Title Loans in Lakewood – What It Does and How to Apply [2022]
Are you tired of trying to get a loan when you have bad credit? Do you have unexpected inflation in your house bills? Maybe there are medical expenses you suddenly have to pay?
THAT ENDS TODAY. Car title loans (Lakewood) can help you through tough times.
Get your vehicle title ready and head to the nearest title loans facility to know more.
In the meantime, head on to the sections below to familiarize yourself with Lakewood title loans.
Lakewood Title Loans: Quick Cash Title Loan
Title loans can help you receive money as soon as possible. Title loans can cover you, at least FOR A WHILE.
You don’t have to drown in financial stress because you have a bad history with money.
It is a popular loan type because of all the benefits you get to enjoy. It is FAST, FLEXIBLE, AND FORGIVING. You can access it even in the most urgent situations!
Check out the sections below to know how much money you can borrow and how fast you can get it.
How Much Money Can I Borrow Through Auto Title Loans?
Car title loans in Lakewood offer a SUBSTANTIAL AMOUNT of loan money to get you through bills that are hard to pay.
How much exactly is “substantial”?
The cash you can get from your title loan depends on your car’s equity (car value).
Essentially, how much money you can get is how much your car is worth. This depends on a lot of factors:
- How old or new your car is: The older the car, the less the value
- How much damage your car has: More damage, less value
Other important factors include the car’s make, model, and mileage.
The minimum loan amount of title loans in Lakewood ranges from $1000 to $2500. With a good vehicle, you’ll be able to get a maximum loan amount of up to $60,000.
How much cash you can get also depends on one last factor: YOUR NEGOTIATION POWER.
The loan process involves you and your lender discussing what terms work for both of you. If you want more money for your car, you should get in touch with your lender to negotiate the agreement.
How Fast Can I Get the Money from A Car Title Loan?
An auto title loan is all about the SPEED AND CONVENIENCE.
Lakewood residents can rely on auto title loans because they can get them quickly. Urgent needs for household expenses, school tuition fees, or medical accidents can easily be covered.
But, how fast is “fast” exactly?
Instant cash from title loans can be done and dusted in as fast as one business day. The best lender can even get you your much-needed loan within hours.
This makes online title loans a GREAT BACK-UP PLAN for when you’re unsure of your finances. Simply contact a lender of choice and enjoy the FAST, HASSLE-FREE PROCESS.
Title loans can easily get done within a day.
Don’t make the mistake of thinking that this is what happens 100% of the time.
Car title loans (Lakewood) all have different processing times. A different lender may get the job done faster, while a different lender can take days longer.
The best lender isn’t necessarily the fastest. For a fair and reasonable expectation, allot AT LEAST 3 DAYS for the loan process.
Lakewood Title Loans: Short Term Car Title Loans
People are more familiar with long-term loans, such as bank debts.
The good news is that short-term financing is getting increasingly popular these days. Both long-term and short-term financing are great, but for different reasons.
The popularity of title loans allows us to MAKE OUR OWN CHOICE according to our situations.
How Long Can A Car Title Loan Last?
Car title loans in Lakewood last only for a short period. Typically, a car title loan must be paid within weeks after the loan is processed.
On average, the loan period lasts 4 to 12 weeks.
But, some title loan providers can let you get a loan period of up to 6-12 months if you need it. The key is really in finding a loan agent you can negotiate with.
A title loan in Lakewood is a form of short-term financing popular among Lakewood residents.
Unlike bank loans or credit card loans, you won’t have to be in debt for that long! A title loan is a quick get-in and get-out situation you can trust.
Implications of A Short Term Loan
Saying that a title loan is a short-term loan seems simple and easy until you realize what it possibly means.
Title loans are very helpful for unexpected financial problems. What does this usually look like?
- Unexpected accidents
- Unforeseen calamities
- A sudden spike in bills
These situations all have something in common.
They are TEMPORARY (aka another word for short-term). A title loan can cover a temporary lack of funds because it is fast, straightforward, and fuss-free.
