Applying for a loan can be an excellent way to deal with a financial emergency. If you are living in or near Atlanta, you can access Atlanta title loans if you own a vehicle. These loans are easily accessible because lengthy application procedures aren’t involved, and credit ratings don’t affect qualification for the loan.
What Is a Title Loan?
A title loan is a type of loan that allows borrowers to use their vehicles as collateral. Lenders extend the loans after placing a lien on borrowers’ vehicles and taking temporary ownership of their titles — this serves as the loan security. You’ll get your title back after repaying your loan.
Accessing a title loan is relatively easy — you only need to fill out an application and present your vehicle title and driver’s license to prove your vehicle ownership and identity. Since most lenders don’t check a borrower’s credit history, your collateral will determine the amount offered to you. You’ll likely get a reasonable loan offer if your vehicle is in good condition.
Types of Title Loans
Your vehicle will determine the kind of title loan available to you. Here are common types of title loans:
1. Car Title Loan
This loan is available to almost everyone who owns a car. You can use any car from any year, make, or model as collateral to access the loan. You only need to prove you’re the car’s legal owner by presenting your lien-free title to your lender.
In certain situations, you may need to take the car for an inspection at the lender’s service center. Inspection is integral to qualifying for a car title loan since it shows your car’s condition, allowing your lender to determine the most appropriate loan amount to extend. Your lender may also require you to provide insurance information before approving your loan to confirm you’re covered in case your car gets into an accident.
2. RV Title Loans
To access these loans, borrowers use their recreational vehicles as collateral. Your living style doesn’t have to change when you apply for an RV title loan since you can keep your vehicle after getting the money you need. You only need to leave your title to serve as collateral for your lender.
3. Motorcycle Title Loan
Title loans aren’t limited to four-wheel vehicles — you can also use your motorcycle as collateral to get a motorcycle title loan. You only need to find a lender who accepts motorcycle titles, fill in your application, and take your motorcycle for an inspection. Your motorcycle’s make, model, year, and condition will likely determine the loan amount you’ll be able to receive.
Benefits of Title Loans
A title loan is one of your best options if you’re in need of cash since it has an easy application process. You only need to fill out a short form providing details on your vehicle’s make, model, year, mileage, title, contact information, insurance information, and driver’s license number. With these details, lenders can start the assessment process, bringing you one step closer to getting the money you need.
A title loan also has a quick approval and funding process. Depending on your availability for a car inspection, you can get the money you need in a few hours. This is beneficial if you need urgent cash to handle an emergency.
A title loan is secured, so you have the potential to receive more cash than you would get with an unsecured loan. Securing your title allows for greater lender confidence that you will repay your loan. This confidence may allow for a larger loan amount depending on the lender.
Try Atlanta Title Loans Today
You can apply for Atlanta title loans if you’re in a financial fix and need urgent cash. The application and funding processes are straightforward, so you won’t need to put in too much effort to secure a loan. You only need a vehicle, its lien-free title, proof of insurance, and your driver’s license to apply for the loan. Common types of title loans are car, motorcycle, and RV title loans. To qualify, you need a car, motorcycle, or RV that’s in good condition. Don’t let financial difficulties bring you down when title loans can provide an easy solution.