If you live in the Modesto, California area and are in need of some fast cash, you’re in luck! Modesto is home to many title loan lenders who will work with you to ensure you get the cash you need.
In case you’re not familiar with title loans, these are loans that use your vehicle’s title as collateral. And, because there is collateral involved, you don’t need perfect credit or even any credit in order to qualify.
So, no matter what your credit (or lack thereof) looks like, a Modesto title loan can be an excellent way for you to get cash fast!
Car Title Loans Modesto
So, you may be wondering, if you don’t need good credit to get a title loan, what do you need?
Well, to start with, you’ll need to own your vehicle outright and have the title to prove it. Your lender will actually take the title and use it as collateral on the loan, though you do get to continue using your car while you pay off the loan.
You’ll also need a government-issued ID to prove who you are and that you own the vehicle in question. For most people, this will be a driver’s license or identification card. Passports are also acceptable if needed.
Your lender may have other requirements as well, such as proof of income to demonstrate you can pay back the title loan and a vehicle registration or proof of insurance.
Your lender will let you know exactly what documentation is required. By gathering all of these materials before you apply for a title loan, you can make the process even quicker and easier.
Lightning Fast Approval
As mentioned, having all your documentation together will make the application process much faster, which means you’ll also get your money faster.
Just how fast? Well, most lenders can get your application processed and approved in as little as thirty minutes. In fact, many people apply for a title loan and then get their funds on the very same day.
Unlike with bank loans, where approval can take months and then getting your money takes even longer, title loans are typically instantly approved, and the funds are quickly delivered to you in cash!
What are the Eligibility Requirements?
Title loans sound pretty great, right? So great that you may be worried you won’t get approved or that you aren’t eligible for a title loan.
Fortunately, the eligibility requirements for title loans are not very strict, but there are a few requirements you’ll have to meet.
For starters, you have to be eighteen or older in order to get a title loan. Underage people who own vehicles would have to relinquish their title to someone else and have that person take out the title loan in their name.
If you are of age for a title loan, your title needs to be free and clear. It cannot have any liens against it. And, if there ever has been a lien on your vehicle, you will usually need to show proof that it has been cleared before you can get a title loan.
There also must be some value in your vehicle. For this reason, newer vehicles or vehicles that are less than years old are typically the best candidates for title loan funding. While just about any vehicle can get you some money, the more your car is worth, the higher the title loan amount you’ll typically be approved for.
Finally, bear in mind that you will need a verifiable way to pay back your title loan. For most people, that’s a job. However, disability payments,unemployment benefits, and other regular payments you receive can sometimes count as your income.
If you can meet these basic requirements, then you can typically get approved for a title loan with no problem.
Payments Made Easy
Once you’ve been approved for a Modesto title loan and have gone through the application process, you’ll be given your funds.
Your lender will also set up a repayment schedule that will let you know when you have to make payments on your loan and for how much.
When possible, remember that you can pay off the full amount of the loan early. You can also make larger than required payments to get your loan paid more quickly. While neither of these strategies is required, doing one or the other can help you to pay less in interest and to get your title loan paid off more quickly.
If you prefer to just stick to the regular payment arrangement, that’s fine too. Your lender may even have options to make it easier for you, such as having your payments directly debited from your bank account on pre-approved dates.
Whether you set up direct debit or not, if something ever happens to keep you from paying your loan as agreed upon, remember that you can and should contact your lender. Most title loan lenders are very used to working with people who sometimes have financial difficulties. And, as long as you maintain good communication, they will typically work out alternate payment arrangements with you as needed.
In fact, if you find that you are having trouble making your payments in general, your lender may offer you a refinancing of your title loan, which could lower the total amount you owe, your payment amounts, or the interest rates on the loan. While you should only refinance if you absolutely have to, don’t be afraid to talk to your lender about this option should you have trouble making your payments.
Remember, above all else, your lender is there to help you make your payments and to help you successfully complete the title loan agreement. Your lender is on your side!
For this reason, a title loan is a great option. To try it out for yourself, find a lender in your area and begin the application process. It might just be one of the best and most helpful things you’ve ever done for yourself!