Title Loans in Burien: How to Successfully Apply in 5 Steps
Have you ever been in a financial situation wherein you needed instant cash to get out of it?
Whether it was a family emergency, urgent medical bills, or a house mortgage that you need money for as soon as possible, title loans in Burien might just be what you are looking for.
In this article, we will tell you everything you need to know about car title loans and how you can apply for a successful grant!
What Are Car Title Loans?
Before anything else, allow us to introduce you to the concepts of car title loans.
Car title loans are a type of short-term loan wherein collateral — in this case, your car title — is in exchange for some cash.
Title loans in Burien have grown increasingly popular in recent times. You may have heard someone refer to them as:
- Auto title loans
- Online title loans
- Vehicle title loans
- Pink slip loans
Car title loans are one of the best options that you can explore when it comes to addressing your instant cash needs.
What Sets Title Loans Apart?
Perhaps you might be thinking, “What exactly makes car title loans different?”
In this section, we will give five reasons why title loans are better than any other credit institution or traditional banking.
You Can Keep Driving Your Car
One of the most common misconceptions people have about a car title loan is that their car will be confiscated. That is simply untrue.
As we have mentioned earlier, the collateral is your car title, which means that you can continuously use your car for the duration of your loan.
This is especially helpful for people whose cars are essential in their day-to-day activities or even their livelihood in Burien, WA.
The Process Is Straightforward
Have you ever experienced applying for a loan from a bank or other financial institutions?
The times of long lines and mountains of paperwork are officially over!
In title loans, the process is simplified and streamlined to make it more understandable and accessible to everyone.
You won’t have to go back and forth to get different documents only to get rejected in the end.
You Don’t Have to Wait Long
After you submit your application, it will immediately be processed. You’ll be informed if you have successfully been granted a loan as soon as possible.
With car title loans, it’s understood that you’re in a tough position and need immediate funds to get out of it quickly.
Unlike other credit institutions, you don’t need to wait for months and months on end just to be informed that you cannot be provided with a loan.
You Can Apply Anywhere, Anytime
As we will explain later in the loan process guide, the application system for a title loan is entirely online. No store visit!
Now, you don’t have to worry about fitting office hours or waiting for the next business day to start your title loan journey.
All you need is a stable internet connection, and you’re good to go!
This online application system is beneficial for those who have a hard time going out, such as those who are working at home.
Flexibility Is the Name of the Game
Another thing that sets title loans apart from other types of loans is their flexibility when it comes to poor credit.
Traditional banks and other financing institutions almost always disqualify a loan application with bad credit. This is not the case with title loans.
Even if you have bad credit, lenders from Burien, WA, will still accept your application. Your title lender will also look at other factors in your application.
Of course, applicants with a good credit score may be offered better deals or lower interest rates.
At the end of the day, bad credit is ultimately not a deciding factor for auto title loans in Burien, WA.
5-Step Guide to a Successful Title Loan Application
In this section, we will give you a detailed step-by-step guide to help you throughout your loan process.
Watch out for our suggestions and recommendations, as they can help you increase the odds of getting a title loan.
Step 1: Research, Research, Research
There are a lot of title loan lenders in Burien, WA, which is why you will never run out of options when choosing the best car title loan.
However, most lenders will not offer you the best terms and conditions. We want you to find the best lender that fits your needs in Burien, WA.
That’s what we will do in this step.
First, we recommend that you list down all the title loan companies in Burien, WA. This can be exhausting, but it’s important to already filter them out based on your preferences.
Next, compare and contrast all the pros and cons of each title loan company. This will show you which companies are offering the right terms that are fit for your financial situation.
Believe us, this will save you a lot of time and effort. Not to mention that it will also make sure that the lenders are offering the right deals to you.
Step 2: Apply Online
WA car title loans use an online application form to ensure a speedy process.
Now, to make your application easier, we advise that you prepare all the documents that you will be referencing. This will make your application seamless as everything is within reach.
Once you are finished preparing, just look for the simple APPLICATION FORM of your chosen title loan in Burien, WA, and start filling out the form.
