How Do Title Loans Work?
Frequently Asked Questions
What Is A Title Loan?
A Title Loan is a loan secured by the title on a personal vehicle such as a car, truck, RV or motorcycle in which the lender becomes the lienholder until the loan is satisfied. In order to secure a Title Loan, the title has to be in the personal name of the borrower and not other title options, such as the name of a business. The title is then held by the lender until the loan is satisfied. Once the loan is paid off, the lien is released and the borrower is reissued a clear title.
How Do Online Title Loans Work?
Cash Title Loans work by using the title of your vehicle as collateral. With a CASH 1 Title Loan, get cash today and keep your car!
How Much Can I Borrow?
When you need money fast, CASH 1 will lend $150-$50,000 with a Title Loan. Let one of our trained representatives complete a vehicle evaluation to determine what we are able to lend. Other factors, such as net income, will determine the maximum loan amount and payment options.
Does It Matter If I Have Bad Credit Or No Credit?
Whether you have bad credit or no credit at all, CASH 1 can get you approved for a loan based on your vehicle’s value and your ability to repay. Your title and your proof of income are your credit for a Title Loan with CASH 1!
When Will I Receive My Loan?
Once your application is received in the store and reviewed, a quick appraisal on the vehicle will be performed to determine the amount we are able to lend. The entire process from start to finish typically takes less than fifteen minutes to complete and have you on your way with the cash you need.
What If I Lost My Title, What Do I Do?
If you have misplaced your title, a duplicate can be reissued at the MVD or DMV in the state where the vehicle is registered. While the cost of the title may be slightly more, you may also visit a third party MVD or DMV. Some of our CASH 1 stores are able to perform this function, making it a “one stop shop” from getting your title to getting you the cash you need.
I Have Two Cars. Can I Get One Loan Based On Both?
Yes you can! It is not uncommon for customers to utilize more than one vehicle to secure the funds they need. As long as the income supports the loan amount, multiple vehicles can be used to lend a greater amount than can be supported by one vehicle alone.
How May I Know That I Am Qualified For Credit Services And A Loan?
There are a number of ways to complete the application and get preapproved for the funds you need. Completing the online application, calling into our call center to get preapproved or visiting one of our store locations in Arizona or Nevada are all ways our customers have the option to use to get qualified. Regardless of the option you choose, let CASH 1 get you the cash you need in as little as thirty minutes.
How Long Does It Take To Get A Loan Approved?
Once you have been approved your cash can be picked up in store. Typically that approval process will be quick and have the customer on their way in about fifteen minutes or less.
What If There Are Two Names On The Title? Will It Be A Problem To Get A Loan?
How the names appear on a title is important in determining how the loan is processed. This is due to regulatory compliance issues and MVD or DMV regulations. If the title of the vehicle is in an individual’s name, only that individual needs to be on the loan application. An “or” title allows either party named to take out a loan on the title, even when the other party is not present. When “and” or “and/ or” join the parties names, both parties need to sign the agreement acknowledging the loan/ lien even if only one party is going to be financially responsible for the payments.
What If I Am On Disability Or Retired? Can I Still Be Approved For A Title Loan?
Yes! Disability and SSI can both be considered as income to determine the amount we are able to lend. Providing all other loan requirements are met (no active duty, a valid state or federal ID, clear car title, and an appraisal of the vehicle), retirement and/ or disability can be used to determine loan approval and the amount a customer is eligible for.
Do I Have To Go Into The Store To Make A Payment?
While some people chose to conduct business in person, it is not necessary to visit the store to make your payments with CASH 1. Payments can also be made through credit/debit cards, over the phone. Whichever payment options you choose, CASH 1 does not charge additional fees for any of the payment options provided.
Can I Extend My Title Loan Due Date?
While payments or commitments may be made for a time later than the scheduled payment due date, it is important to know this DOES affect the amount of the payment that goes toward interest and what goes to principal. Interest accrues daily on Title Loans, so if payments are made late a smaller or even no principal reduction will occur on the balance of the loan.
Do I Have Full Use Of The Vehicle During The Term Of The Loan?
While a lien is placed on the vehicle, the customer is still the owner and reserves full use of the vehicle during the duration of the Title Loan. It is important to pay the loan on time and stay in contact with the store that holds the loan should payment arrangements need to be made. Failure to stay in contact or make payments on your Title Loan can result in loss of the vehicle per the loan agreement. Always review the “Know Before You Owe” document prior to entering into the agreement.
I Have An Older Car, Will That Affect My Interest Rate?
Only the amount borrowed is a determining factor in the interest rate. Providing the value of the vehicle supports the loan, CASH 1 is able to lend on your vehicle regardless of the age. While an older car may at times increase the value because they are antiques, not all old cars are antique or collector cars when it comes to vehicle value. With CASH 1, typically the higher the loan amount, the lower the interest.