But, title loans ARE NOT PERFECT.
A title loan may not be the best choice if you’re having some long-term monetary problems.
- You lost your job
- You can’t pay rent for the next few months
- You have lots of other debt
Lakewood Title Loans: Secured Car Title Loans
Unsecured loans are not only hard to apply for. They can also be more expensive in the long run.
The great news is that Lakewood title loans are secured. Know more about secured and unsecured loans in the sections below.
What is the Role of Collaterals in Lakewood Car Title Loans?
Car title loans (Lakewood) mix modern and traditional loans. It’s traditional in the way that it uses collaterals.
Collaterals are things, valuables, or properties that you temporarily hand to your lenders while the loan is ongoing.
The point of collaterals is to protect your lenders from borrower fraud or loan evasion. This type of loan is called a SECURED LOAN.
In car title loans, the collateral is your vehicle.
It’s not the same as pawning your car, though. A title loan will ONLY MOBILIZE YOUR CAR TITLE.
In layman’s terms, you only give your lender the title of your car, and you still get to keep using your vehicle.
What are the other perks of a secured loan?
- Secured loans allow your lenders to keep the interest rates down
- Secured loans make for a more forgiving loan process
- The use of collaterals reduces the risks of loans
- It helps make credit checks less valuable for lenders
Will There Be a Credit Check When I Apply Online?
One of the most asked questions among loan seekers is this. In case you aren’t familiar, credit checks are a staple in most loans.
Doing a credit check lets the lenders know more about how the borrower will likely handle the money.
It lets them know if you are more likely (or less likely) to repay your debt on time. The credit history is a crucial way for lenders to MINIMIZE THE RISKS in giving out loans.
If it’s beneficial, why is it frowned upon by borrowers?
A credit report can make or break your loan. While a low credit score can mean that you are not the best money manager, it can also mean many other things. Bad credit can sometimes point to a history of bankruptcy.
Title loans in Lakewood will still check your credit ratings.
If you’re trying to evade credit checks, this is NOT A GOOD NEWS.
But, it might help to know that bad credits will not affect your application.
Lakewood Title Loan: An Expensive Loan Type
Title loans have a lot of benefits. But the truth is, they are expensive.
You’ll get a lot of advantages from this loan type but affording it is usually the problem. Understand the costs of title loans through the discussions below.
How Much is the Interest Rate in Car Title Loans?
If you’re in this article to find out how much the interest rate you’ll have to pay, you’re in the wrong place.
Interest rates differ significantly between different title loan companies in Lakewood. As such, it’s impossible to give you a reliable number. You will have to contact different title loan experts for a quotation if you want the exact rate.
We can’t give you exact numbers, but it doesn’t mean you’ll have to go in blind.
Title loans are expensive. A big reason for this is the STEEP INTEREST RATES.
The good news is that there are a lot of car title loan companies in Lakewood.
This means there is competition in the industry, and you won’t find a loan agent charging you insane rates.
The bad news is that the rates are still pretty high, no matter how competitive title loans are.
What Makes Car Title Loans Expensive?
Car title loans are expensive largely because of the steep interest rate.
The higher the rate, the faster your loan will inflate.
The high cost of title loans is the PRICE WE HAVE TO PAY IN EXCHANGE OF THE CONVENIENCE that comes with it.
Fast cash isn’t free. The faster you get your money, the higher the risks lenders take to accommodate your needs.
Aside from the steep rates, a title loan can be expensive because of hidden fees.
- Processing fee
- Pre-payment penalties
- Loan origin fee
- Inspection fees
If done right, you can avoid unnecessarily paying these fees. Check the loan terms properly before signing any credit loan forms.
Title loans are also expensive because of how fast you have to repay them.
One of the problems with short-term financing is the CONSEQUENCE of your failure to repay the loan. Title loans are expensive because of the risk of losing your car.
Are There Cheaper Loan Types?
