Title Loans in Garfield Heights: The Ultimate Guide
Do you need quick cash for an emergency? Title loans may be for you.
Fortunately, title loans in Garfield Heights are easily accessible. Plus, we’re here to provide a guide for you to process your title loans fast.
Please read our guide below for more!
What Is a Car Title Loan?
Car title loans are also known as title pawns, payday loans, pink slip loans, and auto title loans.
It’s essentially a way for people to get fast cash. If you’ve ever pawned an item, you would know how title loans work.
Imagine pawning off your jewelry and electronics. Title loans work the same way!
Simply put, your car title becomes collateral for lenders’ cash. Garfield Heights’ title loans are like that.
You give your car title, they give you cash, and you get your car back when you can afford the money borrowed.
There’s usually a set date for when to repay your lenders. If you can’t give the lender the borrowed money by that time, they will repossess your car.
The repossession and amount owed can be negotiable if you’re in a tight spot. We’ll get into more detail about this later!
However, if you complete your bills on time, you’ll have virtually no problem.
How Do You Apply for a Car Title Loan?
Now that you’re all caught up with a car title loan, it’s time to dive into the application process for loans in Garfield Heights, Ohio.
Requirements for Auto Title Loans in Garfield Heights
These are the requirements you must present when applying for a title loan!
#1 Personal Information
All the information your lenders need relies on you.
They need standard personal information, like your name, birth date, and address. To supplement your address, you may need to provide proof of residency.
Identification is essential! Make sure you give your lender government-issued IDs, passports, or driver’s licenses.
A lender would need to check that all your provided information is consistent.
#2 Financial Information
Of course, your finances are also in the picture.
First and foremost, you need to provide your lender with some proof of income for them to determine whether or not you can complete the obligation.
In short, you must show that you can repay the loans. However, there are cases where you can’t show your proof of income. During this time, other documents may suffice.
You may be self-employed, freelancing, or own a business.
A certificate of earnings or a bank account statement can help your lender get you instant approval.
Does Credit Card Criteria Matter for Title Loans?
Now, we also have to discuss the inevitable: a credit check. Most lenders and traditional loans have to do a credit check. They will check your current credit score and credit history.
Car title loan lenders usually don’t run credit checks. However, if they do, it’s nothing to worry about!
Your credit score will be taken into consideration. Your credit score may also suffer because credit checks can knock off points.
However, because they’re in the picture doesn’t mean credit scores will be the sole basis for your application approval.
So, don’t worry! A lender may or may not do a credit check, which may or may not affect your loan results.
#3 Car Information
Of course, your car information is also important as a borrower. After all, it’s what you’re putting on the line!
Aside from your vehicle title, you have to provide the following:
1) CAR EQUITY
A loan can depend on the amount of equity you have in your vehicle.
If you’ve already paid off pretty much everything at the bank, whatever your car’s market value is your equity value.
However, if you have payments left to do, the remaining balance will be considered during the loan application process.
You can get an appraisal and ask around before continuing as a borrower. Your equity will factor in with loan companies and lenders!
2) CAR DETAILS
You must give your insurance information, the vehicle year, model, and equity for a car title loan.
Provide photo documentation of the interior and exterior of your car. Any upgrades or improvements will help you get a much better deal.
So, if you have improvements to the engine, physical exterior, or maybe a new paint job, ensure to include it in the information you give during the process!
Following that logic, any dents, scratches, rips, or holes can lower the amount of money you can get from your loan.
While it’s not easy to get upgrades to your vehicle, at the very least, make sure it’s in good condition before you apply online or in person.
When and Where to Apply for a Car Title Loan
You’ve got nearly everything to get that short-term loan! Now, what are the next steps?
Application, of course. In Garfield Heights, Ohio, several lenders and companies are waiting for you to make a move.
Applying Online or Through a Phone
We recommend going through an online application or a lending company’s main website at Garfield Heights.
There’s a chance you might not be near companies that conduct title loans in Garfield Heights. Save yourself the drive and call up a lender.
You can do your short-term loan application online or over the phone. In this case, you might need to scan, email, or mail your documents to the website, loan company, or lender.
Applying online is faster and lets you skip the long lines, too.
Applying In-Person
A store visit to a loan business won’t ever go wrong! If you want to make the drive around Garfield Heights, Ohio, or if this is simply the more convenient way for you, then do so.
Ensure you have photocopied versions of your IDs and other documents. Bring along pictures of your car’s interior and exterior.
If luck is on your side, you can get approved in hours or days! There are cases where same-day approval is done, and if you have all the requirements, it may happen to you.
Otherwise, it may take a business day or two before you can get your cash. It can be given right then and there or via direct deposit.
Why Should You Get a Car Title Loan?
Sure, title loans are high-risk. But that doesn’t overshadow the benefits that title loans offer! Let’s discuss some benefits of getting a title loan below:
#1 Access Quick Cash
We’ve all been in a situation where we’re strapped for cash.
Emergencies happen! Or sometimes, we need more cash to fund a project, home renovation, or simply pay off the bills until a salary comes in. Maybe you have a business that needs a boost.
The best thing about a car title loan is that there’s a probability you will get money on the same day.
