When you need cash fast, there is the potential to use your vehicle (car, truck, boat, or motorcycle) as collateral. All you need is a clear title, which means there are no liens against it. If there is a co-owner, then he or she must also apply with you for title loans in Eureka. Keep in mind that the title loan is not the right instrument for everyone who is short on cash. We encourage you to visit the Missouri Finance Division’s website for free consumer information.
The first step to getting cash is to complete an online application. However, that’s the fast part. Before signing any loan papers for title loans in Eureka, remember that the title lender must provide the loan’s terms. This includes a description of your annual percentage rate (APR), how many payments you will make, and how much the interest and fees will total if you adhere to the repayment schedule. Lenders also have the right to repossess your vehicle and to sell it in the event of your default.
You also want to review the title lender’s website and ascertain which factors will be considered to approve or deny your loan application. Lenders may or may not consider your credit rating. They will want to ask how much cash you need right now and to obtain the year, make/model, and mileage of your vehicle in order to assess its present market value. They may also collect the minimum demographics to complete your application: including this data for each owner and co-owner of the vehicle (name, address, date of birth, SSN, employer contact info, and personal references’ contact info). You will also have to sign loan papers before receiving any funds. When you are offered less than the amount you need, you could take your business to another lender. However, a big factor is how much your car, truck, boat, or motorcycle is worth right now.
We specialize in writing title loans in Eureka, MO, and we know that consumers want to form a relationship with a company that has a convenient application process. It’s easy and secure to apply for online car title loans. Just fill out your personal and vehicle information on the website. Have a copy of your car title handy to complete the application process. A representative can answer your questions, including sharing what more is needed to make a loan decision. While your credit rating may affect your ability to get a loan, it is not necessarily a reason that you will be refused. All lenders have their own criteria for writing loans, but they are regulated under state law and must follow Missouri’s lending and disclosure guidelines.
The state of Missouri has established standardized guidelines for how a title loan issuer may collect the collateral in the case of default. A lender has the right to repossess your vehicle. After you get behind ten days, the lender must give you a “Notice of Default and Right to Cure.” Missouri gives consumers 20 days to respond and to correct the default. If you get behind again on the same loan, the lender will issue a second notice and wait 20 days for you to cure your debt. If the loan is in default after a 20-day period, the lender will repossess the vehicle and notify you of the intent to sell. The best thing that you can do is to understand your loan repayment terms and to make payments on time to avoid vehicle repossession.
Call us to speak to a representative today about whether your application indicates that you qualify for a Missouri title loan.