A vehicle title loan can be an effective tool to get cash fast. In a matter of minutes, you can submit an application and get an estimate as to how much a lender is willing to provide. Applications for title loans in Joplin can be submitted from any device that has an internet connection, which means that you can complete one at home, work or school.
A vehicle’s title is an official document that determines who currently owns or has an interest in it. If you own your car or truck outright, your name would be on the title. When someone accepts a loan secured by ownership of a car or truck, the lender puts a lien on the title. This ensures that the lender can take possession of it in the event of a default.
Prior to taking out an auto title loan in Joplin, it is important to be aware of what Missouri law says about such loans. There are no interest rate caps, but borrowers are protected by legislation that says a loan can only be rolled over twice. After the loan has been rolled over twice, the lender has the option of reducing the principal balance by 10 percent.
Applying for online title loans in Missouri is relatively easy. All you have to do is fill out the application that asks for some basic information about yourself. This includes your name, address and whether you have a job or any sort of income. You will also be asked to provide information about the vehicle that you want to use as collateral for the loan. After the loan application is submitted, you will be contacted by a customer service representative to proceed with the application process.
Perhaps the biggest benefit of a title loans in Joplin is that the loan amount is based solely on the value of the car. If the car is worth $10,000, you may be eligible to obtain up to $10,000 regardless of your credit score or history. However, it is important to note that loans amounts are generally capped at 60 to 80 percent of the vehicle’s value.
Another primary benefit of title loans in Joplin is the fact that you keep ownership of the vehicle while repaying the loan. As soon as the balance is paid off, the lien is removed and the title returned to you. From there, you could choose to apply for another loan, trade the vehicle or sell it.
Finally, title loans are preferable to payday or other types of loans because they generally come with lower interest rates. Furthermore, payday lenders tend to offer $1,500 or less per loan while a title loan could net you thousands of dollars to pay bills or take a vacation.
The major difference between a vehicle title loan and a payday loan is that a payday loan is unsecured while at title loan is secured by collateral. Therefore, if you default on the title loan, you are at risk of having your car or truck repossessed. However, the use of collateral is what allows a title lender to offer lower interest rates.
If you are looking to borrow money for any reason, a car title loan is worth looking into. You can speak with a customer service representative at any time during the loan application process to learn more about what a title loan is or to have any other questions answered.