It’s usually thought that only those who don’t qualify for a regular bank loan are the ones who use auto title loans, but actually quite a variety of people do. It’s true that vehicle title loans tend to greatly benefit those who have few other options for paying their bills or legal fees, but others even who aren’t in hardship situations still use title loans if they find them more convenient. Auto title loans aren’t just used to pay creditors; they sometimes are used to buy wedding presents or business equipment. But why is that so?
One of the growing issues in today’s world is that banks are making it harder for people to take out loans. There’s a lot of difficulty in getting small-dollar loans from them, and even those with good credit and finances can find the wait time for approval very inconvenient. Much of this is because the government put laws in place like Dodd-Frank to prevent a repeat of the 2008 crisis which left many banks in bad position when borrowers defaulted at an alarming rate. Unfortunately, this has made getting quick and easy loans very hard. But it’s also why car title loans in Boise, ID have also become a preferred loan?
The reason auto title loans have been as popular as they have is because it really only takes two things to get one. Those two things are:
Yes, there will be a few documents you’ll need to verify you meet the requirements. But aside from those, the process for getting auto title loans in Boise really is quick. Now car title loans are secured, but it’s your vehicle title that’s the collateral instead of the vehicle itself. The lender puts a lien on the title holding it while the borrower keeps driving their vehicle in the meantime.
The general rule to getting car title loans in Boise is you need to have your title with you to do it. The title needs to be clear, which means any bank, dealership or legal authority should not have a lien on it. If you still owe money on your car but are nearly finished making payments, sometimes a title loan lender will put the final payment on it and place a new lien so you can get the title loan. But you’re usually better off making sure the vehicle is completely yours so you’ll get more for your title loan.
One thing about our car title loans in Boise is you won’t have to spend hours having to fill out paperwork. But there will be a few documents you’ll need as required by state and federal law in order to be approved. The main requirements are being at least 18 years old and residing in Idaho. Make sure you have the following:
Once you have your documents, you begin by applying for our auto title loans online. You’ll give a description of your vehicle and we’ll match you with a title loan offer that’s most fitting for your needs. Your vehicle doesn’t have to be a passenger car as we also do motorcycle title loans. You’ll then be contacted to visit one of our Boise title loan stores whenever it’s convenient for you.
We make approval for auto title loans Idaho as quick as possible, which usually means within minutes. While at one of our stores, your vehicle does have to be inspected to make sure It’s alright to drive. But provided your paperwork is in order and you’ve given us accurate information, you’re likely to get your title loan money within 24 hours. A checking account is not required, but it can help you get the funds quicker.