If you need some form of assistance, make sure to apply within office hours so the loan officers can help you while you answer the application form.
The application form may take you just about five to ten minutes to finish. That’s faster than any traditional banks or credit institutions.
Step 3: Submit Required Documents Online
In this step, lenders of title pawns in Burien, WA, have already reviewed your simple application form. They will now ask you to verify the information.
The necessary documents lenders will ask for can be classified into the following:
- Personal Information
- Car Information
- Financial Information
Let’s talk about these in detail one-by-one.
As you are the only owner of the qualifying vehicle, your lender will ask you to provide a primary ID, which can be your birth certificate.
To be sure, prepare a government-issued ID, too. This can be your passport, state-issued driver’s license, social security ID, and the like.
It is important that these IDs show your date of birth, as loans in Burien, Washington, prohibit minors from engaging in loan contracts.
Only individuals 18+ of age will be accepted.
Proof of residence is also an important document, as only inhabitants of Burien, WA, are eligible to apply.
This can be shown through recently paid utility bills, an ID showing that you are from Burien, WA, or a lease of contract.
Your car title is the main requirement of a title loan. Lending laws require that you are the sole vehicle owner and that the title does not have any outstanding lien tied to it.
Aside from that, here are other documents that your lender may ask from you:
- Pictures of your car – This will be the basis of the lender in checking the condition of your car. Provide photos of all four sides of your vehicle, including the exterior and the interior.
- Car insurance papers – The car title might be the collateral of the car title loan, but it is still the car that will be the basis of the equity value*. This reassures the lender that whatever happens to the car while you are paying off the loan, the insurance company will take care of all the costs.
- Vehicle Identification Number (VIN) – The VIN is your car’s fingerprint. To find it, you can look at the lower-left corner of the dashboard, in front of the steering wheel, or in front of the engine block.
*The equity value will vary depending on the following factors:
- Total mileage
Some accessories increase the total value of the vehicle, which in turn, increases the possible loan amount that you will get. This can be a sunroof, leather seats, and other improvements.
However, a car with a high mileage might not be accepted for a Burien title loan. This will vary depending on the lender. Make sure to ask your loan agent about these eligibility criteria.
Instead of just relying on a credit check or a credit history, you need to show your lender that you have the ability to return the loan amount and adhere to the repayment terms.
This can be in the form of payslips, financial statements, or bank account statements.
The important thing here is to show the lender that you make enough money per month and stick to the payment terms.
Step 4: Finalize the Title Loan
You more or less have guaranteed approval in this step. For a lender of title loan in Burien, WA, it is important that the applicant can talk to the lender directly.
Make sure to read through the loan agreement and look for the following loan terms:
- Minimum loan amount/maximum loan amount
- Collateral value
- Prepayment penalties (if they allow instant cash advance)
- If they have conducted a credit check
- Interest rate
Check that there are no hidden fees, as this is illegal for a title loan in Burien.
You can also tell your lender about your preferred mode of getting your loan amount/money.
This can be in the form of cash or a direct deposit to your bank account.
Step 5: Get Your Cash
Your simple form for a title loan in Burien has now turned into some quick cash! Congratulations!
Now, our goal is to fulfill your Burien title loan and see to it that you stick to the loan repayment terms.
Prioritize monthly payments so you will have enough money for your cash loan every month.
Frequently Asked Questions
Is a Payday Loan the Same as a Title Loan in Burien?
Both these are considered a type of cash loan, but a car title loan exchanges the vehicle title as collateral for some money, while payday loans are more of a cash advance.
The auto, title, and other factors such as credit history are also considered in a car title loan.
Payday loans in Burien, WA, offer same-day funding and give you money as cash advance in exchange for a post-dated check to be claimed, hence the name payday loans.
Do I Need to Have a Perfect Credit History?
No! Since the collateral is the car, bad credit will not disqualify you.
Apply for a Title Loan in Burien Today!
If you are from Burien, WA, and are looking for a quick way to get money, you can already apply for a title loan today!
No store visit is required! Just submit your application form online, and you’re one step closer to getting that much-needed loan.