It’s not like how you borrow from traditional companies and banks, where there are hidden fees, and you have to wait to be approved.
If you need cash, the best lender will quickly get the money. That’s the nature of car title loans!
#2 Get the Loans Back Easily
There is a minimum number of days where you can repay the title loan. You can choose to either pay it via bank deposit or cash payment.
Look into the repayment process of Garfield Heights’ title loans. You can choose to repay early or offer partial payments.
This is a chance to lower your title loans’ interest rate early for secured loans.
#3 Keep Your Vehicle Up and Running
Remember that the required documents only mention giving your vehicle title, not your vehicle.
Once you’ve given your vehicle title, the loan in Garfield Heights, OH, has been approved. You don’t have to give away the actual vehicle!
So, you can use your car to drive to places. You can keep it for school and work purposes.
The only time your vehicle may be taken is when the day for repossession has come.
What If I Don’t Have a Title or Financial Information?
We all know having the title to your vehicle is essential to car title loans in Garfield Heights, OH. However, there may be a time when your title won’t be with you.
Or, in the same vein, you might not have the necessary financial information tied to your bank account.
Don’t worry! Discuss your options with your lender.
There will be times wherein you lack the title to your vehicle, or not having financial documentation won’t matter when you try to qualify for approval.
Be honest about your concerns and see how you can still borrow the money you need.
Title Loan Regulations in Garfield Heights, Ohio
There are some restrictions and title loan laws in place in Ohio. Not all states have auto title loans. Many states have rendered them illegal due to their interest rates.
However, with some regulations, Ohio title loan laws allow them! Let’s see what we’ve found online:
#1 Short-Term Loans Must Remain Short-Term
Car title or payday loans are considered short-term. Most borrowers should know there is a set date when you have to be able to afford the loan amount.
In Garfield Heights, Ohio, it’s 180 days or three months.
You’re good to go as long as you complete your loan within that time!
#2 Interest Rates Are Capped at 25%
A lender cannot charge a borrower more than a 25% interest rate.
Car title loans are illegal in many states because of the high-interest rates that can trap borrowers and put them in debt.
Ohio regulates this by setting an interest rate cap.
#3 Ohio Will Determine Any Rollovers or Renewals
A rollover is when your loan is automatically renewed. Instead of defaulting, your debt is carried over to a new loan.
You can renew a loan by paying additional fees, but the principal amount remains unpaid. A rollover or renewal can happen automatically, but it’s a different story in Garfield Heights, OH.
The local government will oversee and regulate how your title loans will be handled. Say you can’t make it to the repayment.
This type of regulation comes in handy before you sink into debt!
What Happens During Repossession?
Your vehicle will be repossessed if you can’t pay back the money in time.
You can choose a period to still pay your loans and possibly get your money back. However, since the vehicle is used as collateral
The Short-Term Loan Act
If you can’t get a title loan in Garfield Heights, OH, the short-term loan act can help you out if you’re short on income!
Here’s how payments and fees work with short-term loans in Garfield Heights, Ohio:
- Unsecured loans for one year are capped at a 28% interest rate. In comparison to title loans, you can get unsecured loans instead. Secured loans allow borrowers to seize your assets if you default or can’t pay your fees. The minimum loan amount is $1000. See if you can get a cash advance!
- Unsecured loans are capped at a 15% interest rate. Want lower interest rates? This $1000 is capped at 15% – a much lower rate for a loan from a lender. See if you can get a cash advance as well.
- Cash-out loan refinancing. If bad credit or other circumstances stop you from getting the loans you need at Garfield Heights, you can choose to refinance for your best chance at a car loan instead.
Check out a title loans’ website online, or figure out how you can get other forms of short-term loans instead.
Some things to remember before getting a title loan:
#1 Research and Do Due Diligence Before Making a Deal With a Lender.
You don’t want your bad credit to get in the way or be surprised about hidden fees. Technically, you’re doing this number one thing already by reading this article!
Before you borrow money from any company in Garfield Heights, Ohio, research first.
What are your rights in Ohio loans? What loan regulations must a company or lender adhere to in Ohio?
#2 You Can Get a Loan for Any Vehicle.
Garfield Heights’ title loans don’t discriminate. Whatever kind of motor vehicle you’ve got, know that you can have them as collateral for an easy loan.
You may have a motorcycle, RV, or other commercial vehicles. A lender won’t mind what collateral you’re willing to give!
#3 Try to Mitigate Unnecessary Expenses.
Use your loan on what you originally needed it for, okay? These same-day loans are accessible and easy – you can do the entire process online and see the cash in a business day or two.
Remember that the Ohio lender or company has your vehicle as collateral. It can get repossessed, or you’d have to deal with high loan fees due to interest rates.
Mitigate unnecessary expenses until your loan is paid off.
In Conclusion
And that’s a wrap for Garfield Heights’ title loans! Ohio may not offer them anymore, so we included a guide to a loan act that may be able to help.
We highly encourage you to research more and apply online as you do so! Knowing what you should expect to prepare for the worst-case scenarios is important!
We hope you enjoyed this article! See you soon in our next guide.