Located twenty miles south of the Wisconsin state line in northern Illinois, Freeport is a community of just over 24,000 people. Freeport is nicknamed “Pretzel City” because of the Billerbeck Pretzel Bakery founded in 1869 by German immigrant John Billerbeck. The city today celebrates that German heritage with the Pretzel Festival. Freeport is also known as the location of the second Lincoln Douglas debate and several public sculpture installations make note of this history. Visitors and residents can also take advantage of recreational trails or waterfall viewing in Krape Park.
Our company has a large base of car title loan lenders across Illinois, and we work to help people understand and become approved for them. What are car title loans? They’re a little like pawn loans in that you use a form of collateral, which is your vehicle in this case to obtain a cash loan. But unlike pawn loans, you just surrender your vehicle title to the lender to get your title loan money, and when you pay the loan off, you receive your vehicle title back.
Why would you want to take out one of our vehicle title loans in Freeport, IL instead of just going to the bank or asking a friend for money? Going to the bank to take out a loan often turns out to be a bigger headache than its worth. While some banks and credit unions do have loans specifically made for short-term emergency needs, even these loans can still involve major credit checks, employment checks and other things that can take time to approve. Borrowing from a friend or family member might be easier since they know you and might be eager to help you, but you may not want them making too many sacrifices just to help you out, or you may not want to see a relationship ruined from asking or failing to repay a large amount of money.
Car title loans in Freeport, IL are quite simple to understand, and our online application process takes care of most of the legwork that would otherwise have to be done at the lending agency store. What you need to do is give details about your vehicle including the make, model, mileage and year of it, and giving us your contact information allows us to contact you with the car title loan offers that meet your needs. You will need to have several documents though to make sure you meet the regulations for a car title loan in Illinois.
1. You must have a valid government-issued photo ID
To be eligible for a car title loan in Illinois, you must be 18 or older. You’ll need to prove you are by having a valid photo ID such as a driver’s license, passport, permanent resident ID or other document. That document will need a permanent address on it.
2. You must have your vehicle title with you
You have to have your official vehicle title to be eligible for auto title loans. If it’s missing or stolen, you’ll need to contact the DMV to see about replacing it. You’ll also need to make sure you’ve paid off all payments on your vehicle because your title must be clear of all liens to be eligible for a title loan.
3. You need to have income
Your income also determines whether or not you can take out a car title loan because the lender needs to know they have a backup source of payments in case something happens to your vehicle. It does not mean you have to be employed if you receive any other benefits such as alimony or disability, or if you are self-employed. You should bring a document such as a paycheck stub or bank statements showing your income.
Because your vehicle is used as collateral, you won’t be subject to the usual screening that comes with most traditional loans. For example, you won’t have to go through credit checks or have hard inquiries made about you to any of the credit bureaus since car title loans are loaned like credit cards or most other unsecured loans. And they also usually have more time to repay than payday loans and cash advances, and if you need more repayment options, most lenders can work to refinance your car title loan. We have more information about car title loans on our frequently asked questions page.