Car Title Loans in Columbus, Indiana: A Full Tutorial
You might need to rush for fast money in a short-term financial crisis.
But most loans require a lot of paperwork, a high credit score, and time before they’re even approved – if they do get approved.
Not with car title loans!
In most cases, as long as you have a qualifying vehicle (even a motorcycle or a truck), you’ll be able to get a title loan in Columbus FAST!
In this article, we’ll tell you everything you need to know about how title loans work in Columbus, Indiana.
When Should I Get a Title Loan?
Because of their relatively expensive nature, a title loan is a short-term loan usually meant for during emergencies.
From medical accidents, overdue bills, or unexpected home repairs – loan proceeds are intended primarily for personal use.
Title loan lenders make it EASY and CONVENIENT to get a fast cash advance that few traditional loans offer.
You might even get the cash advance the same day you apply for a title loan!
Yes, title loans are much more costly, whether they’re from Columbus or New York. But don’t let the high APR shy you away – car title loans WORK!
Other loans require a lot of documents and a good credit score. A bad credit score for many people usually means many loans are unavailable.
Meanwhile, there are few requirements and little paperwork for a title loan. Sometimes it even takes less than a day to get a loan approved!
You’ll even be able to drive the car you registered as collateral!
Repaying and Borrowing
Your financial charges and how much you can borrow from a title loan depend on the following:
- The payment plan (one lump sum or multiple payments throughout the month)
- How much you’re borrowing
- Your ability to pay the loan back
- Extra financial fees
- Your vehicle, its condition, and the car value
NOTE: The borrowed money that an average lender will give ranges from 25% to 50%.
The average title loan – how much you’ll get – ranges from $1,000 to $1,200. But some car title loan companies can even go up to $20,000.
How Much Cash Will I Repay?
Car title loans are very high, whether they’re Columbus title loans or out-of-state loans. They usually have an average monthly fee of 25%.
For example, if you borrow $1,000, and you’re expected to repay in 30 days, you’ll have to pay a finance charge of $1,250.
That financial charge doesn’t include other loan-related fees, like processing or documentation fees.
Don’t borrow more than you can repay. You’ll have to pay the finance charges that come with high-interest rates.
What Will Happen To My Vehicle?
Some lenders might install a GPS device or make a copy of your keys. They do this in case they need to repossess your car.
If you fail to pay and default on a loan, you won’t be able to drive away from Columbus.
Either way, you’ll be able to cruise in your car. It’s pretty convenient!
How to Apply for Car Title Loans in Columbus, Indiana
Each lender has slightly different processes and times when they’re available.
But most title loans in Columbus, Indiana – and even outside Columbus – follow the same process.
Step 0: Before You Borrow
Auto title loans generally have fewer requirements and less paperwork, whether it’s in Columbus or South Carolina, but you still need to think about the following basic questions:
- How much do you need? To make sure you’ll be able to repay on time, borrow only as much as you need.
- What vehicle will you use as collateral? Sometimes they won’t even need a clear car title or full ownership from you for that vehicle! That’s still acceptable property.
- How much will you be able to repay? What interest rates will you be able to afford?
- What payment plans? What’s your funding time period? Will you be able to pay in one lump sum in 30 days – a single-payment loan? Or would you prefer installments – paying multiple payments within three to six months?
Step 1: Choose a Lender In or Near Columbus, Indiana
Search for online title loans in Columbus, Indiana, for convenience.
If there are none available in Columbus that are to your liking, you can try other Indiana title loans.
If you still are having trouble, you can try getting an online title loan in states near Indiana.
For many online title loan lenders, you might have to consider going outside Columbus, Indiana, if it’s not a business day.
But how do I choose between them?
After you find a few trustworthy lenders that cater to Columbus residents and fit your needs, you probably want to get a good deal.
You want to ensure you won’t lose your car, so study the lender carefully. When you ask, a good lender will state their interest rates and repayment conditions.
To see which loans cost the least, compare the APR of the car title loans. The lower the APR, the less your finance charges!
Step 2: Prepare the Required Documents
Unlike traditional loans in Columbus, online title loans’ requirements are much fewer.
That being said, it’s still a loan.
You probably have to prepare at least some of the following basic documents, just in case:
- Clear vehicle title (or at least with most of the loan for it paid off)
- Valid government-issued ID
- Vehicle photos, odometer, and Vehicle Identification Number
- Social security card
- Proof of residency (e.g., utility bills, contract of lease)
- Income proof (e.g., bank statements, evidence of social security benefits)
Step 3: Complete the Online Application Form
While some walk-ins might be available, it’s probably easier to apply online, especially if you’re applying for online title loans outside Columbus, Indiana.
