If something has arisen that calls for more cash than you have, and a bank loan is out of the question, you might want to consider what’s called a vehicle title loan. All you essentially need is a car in your name and sufficient income. Here’s what you else you should know about Indiana title loans.
What are Title Loans?
These loans usually come due in 15 to 30 days, although extended terms are sometimes available. You’ll need a vehicle that you own free and clear – no liens. You’ll also need the vehicle’s title, which the title loan company will keep until the loan is paid off. Because the title is held as security, lenders aren’t as concerned about risk. That means that loan approval rates are relatively high. It also means you could lose your vehicle – car, truck, RV, or motorcycle – if you miss payments.
A major industry feature is that unlike with pawn title loans, you get to keep your vehicle while you’re paying the loan off.
How Much Can I Borrow?
The amount you can borrow varies by lender and the state in which they’re located, although the range is generally between $100 and $10,000. In Indiana, you can expect an offer of between 25 percent and half your vehicle’s value. The lender will fix the value based on the vehicle’s make, model, model year, mileage reading, and overall condition. Styling, trim level, and any modifications or alterations will also be considered. The lender will want to see your vehicle, but in lieu of taking it in for an appraisal, you must simply submit quality photos of the car from all angles, plus shots of the odometer and vehicle identification number.
The amount you can borrow will also hinge on your income. You’ll be asked to provide proof, in the form of pay stubs or bank statements, etc. If you don’t have a 9-to-5, most title lenders will accept alternate forms of income including from Social Security, self-employment, Worker’s Compensation, rental property, a retirement fund, or settlement payments.
What your loan will not be based on is your credit history. While some title lenders will pull your credit report, they won’t focus on it. Because the loan is secured by your vehicle title, companies are more concerned about your loan repayment ability.
What Else Do I Need?
In Indiana, you must be at least 18 and have a driver’s license or other government-issued identification. Depending on the lender, you also might have to supply proof of residence (lease agreement, utility bill, etc.), proof of vehicle insurance, and professional or personal references.
How Soon Can I Get Cash?
You can apply totally online, which expedites an already-speedy approval and disbursement process. After completing the application and submitting required materials, you likely will be approved that day, maybe within minutes.
You can have cash in hand by the next day. In Indiana, your options will include wire transfer, an overnight check, or direct deposit onto a debit account. Some lenders will permit pickup from a brick-and-mortar location. If you prefer ACH transfer, it’s a good idea to make sure that’s set up on your end before you apply.
Title loans can indeed come in handy when you’re up against it and need cash right away. As long as you have a vehicle in your name, and a title, as well as the income to pay the loan back, you should be all set. Just be sure to make all your loan payments on time, every time.
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