Title Loans in Kent: Application and Process in 2022
If you’re looking up title loans, chances are you’re looking for ways to get some quick cash.
As a resident of Kent, Washington, how do you get cash when you need it in a pinch? A title loan may be the solution to your financial problems!
Title loans promise to provide you with fast, same-day processing with little consideration for your credit history!
So let us walk you through the basics of applying for car title loans in Kent.
What Should I Know About Title Loans?
What are title loans? It is probably, and understandably, the first thing you have on your mind.
Car title loans are sometimes also called auto title loans. These are secured loans where you use your vehicle’s title as collateral in exchange for the loan.
In other words, the title loan lenders will, in some part, own your car. These lenders will then use that car to assure you will repay the loan within the agreed period.
“It sounds a lot like a pawn to me,” you may be asking yourself.
And yes, there are some similarities between the two. A title loan is also called a title pawn sometimes.
But with a car title loan, you can still drive your car while having the cash you need.
You only lose rights to driving your vehicle if you fail to make the payments you discussed with your loan agent.
And compared to a pawn, you lose all use and possession of your property to a pawn, and the pawn store will own your item.
If you went to pawn your car in exchange for cash, you would not be able to drive it until you buy it back with the money you owe.
NOTE: Not all lenders would service student loans, and these auto title loans are intended primarily for personal purposes.
Why You Should Get Car Title Loans in Kent, Washington
Some cases favor applying for title loans in Kent instead of a garden-variety short-term loan.
For Kent, WA residents, there are many options available for you if you want to avail of Kent Car title loans. Additionally, some places would also offer free quotes plus competitive rates.
There are plenty of reasons to get payday loans or traditional bank loans. But title loans have their place, especially for those with a low credit score looking to get out of a financial bind.
With that said, below are the reasons why you would apply for car title loans:
1) A Personal Payment Plan Adjusted for You
Do you need some quick cash for personal uses? Do you need some funds to pay off some unexpected expenses?
Car title loans can be long-term loans if you need them to be.
For the most part, a title loan is supposed to be a short-term loan, but you can negotiate with your lender to adjust the terms to fit them to a timeline that works for you.
This makes it so that you don’t need to worry too much about when you will pay.
What if you get funds earlier than expected? Can you pay it earlier than you talked about?
With the flexibility of title loans, you can negotiate terms with the lenders.
You can structure your payment plan and interest rate to coincide with your financial circumstances and when you think you can repay the loan.
With Kent title loans, you can have an anxiety-free time with flexible payment plans.
2) Cash Straight to Your Pockets
Do you need cash NOW? Do you not want to wait a couple of business days to be approved for a loan?
If you answered yes, then a title loan is what you need!
The Kent title loans application process can be completed in a blink of an eye. Getting final approval would not take a long time at all.
The processing time can be as fast as getting your hands on some cash in just one business day!
There’s no need to wait around worrying about whether you’re approved. The wise saying goes, time is money. And when it comes to a title loan, that saying takes on a literal meaning.
3) Credit Checks Are Not the Be-All-End-All (At Least Compared to Traditional Loans)
Getting certain kinds of loans approved is hard when you have bad credit. Trying for a loan may even be a waste of time if you have bad credit.
However, a solid credit score isn’t the biggest deciding factor when the loan agents make credit decisions if you’re getting an auto title loan. But that doesn’t mean they don’t matter.
Certain loan agencies that can offer a title loan in Kent, Washington, will most likely check your credit history before approving you for a loan.
Each lender’s credit criteria may differ, so it may not be the same across all agencies.
A title loan and its procedures make loans accessible for people with poor credit to try to get a loan.
But even then, customers who want a title loan with a bad credit score will find it hard to get a good deal.
Potential borrowers who show a good result in their credit check may get special deals or better interest rates than those with a poor financial history.
Title loans are easy to get out of a financial rut, especially for those with a less-than-amazing credit history, but it’s not a handout.
Things That You Need to Submit for an Auto Title Loan in Kent, WA
The documents you must submit to complete your loan applications vary depending on the state. The requirements could be very different for Washington when compared to Florida.
In addition, what is considered “required documents” by a lender could also vary based on their company’s company policies and conditions for applying for their title loans.
Considering this, contact your Kent, WA lender directly to ask for assistance.
You’ll receive the best immediate assistance to ascertain what documents and requirements are needed to apply online or in person.
And with that being said, let’s show you the general requirements for the residents of Kent, Washington:
1. Valid ID
It is the most fundamental among most required documents in many applications.
In Kent, you must be 18 years old to get an auto title loan.
A valid photo ID is necessary to prove you are 18 or up when you decide to go in for a loan application with your lender.
When applying for title loans in Kent, Washington, you must come in with a government-issued ID, like a driver’s license.
2. Bring Your Vehicle’s Title
The vehicle’s title is a central aspect of the title loan process. It’s hard to imagine not having a title when applying for title loans in Kent, Washington!
Other than the vehicle title, the other vehicle-related paperwork you might want to have with you are your insurance papers and vehicle registration.
Sometimes they may ask for them, so it may be good to bring them when you apply for a title loan.
3. The Vehicle Itself
A lender may want to see the condition of your car to see how it is currently shaping up.
Why would there be any need for an inspection?
The actual loan amount you may receive will partly depend on your car’s present condition, age, and value.
So they’ll look at how well-maintained your vehicle is, your vehicle year, and how used your car is.
Therefore, it would be wise to maintain your car to make it look as presentable as possible before getting a loan application.
