Car Title Loans in Mobile, Alabama
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Car Title Loans in Mobile, Alabama
If you live in the Mobile, Alabama area and are in need of some fast cash, you’re in luck! Mobile residents may be able to take out a car title loan from LoanCenter. If you’re approved, we will work with you to ensure you obtain the money you require as soon as possible.
In case you’re not aware of car title loans, these are loans that rely on your car’s title as collateral. And, because there is collateral as security, you don’t necessarily have to have perfect credit in order to qualify. Thus, a Mobile title loan could potentially be an excellent choice for you!
What Do You Need to Qualify?
Often, we come across borrowers who think they couldn’t possibly qualify for one of our title loans. Usually, these are individuals who have been turned down for other types of credit or loans before. If that has happened to you, we still encourage you to apply for a title loan with LoanCenter.
At LoanCenter, we don’t have the strict qualifications of many other lenders, mostly because our loans are based on collateral and not solely on credit. Some qualifications include: a car in your name, can provide proof of stable income, and are able to use your title as collateral.
Of course, there also must be some equity in your vehicle. For this reason, newer cars or cars that are less than ten years old are usually the best options for title loan financing. While just about any vehicle can qualify, the more your automobile is worth, the higher the loan amount you could be approved for.
How Do Auto Title Loans in Alabama Work?
Unfortunately, a lot of people are misled about title loans. One of the most common lies floating around, for example, is that getting a title loan means signing ownership of your car over to the title loan lender.
Fortunately for you and for borrowers everywhere, that’s not how they work! Instead of signing over your actual car, you only use the vehicle title as collateral. Once the loan has been paid off, the car title reverts back to you. Although your vehicle is tied to the loan, you are able to keep and drive it during the loan period. Please note that LoanCenter may be able to repossess your car if you don’t pay back your car title loan according to its terms.
If you’re like most title loan borrowers, then you need your money as soon as possible. Don’t worry. We certainly understand that time is of the essence, which is why we try to process loan applications as quickly as possible.
This may not be the case with more traditional lending options. With other options, the application process can be tedious. It could take you a while just to gather all the necessary documentation and fill out the application. Then, you may be expected to wait several days or even more, especially during busy times, for your loan application to be looked at. If approval rates are low, you could wait all that time just to find out you’re not approved for the loan. And, even if you do get approved, it’s possible that you could wait longer for your funds to be distributed to you, and then even more time for them to clear and be available for use.
As you can see, other types of loans may not be a good fit for the borrower in a hurry.
A Few Other Things to Note
Here at LoanCenter, while we do take a look at your current credit report and overall credit history, it’s not the only factor. Instead, we look at your ability to repay. Additionally, borrowers who enter into a loan agreement with poor credit or no credit may leave with a much enhanced credit score. That’s because, as you make your loan payments on time, this information may be reported to the credit bureaus, thereby increasing your score. And, when you pay the loan off, that can potentially serve as a major boost to your credit score.
In these ways, a title loan could potentially benefit you both in the short-term and the long-term.
What can the loan money be spent on?
Your loan amount is yours to allocate as you prefer. However, it must be used for legal purposes only.
How do I learn more?
Complete an application on our site to get pre-qualified now. In all of these ways and many more, enjoying a title loan with us may have the power to improve your life, both now and later. To start down the path toward a brighter financial future, fill out our easy loan form online or call us. We’ll happily provide you with a pressure free, obligation free loan quote to show you how we can help you, so get in touch. We can’t wait to assist you!
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