Title Loans in Kettering Ohio: How to Get Approved in 2022
Are you someone who can’t get a cash advance for an urgent cash emergency? Do you own a fully paid car?
You might be eligible for title loans!
Taking out a title loan is a QUICK and EASY way to get cash for whatever you need in as fast as 30 minutes!
Curious? Let’s look at how they work…
How Car Title Loans, Kettering Work
Car title loans work by handing over your car title to your lender in exchange for a cash loan.
During the duration of your title loans in Kettering, your lender will only hold on to your title, NOT THE CAR ITSELF. So yes, you STILL GET TO DRIVE YOUR CAR.
The title loan period usually takes 30 or 60 days.
And at the end of this loan duration, you return the cash you owe, plus the interest and fees, and your title loan lender will return your title.
Seems simple enough, right?
What You Need to Know Before Getting Car Title Loans, Kettering Oh
Let’s weigh the advantages and disadvantages of getting a title loan in Kettering. Before applying for these loans, you need to know things that could make or break your life!
The Advantages of Getting Kettering Car Title Loans
Here are the benefits you’ll earn when accepted to these loans!
Quick Cash Today
The best part is taking out a title loan in Kettering, OH, is that you get fast cash WHEN YOU NEED IT.
From auto title loans application to approval, the entire process can take as fast as 30 minutes! And even if you experience some delays, the longest time is 1 business day!
This makes auto title loans perfect for cash emergencies.
Hassle-Free and Easy Title Loans
Not only are online auto title loans fast, but they are also SUPER CONVENIENT.
The requirements are basic and easy to acquire, and the loan process is NO FUSS to make it as quick as possible!
Bad Credit History Is Fine
One more reason why online title loans are popular is that you can get approved even if you have a bad credit history.
Title loans in Kettering don’t take one look at your bad credit decisions and instantly decide whether you are eligible for their loan or not.
They look at many factors of your loan application and pay more attention to your ability to repay the auto title loan.
So as long as you can prove that you can come up with the payment of the auto title loan by the end of the loan duration, you get approved!
However, not having a bad credit record does have its benefits. Borrowers with a good credit record get offered lower interest rates and enjoy more negotiating power.
You Still Get to Drive Your Car
During the duration of your car title loans, your lender will only hold on to your title and not your car itself.
So you still get to drive and use your car as usual!
You Can Borrow More Money
Online title loans can lend you more money for a cash loan than payday loans that do not require collateral to get approved.
This is because title loans let you borrow against your car value, unlike payday loans that only let you borrow against your next paycheck.
The Disadvantages of Getting Kettering Car Title Loans
Here are the disadvantages and consequences you’ll earn when accepted to these loans!
Short-Term Cash Loans
A short-term loan can disadvantage some borrowers because they find the loan period too short to come up with the repayment money.
And when you find that you can’t pay when the loan period ends, you will have to pay the penalty and additional fees.
So unless you have a reliable, solid plan to repay your loans, you should reconsider applying for affordable title loans in Kettering, OH.
High-Interest Rates
The usual interest rate for an online title loan is 25% monthly. And if we convert that to annual percentage rates, that number comes up to 300%.
That’s higher than what credit card companies charge! And that’s not all; you also have lender’s fees and additional charges to pay to get an online title loan.
Possibility of Losing Your Car
Of course, we can’t discount the possibility of losing your car when you apply for an Ohio car title loan, no matter how low the chances are.
If the worst happens and you cannot pay off your car title loan, your lender will have to sell your car to recoup its losses.
If your total loan amount comes up higher than what your car is sold for, you get off the hook for the remaining debt.
But if your car is sold for a bigger amount than what you owe, your car title loan lender gets to keep that extra cash.
Things to Remember Before Getting Car Title Loans, Kettering, Oh
Now that we’ve talked about the risks, let’s look at some ways how we can minimize them.
Take What You Need
Don’t take out the whole amount when your car title loan lender lets you know how much cash you can borrow.
EXACTLY take what you need to cover your cash emergency so that you’ll have a lesser debt to worry about later.
The smaller your principal debt is, the smaller the interest amount will also be. And at the end of your car title loan period, you’ll have a smaller total debt.
Negotiate
After your loan approval is given, you have presented the loan terms. But because every title loan borrower is different, every contract is unique.
Every borrower has their interest rate, own range of loan amounts, and own contract terms.
This means that you can negotiate your way into better terms or even a lower interest rate!
Make Early Payments
You could also treat your title loan as a savings account.
If you get extra cash even before your title loan is due, take it to your lender directly so you can slowly pay off your loan.
This way, you’ll have a smaller debt to pay when the title loan due date comes.
And not only that, but if you make multiple early payments, you might even pay off the entire debt before it is due!
Use Your Secondary Car as Collateral
If you have more than one vehicle, you might want to put up the second one as the title loan collateral instead of the car you always use.
This way, you’ll have peace of mind knowing that if the worst happens and your car gets taken.
It wouldn’t disrupt your daily life as much since you won’t have to give up your primary means of transportation.
Did you know that auto title loan lenders accept other vehicles? Some of them accept RVs, motorcycles, and sometimes even boats!