Many online lenders are giving out online title loans.
The websites of title loan companies should help you apply online. They usually ask for basic personal details like your name, address, and contact details.
They’ll also likely ask for your car’s information – like its model and release date.
Step 4: Review the Terms and Conditions
Many skip the tiny legal text, but it’s important to know what you’re signing up for. You don’t want to get into unexpected issues or lose your car!
Some things you might want to know about when getting a title loan:
- Is the loan amount less than 25% of your vehicle’s estimated value? Most lenders give from 25% to 50%.
- Are there vague terms you want to clarify with the staff?
- Check the payment terms. You might also want to look at the hidden fees and penalties.
Discuss and negotiate with the company if you can’t satisfy the loan proposal. If you’re confused with anything, you can also ask for help through their hotline.
Step 5: Waiting For Your Cash
The approval process can take up to 3 business days or less than 24 hours.
Don’t be surprised if you get your cash on the same day or if you get conditional approval within hours!
After the pending review and final approval, you might be asked how to claim your cash. Options can include direct deposit, wire transfer, check, or hard cash.
And that’s it! The process is quick and easy.
But Watch Out!
Make sure that you’re applying for a genuine title loan.
Some companies pretend consumer installment loans are title loans. But they aren’t.
Consumer finance loans have even higher interest rates, and their repayment period lasts longer. That means it’s more costly than a title loan!
Frequently Asked Questions
Residents of Columbus with a financial emergency might still need more help. Here’s more information you need to know to get car title loans in Columbus, Indiana.
Can I Still Apply For Columbus Title Loans…
Without a car title? Yes – sometimes.
Usually, you’ll need to have a free, clear car title to get car title loans. But some lenders can still take your title if you paid off most of your vehicle loan.
Without a bank account? Sometimes. They might disapprove of a loan for you, but there’s no harm in trying.
While unemployed? You don’t need to be employed to get Columbus title loans.
Unfortunately, borrowers can’t usually borrow more than your income. So someone unemployed is less likely to have their loan approved.
What If I Have A Bad Credit Score?
There’s no need for perfect credit history.
Many title loans in Columbus are advertised for borrowers with poor credit – and even those without a credit score.
Many don’t even make a credit check!
That said, it might make it harder to get approved if your credit score is low. People with low credit scores might get worse deals than creditworthy applicants.
You might also have to consider whether or not you’ll be able to repay the loan amount.
Are There Risks I Should Know About?
Some risks include higher rates and the risk of repossession of your car if you fail to repay on time.
The great thing about title loans is that they’re more available than other loans.
The approval process is fast, and it’s ideal for emergencies.
But you have to ensure you’re not jumping into a frying pan after getting out of that financial fire.
- A Consumer Finance Protection Bureau found that one out of five people who roll over their title loans end up losing their car.
It would be best to BE VIGILANT in paying back the loan. Don’t borrow more than you need!
Can I Get Military Benefits?
If you’re in the military, you might be able to get better deals due to the Military Lending Act. The act applies to a title loan in Columbus too!
Are Indiana Title Loans Allowed?
Not all states legally allow title loans.
That being said, in Indiana today, Columbus residents of legal age are legally entitled to make auto title loans. You can get them outside of Columbus, Indiana.
What Is the Difference Between Title Loans and Payday Loans?
Both payday loans and title loans are used for emergencies. While they’re both more accessible than traditional loans in Columbus, Indiana, they’re also much more expensive.
However, a title loan has a much lower interest rate than a payday loan.
Payday loans usually require a credit check, whereas a title loan in Columbus, Indiana, doesn’t.
And, of course, a title loan is a short-term loan secured with collateral – i.e., if you don’t repay, you’ll lose your car.
Are There Any Other Alternatives To A Car Title Loan?
A title loan might be the fastest way to get it if you’re trying to borrow money in Columbus, Indiana. They’re one of the easiest, most accessible ways to get a loan.
But some people might find auto title loans too risky or expensive. If you’re worried about losing your car, consider:
- Negotiating your debt to make it more manageable.
- Asking for an extension from your creditors.
- Use your credit card to pay in advance.
- Applying for an unsecured personal loan if you have a high credit score.
- Borrowing from family and friends.
Conclusion
That wraps up our guide on car title loans in Columbus and how to apply for them! Title loans are a great, practical solution to financial problems.
Remember to be responsible and vigilant with your repayments, and you should be fine!
Apply now!