There are a lot of different loan types available in Lakewood. It depends on how much cash you need, how much interest you can pay, and how fast you need your loan. Here are some of the other loans in Lakewood.
- Personal loan
- Cash advance loan
- Payday loan
- Student loan
Car title loans and payday loans are both expensive loans.
Payday loans can give you instant cash as title loans can. The interest rates can be even higher in payday loans because they are UNSECURED (they don’t use collaterals).
On the other hand, student and personal loans are better for low-interest debts.
Both of these loans are VERY TRADITIONAL and require a lot of documents. The process can be LONG, TEDIOUS, AND DIFFICULT. But, it can be worth it if you can’t pay the high-interest rates of quick loans.
The Car Title Loans (Lakewood) Tutorial
After knowing as much as you can about pink slip loans, it’s now time to learn how to apply for it.
Title loans (Lakewood) can be applied for ONLINE. You need some requirements, a cell phone, a good internet connection, and you’re all set. You don’t have to line up or wait in long lines. You don’t even need to leave your house.
Everything can be completed through calls, emails, and fax.
Remember that no matter how straightforward title loans are, you should avoid hurrying to get them done. Getting things done faster can result in errors that can delay your loan.
BE FAST, BUT ALSO BE THOROUGH.
Where Do I Go To Get An Auto Title Loan?
Auto title loans are available at most loan providers in Lakewood.
You can get title loans in Lakewood by calling or visiting a title loan provider. Ask the following questions to get the most out of your inquiry:
- How much interest rate do they charge?
- What is their average funding time?
- How much loan amount can they offer?
- Do they require car inspections?
- What vehicles do they accept?
- Ask for their license to operate in Lakewood
Title loan companies can then provide you with the necessary application forms to start the process. They can assist you with almost anything you need.
What Are the Documents I Have to Prepare?
Lakewood car title loans only have a few requirements. Complete these required documents to jumpstart your loan journey.
- Borrower’s valid government-issued ID
- Borrower’s proof of residence in Lakewood
- Papers or proof of an active and running bank account
- Proof of employment
- Application form
Don’t forget that you’ll also have to prepare documents about your car. Compile these papers:
- Vehicle title or pink slip
- Car Identification Number
- Insurance papers
Make sure that you also take pictures of all sides of your car. Title loan companies that do not require car inspections will ask for vehicle pictures to estimate the value of your car.
You should also take note of your car’s make, model, year, and mileage.
Some title loan agents ask for more papers. Be prepared to get extra documents besides the basic ones we detailed above. Here are some of the possible documents they can ask for. If you’re a little extra, you can prepare them beforehand too.
- Letters of character references
- Social security details
What are the Steps of the Best Title Loans in Lakewood?
Title loans in Lakewood can be completed in easy-to-complete steps.
- Contact a title loan agent
- Submit the required documents
- Wait for an instant pre-approval call
- Agree on the loan terms after getting pre-approved
- Get the final approval
- Wait for your cash
The pre-approval step in title loans can get done fast. This step lets lenders FILTER OUT those who don’t have the requirements of auto title loans.
Without the requirements, there’s no point in getting into loan terms and agreements.
The final approval sets in when you and your lender agree on the loan amount, loan period, interest rate, and other payment fees. Everything is written out in a contract to be signed by both parties.
You can expect a direct deposit of your cash in your bank account. ENJOY YOUR MUCH-DESERVED CASH!
Conclusion
Sacrificing your car to get a loan is never a good experience.
Car title loans in Lakewood let us borrow the money we need for the LEAST POSSIBLE HASSLE.
Title loans boast fewer requirements, faster processing, and fewer sacrifices. If you have a vehicle, don’t be afraid to try car title loans in Lakewood.
We hope this article helped you learn how to get a title loan. Knowing everything about title loans can help you get a successful application.
Don’t forget that TITLE LOANS DON’T END WHEN YOU GET YOUR MONEY. Loans are meant to be paid back on time. Otherwise, you’re delaying your financial doom.
Our last tip: Loan responsibly!