But not all lenders allow this, so it’s best to give them a call to ask beforehand.
How to Get Approved for Car Title Loans, Kettering
Ready to apply for title loans, Kettering, Ohio? We’ll walk you through the steps!
Step 1: Pick the Best Title Loans Lender
Start by scouring the internet for lenders of title loans in Kettering oh. There are several small business loans and bigger title loan companies, so you’re sure to have lots of good options.
Make sure to look for these things when choosing a lender:
- Good customer reviews
- No hidden fees
- No prepayment penalties
- Low-interest rate and lender fees
Step 2: Apply Online
After choosing your title loans lender based in Kettering, Ohio, go to the title loans website and fill out the loan application form on the first page.
Then submit the completed online title loans application and get instant pre-approval!
Your loan agent will then call you within the hour and ask you further questions.
Step 3: Submit the Required Documents
Next, gather your title loan application papers. We’ll be listing the usual requirements that title loan lenders in Kettering, Ohio, ask for later.
Ensure that all your documents are complete and that everything you bring is original, not a copy, before you meet your lender to avoid other problems and delays.
Step 4: Sign Your Contract
After the final title loan application is given final approval, your lender will let you know the following information:
- The maximum and minimum loan amount you can borrow
- Your own interest rates
- Their title loan lender’s fees
- The payment terms
- Other contract terms and information
This is also where you negotiate for better terms in your favor!
Once you and your title loan lender in Kettering, OH, agree on everything, your title loan agent will prepare your contract.
Now before you sign, make sure that you:
- Read the FINE PRINT
- Check for hidden fees and penalties
- And REREAD it to ensure you didn’t miss anything.
Step 5: Get Your Cash
Now comes the fun part!
You can now receive your loan proceeds through any of these:
- Direct deposit to your bank account
- Wire transfer
- Online transfer
- Cash
- Check
- Or any other common money transfer methods
Documents You Need to Get Car Title Loans, Kettering
Here’s a list of the usual required documents that lenders of title loans, Kettering OH, ask for.
Basic Documents
Let’s start with your papers.
Government Issued ID
Lenders of title loans will ask for this document so that you can prove your identity. Any government-issued ID will do, as long as it has a photo of you.
You also need to make sure that your name as it appears here matches the name on your car’s title.
Proof of Residency
To be eligible for Kettering title loans, you also need to prove that you are a resident of Kettering, OH.
You can submit any of these documents as proof of your residency:
- Utility bills
- Phone bills
- Contract of lease
- Mortgage agreement
Income Proof
Most title loan lenders won’t conduct a credit check, but to be approved, you must prove your ability to pay off the loan amount.
To prove that you can make on-time payments, you need to submit any of the following:
- A recent pay slip
- Proof of business income
- Inheritance proof
- Proof of social services benefits
- Proof of retirement benefits
- Property title
- Or any other document that can prove that you will pay off the title loan amounts
Character References
Depending on your lender, you will also be asked to submit 1 to 4 character references. These character references have to be people NOT RELATED to you.
You will also be asked to submit their contact information, so be ready with those.
Vehicle Documents
Now, look at the rest of the papers you will be asked to submit.
Qualifying Vehicle Title
An acceptable car title is CLEAN and LIEN-FREE. This means that your car has to be FULLY PAID and not currently standing as collateral for any other loan.
It also has to be SOLELY UNDER YOUR NAME to qualify.
Vehicle Insurance
Your car also needs to be insured for it to be eligible for a title loan, so you’ll need to bring your insurance papers with you as proof.
If your car isn’t insured, your loan lender can get it insured for you.
Vehicle Registration Papers
You must submit your car’s updated registration papers to your lender. If it isn’t up to date with registration, your loan lender can also get it registered for you in no time.
A Copy of Your Keys
This is for easy repossession, if ever. Take those with you if you already have a spare copy of your keys.
If you don’t, your lender can also make you a copy.
Photos of Your Vehicle
Lastly, you will need to submit four photos of your vehicle:
- Front
- Back
- Two sides
Again, your lender can do this if you’re pinched for time.
Frequently Asked Questions
Do you still have questions about the topic? We’ve got you!
How Much Cash Can I Borrow From Car Title Loans, Kettering?
This will depend on how much your car is currently valued. To estimate this amount, your lender will assess your car’s:
- Make
- Model
- Mileage
- Year
- And overall vehicle condition
Sometimes, the extras you have installed are also taken into account.
Do Title Loan Companies Also Service Student Loans?
Usually, no.
Title loans are different from student loans since title loans are short-term while student loans last for several years.
Title loan companies don’t usually offer student loans.
Are Title Loans in Kettering Safe?
Yes!
Title loans are governed by Ohio laws and are perfectly legal. There are also regulatory agencies whose job is to ensure that every lender meets the standards the state sets.
In Short
Title loans are a great band-aid solution if you need cash today and can’t get a cash advance.
They’re fast and easy, and you can apply despite having bad credit.
But title loans are also expensive and short-term, and there is a very real possibility of you losing your car.
So know the risks well, and make sure you have a solid repayment plan before applying!