Title Loans in Lawton, Oklahoma: Apply for One Now!
We need more and more money during these hard times. However, cash isn’t exactly easy to come by.
Bank loans can get complicated, and how much cash you receive in the first place may not be that much.
This is where a title loan in Lawton, Oklahoma, can come in! Read our guide below to know more!
What Is A Car Title Loan?
If you know how pawn shops work, you generally have an idea of how car title loans work as well.
A car title loan can give you quick cash fast in exchange for your title as collateral. As soon as you give your title, you can get money!
You only need to repay the auto title loan before a certain date – or your car may be repossessed.
That’s right: it’s also called an auto title loan. You may also know it as a payday loan or pink slip loans.
Lawton, Oklahoma, is one place where title loans are legal. In many states, they have been outlawed due to their high-interest rates and risks.
However, that doesn’t change the convenience you can get from the loan process.
If you want a car title loan in Lawton, OK, here’s what you can do!
How to Apply for Car Title Loans In Lawton, OK
Curious about how you can get same-day loans with your vehicle? We’ve outlined everything for you here.
Step 1 – Prepare your Documents
You’re going to need the following documents before you can apply for a title loan.
Personal Information
Like all other transactions, you must provide legal identification as part of the required documents. This identification must have your name, birth date, and address.
To supplement your information, make sure that you bring some supporting documents or additional identification. A birth certificate or another government-issued ID (passports, drivers’ licenses, etc.) will work just as fine!
Proof of residence is also needed. Basic documents that prove your residence could be your lease or bills.
The lender will get this information and make sure they’re all consistent.
Financial Information
First and foremost, you need to have proof of income ready.
The proof of income ensures you can pay the lender back when the time comes.
Other documents can supplement them during events where income proof can’t be given. Give documents about your business, a certificate of earnings if you’re a freelancer or other documents that prove that you’re self-employed.
What About Credit History?
A credit check is inevitable with loans — even auto title loans have them. Most lenders, during the application process, will look into your income, credit history, and credit score.
A hard credit check can impact your score, so ask lenders if there’s a chance they might do one.
Your credit score will be considered, like all other conventional loans. However, there’s also a chance that it may not matter.
Car Information
Of course, you need your vehicle title as collateral. That’s one thing you can check off right away to qualify for the money.
Aside from the title, you are also expected to submit photo evidence of your car’s condition — if an inspection isn’t feasible. As much as possible, your car has to be in good condition for title loans.
Your car should be free of scratches, rips, and broken parts.
It also helps if your car has had any recent upgrades or paint jobs. It can greatly speed up the approval process and add more cash to the minimum loan amount!
Insurance information, the car’s model, manufacturing year, and equity are also factors.
Equity can affect the decision whether or not you get approved. If you can, get someone to appraise your vehicle. You may be in a negative position with your equity, which may stall the cash you can get and how you will get approved.
Step 2 – Look for a Lender
There are a lot of auto title loan lenders in Oklahoma City! Go to a website, ask around, and get references. You’ll find fellow borrowers with knowledge about the title loan process.
Step 3 – Submit Everything Online or In-Person
Yes, online title loans in Lawton, OK, are a thing! You can choose to submit all your documents online and wait for the process there, too. It’s easier and faster, and you can get your money deposited in your bank account – or a check can be mailed instead.
However, if you prefer driving up to the lender instead of heading to the lending company’s website, feel free to do so.
If that’s more convenient for you, scan, photocopy, or print out copies of the basic documents you’ll need for Lawton title loans.
The Pros and Cons of Car Title Loans
Now that you know everything you can about car title loans, it’s time to decide. Should you go for it and apply online now? Is it even the loan you should get?
Everything can be solved with a good, old pros and cons list. Let’s outline the advantages and disadvantages of getting auto title loans in Lawton, OK!
Pros
These are the benefits of using a title loan in Lawton, OK.
#1 Get Emergency Funds
There are times we are just in an unfortunate or pressing circumstance. We may need emergency funds for repairs, a new business, or our work and education. It can be hard to look for cash during these times!
This is where auto title loans come in. Your loan can be approved with one click on a website or phone call. The process is fast and easy, and you can adjust payments based on your discussion with the lender.
