Sometimes you’re short on money when you need it the most. Have you ever fallen behind in any payments such as student loans, credit card bills, medical bills or other unexpected circumstances that you needed to pay for? Maybe you need to invest in some improvement projects for your home, or maybe there’s a wedding coming up that you’d like to pay for for a loved one. There are always ways you can find extra cash or do work on the side to earn it, but that can take time and sometimes you need money right now. If you’re not willing to go to the bank to borrow the money, you might be interested in applying for car title loans in Illinois.
So what are car title loans? If you’re not familiar with car title loans, they are specifically for those who own a car and can use it to get a loan. You are not eligible for car title loans if you are still making payments to a bank or auto dealer, but once you’ve completed doing that, your vehicle title can now be used to take out a loan against your vehicle. Typically, car title loans only are issued in amounts up to half of your vehicle’s value, and the newer your vehicle and better its condition, the higher the loan amount you can take out against it. Vehicle title loans are similar to home equity loans in that you can borrow against them, but they are only meant to be used for short-term purposes.
If you’ve been searching for vehicle title loans in Illinois, you’ve probably also run across payday loans and cash advances. These are also short-term loans that have some similarities to car title loans, but they are also less advantageous than car title loans. What do car title loans offer that these other loans don’t?
1. Car title loans are secured loans
Secured loans are some of the most convenient loans to take out. These loans don’t usually involve credit score checks or reports to the credit bureaus they are backed by an asset. In the case of car title loans, that asset is your vehicle. Payday loans and cash advances are not secured and therefore usually have a little more restrictions to be approved for.
2. Car title loans usually have higher amounts You Can Borrow
Car title loans can differ in amount depending on the age of your vehicle and how much wear and tear has been put on it. But they’ll usually range at $1,000 minimum to about $10,000 or a little more for the newer vehicles. Payday loans and cash advances are usually for much lower amounts.
3. Car title loans usually have longer terms
Car title loans while short-term are still usually longer and allow a little more flexibility to repay than payday loans or cash advances. Those loans usually need to be repaid as early as two weeks or sooner, while car title loans can usually give you about a month to repay. In some cases even longer if you don’t quite have the cash on hand to repay them.
When you apply for car title loans in Illinois with us, the process goes much faster than if you were to go to a car title loan store first and go through the process. We have a title loans online application that takes down information about your vehicle and has it sent to the lender when you’re ready to go their store. You will need to bring your vehicle to the lender’s store so they can inspect it and make sure it’s worth the loan amount you’ve applied for. If you’re looking to take out a car title loan to pay for repairs on your vehicle, it doesn’t have to be in perfect condition. But it should be drive-able.
What you’ll do first is fill in your vehicle’s make, model, mileage and year the online application. Then you’ll receive a quote for the maximum amount your title loan could be worth contingent on the inspection passing. Your contact information will be used to contact you and help you meet a title loan lender in Illinois near you. You’ll also need to bring these documents:
You basically need to prove you’re 18 and live in Illinois. Once you’ve done that and your vehicle has passed inspection, it’ll be a matter of minutes before you know if you’re approved for your car title loan. You’ll be asked to sign documents indicating your agreement to repay your loan and stating that you understand all risks involved. Once you’ve done that, it should be one business day or less till you receive your car title loan funds. Our website also has a section for frequently asked questions about title loans if you have anything else you need to know.