A title loan is a short-term loan that is provided by a lender to a vehicle owner in which the vehicle is used as collateral. When a car owner applies for a title loan, he or she allows the lender to place a lien on the car title. Providers of title loans in Kaneville allow the residents of Kaneville to enjoy reliable credit within the shortest time possible. For instance, our clients are able to access online title loans by visiting our website and making an online title loan application.
Here are the simple steps to follow when making an application for car title loans in Kaneville.
1. Fill out our loan application forms
The first step is for you to fill our title loan application forms and deposit them with us. You can access our online loan application form any time by visiting our website. To access the loan, you will need to fill in your personal details, vehicle information, and the loan amount you are applying for.
2. We will contact you
Once you have sent your online loan application form or the physical forms, our agents will get in touch with you as soon as possible and schedule a date for the inspection of your vehicle.
3. Inspection of your car
We will ask you to bring your vehicle to our premises for inspection as per the earlier agreement. We have highly qualified vehicle experts who will evaluate your vehicle. The inspection is important because it helps us to determine the value of your vehicle and establish whether it can be used as collateral for the loan amount you are requesting.
4. Loan approval
Once we have inspected your car, our experts will inform you if you qualify for the loan. Once your application is approved, the loan amount will be disbursed to your account as soon as possible. If our agents do not approve your loan, we will advise you to revise the amount you are seeking downwards.
5. Loan repayment
You will be required to repay title loans in Kaneville, IL within the specified time. Once you have cleared your loan, you will get your car title within 24 hours.
In Illinois, the provision of title loans services is regulated by the title loan repossession laws that allow lenders to seize your vehicle if you fail to make your loan repayment as agreed. In providing car title loans Aurora, therefore, we ensure that we are compliant with the laws.
How car title loans are different from fast loans like payday loans, personal loans, and cash advances
A clear title is a term used to refer to a vehicle title in which the owner has already finished paying the loans used to acquire it hence it cannot be repossessed. A title with a lien refers to a vehicle title where the owner is yet to clear debts attached to the title. This implies that the financier has the right to repossess the car that was used as collateral in acquiring the loan.