When you receive the Illinois state title to your vehicle, you actually receive much more than just ownership of that vehicle. You now have a way to take out a loan in case you need emergency cash and need it right away. Sometimes vehicle title loans are wrongfully given bad names by people who don’t understand how they work, but in reality they are actually good loans that can help you get by for a little while. For example, maybe your job only pays you once every two weeks, and in between that time you find yourself in a little bit of a money shortage and need some cash that you can’t just get in a bank loan. If you have income that can pay in the coming weeks, our vehicle title loans in Mt. Vernon may be what you’re looking for.
Nearly anyone who owns a good vehicle and has the title to it can qualify for a title loan. It doesn’t just have to be a car, pickup, minivan or SUV title, if you own a motorcycle or possibly an ATV, you can usually take out a title loan for those vehicles as well. The reason it’s called a vehicle title loan is because only the title is used as collateral when the lender puts a lien on it and gives you your loan cash, but you can keep on using that vehicle until you pay that loan back. While nearly any vehicle can be used, you’re more likely to get a better loan deal if the vehicle is newer and has less wear and tear on it.
Founded in 1817, this Illinois town was named after George Washington’s plantation, which was, itself, named after the British naval hero Edward Vernon. When it was first incorporated, Mount Vernon was so small that there wasn’t even a main road leading into the town. Today, however, Mount Vernon boasts a population of 16,742 residents, showing a 15.1% increase between 2015 and 2016. There are a number activities ideal for family night or couples dating. Among the top attractions are the Jefferson County Historical Village, Pro’s Sports Bar, King City bookstore, and Nu Bowl Lanes bowling alley.
You might be wondering why your vehicle needs to be inspected for a title loan if it’s already had it prior to renewing the registration. Our auto title loans in Mt. Vernon lenders have to make sure that after you fill in our online application that your vehicle is in the condition you say it is so that they aren’t giving a loan amount that’s too high compared to the vehicle. Basically our online application is where you give us the details of your vehicle such as make, model, mileage and year and then you get a vehicle title loan estimate for that amount. Then once you’ve been contacted by us and choose a vehicle title loan you like, then you take your vehicle to the lender’s store to be inspected and also fill in the final paperwork.
There are a few legal things you should know about Mt. Vernon and other auto title loans Illinois before you get started. The first is that you have to be an Illinois resident and be at least 18 to take out a vehicle title loan, and you should make sure your vehicle title is completely cleared by going to the DMV and having all liens removed if there are any still on it. You should bring the following when you see the lender:
Also one thing to note is Illinois does not allow a vehicle title loan to go over $4,000 unlike some states that have no limit on the amount. You also must have paid off any previous payday or car title loan at least 15 days prior to applying with us. But if you do meet all of Illinois car title loan laws, you should be able to receive your loan within at least a day of completing your paperwork.