Have you had any experiences before when you needed to borrow money but you were too embarrassed to ask for it? What did you do about it? There are a lot of people who have untimely expenses they have to worry about, and they spend a lot of time stressing about how they’re going to resolve them. But they really don’t have to spend unnecessary time doing so because our car title loans in Hidden Springs, Idaho make it much easier to find relief.
While car title loans have been around for years, many people do not know about them or are misinformed. What you can do with them is borrow against the equity in your vehicle and do so for a minimum of 30 days. There is no penalty if you repay your title loan in full well before then. Basically, car title loans in Hidden Springs require you to give the lender your vehicle title which serves as collateral in the vehicle’s place. For this reason, title loans are sometimes called title pawns, but they’re different from vehicle pawns where the lender holds the vehicle itself. Your vehicle will most likely be your main car that you drive, but if you have a motorcycle or secondary vehicle that you’d prefer to use as collateral instead, you can do so.
Idaho does have statutes that protect the borrower by limiting how much they can borrow with a title loan, though most lenders only do up to 25 through 30%. But you’re most likely to get more for a title loan by having a newer vehicle with much less mileage on it. Also, you generally need to have your vehicle financing loan paid off, but there are ways to get title loans in Hidden Springs if it’s close to being paid off. This usually means you’ll have a lower equity to borrow from.
We understand sometimes you simply cannot make the whole car title loan payment by the end of 30 days, but that’s why state regulations allow you to make a minimum payment that will roll your title loan over into the next month. There is no limit to how many times you can bump paying your title loan in full to the next month, but Idaho authorities do warn against using car title loans for ongoing expenses. It’s your job to know all the interest rates and fees that come with car title loans in Hidden Springs.
For the most part, the federal government is un-involved in car title loans, but there are just a few rules they do set that title loan lenders have to follow. Most of them have to do with your identity, age and vehicle ownership. That’s why to issue you a title loan, our lenders in Hidden Springs need these documents:
For the most part, our car title loan in Boise process is transparent and easy, and we’re always happy to answer your questions. We can usually work with all kinds of income situations, so being currently unemployed doesn’t mean you’re ineligible for title loans. To get started, fill out our online title loan estimate form and we’ll take it from there.