees and encourage our customers to ask questions if they don’t understand something in the contract. When you’re satisfied with the terms, we can process the contract. You continue using your car or motorcycle as usual.

Loan Repayment and Title Retrieval

Loans using vehicle titles are usually due within 30 days, but this can vary depending on the lender. The loan can last as long or as short as you need at Georgia Title Loans. You can renew or extend the loan if you make the minimum required payments. Once you repay the loan, we will return your car or motorcycle title. You can take out another loan if you need quick cash again. Make your payments on time to avoid problems with your lender.

Consider a Title Loan for Quick Cash

At Georgia Title Loans, we understand that financial emergencies can happen to anyone. We offer a fast and easy solution by providing title loan services. Our processes are simple, without any credit checks. Plus, you keep your car or motorcycle while repaying the loan. Visit our loan service centers today and get the cash you need. Contact us if you have any questions or concerns.