4. Proof of Income
You need to show the financial capacity to make payments to the lender. Of course, most lenders would prefer loaning capable of making payments on time, according to the terms.
A lender may approve your loan application even without proof of income. But, in its place, you need to show that you have OTHER ways to repay by the end of your contract.
Below are examples of some documents that potential borrowers can present which can serve as an alternative to your income proof:
- Bank statements
- Retirement checks
- Social security
- Disability payments
- Pay stubs
5. Proof of Residence in Kent, Washington
The last item we have on the list of the required paperwork is proof of residence.
You must prove to your lenders that you reside in Washington with some legitimate documents.
According to certain federal laws, title loans are illegal in certain states. Because of that, your lenders need to know if you can legally avail of a title loan.
You may come from some states neighboring Washington trying to illegally apply for auto title loans.
Agencies practicing responsible lending do not want to do illegal business.
You can prove that you reside in Kent, Washington, using the documents listed below:
- Lease agreement
- Phone bill
- Utility expenses documents
A Step-By-Step Guide to Applying for a Car Title Loan in Kent
Applying for title loans in Lawrence should be a very straightforward process. You only need to follow a few basic steps, and you can get your title loans in the blink of an eye!
Lucky for you, we’ll be with you all the way, guiding you to the proper way to apply in Kent, Washington:
Step 1: Fill Out Your Application
First, you need to fill out the information they ask for in the application form.
Double-check to make sure that the information that you give is accurate.
Certain lenders have the option to apply online. If that method is more convenient for you, try out those services when applying for your loan titles.
You can talk to your lender about your loan terms in this step.
Here you can ask about the annual percentage rate, loan amount, interest rates, hidden fees, monthly payments, and other fees you may be concerned about.
Step 2: Submit Your Requirements
The next step is to submit your basic documents.
But before we do that, let’s take a quick look at the documents you need when you go to your lender to apply for a title loan.
Have the following documents at hand when you apply:
- Identification documents
- Title for the vehicle
- The vehicle itself
- Proof of income
Once you finally submit these requirements, you need to wait for your approval.
You’ll be put on pending review before you get approved.
The loan amounts you are entitled to receive will depend on the value of your vehicle, what you need, and your capacity to repay the loan.
After completing this step, you can now move on to what is arguably the best part.
Step 3: It’s Funding Time!
And we’re finally at last, and the best step: getting your hands on the cash!
You can now claim your loan proceeds when all of it’s done and approved.
You can use the funds mentioned above for whatever you need. These include:
- Business expenses
- Household purposes
- Other financial assistance purposes
Ensure you can make your payments, adhere to the discussed terms, and keep various fees in mind.
Keep in mind the interest rate of the terms as well when checking your loan documents.
Using your funds for business or living expenses is a good idea. But remember that whatever you decide to use your loan proceeds on, spend it wisely!
What is the Process Like for Online Title Loans Application?
Some lenders can offer online title loan applications.
Applying for a title loan would be very easy and convenient if you have a mobile phone and an internet connection.
So if your lender says they offer online application services through their website, it’s probably best that you try it out for an easier time.
The paperwork and documents that you need to prepare are mostly the same:
- Auto Title
- Photos of the vehicle
- Photo of ID: Government-issued IDs like a driver’s license, passport, etc.
- Proof of income: Bank account statements, stubs, etc.
- Proof of residence: Utility expenses, phone bill, house title, etc.
If you have those documents, you only need to fill up the online form, and you will be ready to apply.
Online title loans are great if you require instant cash, as some offer a direct deposit within the day.
You only need to fax or email certain documents and forms that will be needed.
It can even be as short as same-day approval. If everything goes well in the application, you’ll have cash in your bank account without leaving your house.
There are a lot of accessibility tools when you’re applying online with your mobile phone so make use of all the comforts of an online application.
Frequently Asked Questions (FAQs)
There are many things to remember about title loan applications in Kent, Washington.
Don’t worry because below, we’ll answer a few frequently asked questions for Kent residents looking to get title loans:
How Long Does the Process Take?
It takes a business day or less for title loans to be fully processed in Kent, Washington.
You need to go through conditional approval, but you wouldn’t be waiting for long. Processing time depends on how long you plan to negotiate the terms with your lender.
The loan process time will also depend on whether you applied in person or online.
How Much Can I Expect To Get?
When taking out a vehicle title loan in Kent, Washington, your minimum loan amount is $100.
Once approved, you can expect a range of $100-$5500 for your loan amount. How much cash you get as a minimum loan amount depends on what you’ve discussed with your loan agent.
Not all applicants can get more than the minimum loan amounts, but that’s dependent on your car’s value and the terms you’ve negotiated.
Can I Use a Different Vehicle as Collateral?
Yes, that is possible!
There’s a wide variety of vehicles that can be taken as collateral! Some borrowers have used motorcycles as collateral for their title loans in Kent, Washington.
If you have other vehicles in mind, such as boats, trucks, or even planes, you might want to confirm with the lender you’re planning to apply to.
What they recognize as a qualifying vehicle and acceptable property may vary depending on the agency.
You Can Now Get Title Loans Kent, Washington
You know enough to apply for Kent title loans!
Confirm their specific requirements with your lender, submit them for the application, and you’re ready to apply for your loan!
Keep in mind the interest rates and payment dates.
REMEMBER: A Kent title loan is one of the easier loans to obtain but always remember your payments.
You are well equipped with the information needed to ensure a successful process!