You can pay off whatever you need to pay or fund in your personal and professional life. It’s one of the best ways to deal with financial issues!
#2 Keep Your Vehicle
Unlike other options that use collateral – like pawn shops – the vehicle remains under your possession even when you’ve already been approved and gotten the cash. All you need to give is your vehicle’s title.
So, even after you’ve already processed payday loans, you can still have your vehicle and drive it around!
#3 Repay Easily
You can make early payments with payday loans. Discuss your payments structure with your lender and whether it will be via bank deposit or cash.
Cons
These are the consequences and possible risks when using a title loan in Lawton, OK.
#1 High Interest rates
There’s a reason why some states have outlawed title loans! The high-interest rates are a definite risk for any borrower.
#2 Possibility of Excessive Fees
Aside from the interest rates, there may also be fees involved. Early repayment and any violation of terms can end up in excessive fees.
#3 Repossession
Repossession is part of the process, but it can be daunting. Usually, because title loans are short-term loans, the day your car gets repossessed can happen fast.
Some lenders can adjust your repossession terms, but it’s still a con for anyone borrowing!
With these cons, we have a list of some things to remember before getting car title loans (Lawton, Oklahoma):
1) Remember to Do Your Research
In a way, you’re already on the right track by being on this page!
Title loans in Lawton may promise a lot of convenience in getting cash, but that doesn’t mean you jump into title loans headfirst without any background. Know what requirements you can bring, how it differs from a bank account loan, or if you can apply online.
You should also be informed about bad credit and how it can affect your title loan. This way, whether or not you get approved, you know what factors went into the approval process.
2) Don’t Spend Too Much During the Loan Period
Keep your money for emergencies! A title loan’s interest rates and risks are very high, and we don’t want you caught in a debt cycle. Instead, use the loan money for what you need, and mitigate unnecessary expenses.
If you’re tight on the money again, at least you saved up enough to pay off your title loan.
3) Know Your Rights
In other words, don’t get scammed! You can negotiate with your lenders about payment options and if you can receive your money on the same day. Don’t let them take your vehicle, and know that within Lawton, OK, you have rights.
The Oklahoma Department of Consumer Credit (ODCC) regulates any title loan in Lawton, OK. They should follow the Oklahoma Consumer Credit Code regarding any loans. Read up, and make sure your lenders know you are aware of your rights as a borrower.
Should You Get a Title Loan?
Our vote is yes as long as you know the potential risks involved.
With a long, complicated process, you can get convenient cash at any time, unlike any other loan. The process is easy this time, and you can get approved early.
Don’t forget that these loans’ risks are high, even with great benefits. If you fail to pay on time, you will repay the loan with high-interest rates! Remember that!
However, if you think you can handle the risks and interest rates involved, the decision is ultimately up to you!
Frequently Asked Questions About Title Loans
If you still have questions on title loans in Lawton, OK, here are the most frequently asked questions about the topic!
Can I Still Get a Title Loan in Lawton, OK, on Bad Credit?
Yes and no. Title loans, Lawton, Oklahoma, can vary greatly.
Poor credit can be a factor, but there are times that it won’t affect your car title loan application at all. It depends on the lender.
Like with any loan, your credit history might be checked and could matter. However, it’s also possible to still get a short-term loan with bad credit.
What If I Don’t Have a Title?
If you don’t have your title, you can negotiate with the lender and see what convenient terms can lead you to qualify still.
You must explain your situation to a lender and still get competitive rates.
When Will I Get My Money from A Title Loan?
It can take up to a week for some, but there are cases where the cash is received almost instantly. It might take a business day or two for most borrowers. You can get the cash as soon as you finish applying for the loan.
There are also cases where all your information is consistent, and you can be pre-approved.
However, this largely depends on your situation and lender.
When Will My Car Get Repossessed?
Your car will be repossessed if you can’t repay the loan on the date you and your lender agreed.
However, there can be repossession terms that can enable you to get your vehicle back. Sometimes, the lender gives up to two weeks after the repossession date for you to pay back the loan amount. Then, you can have your car!
The lender repossesses your car to use the loan proceeds to cover your debt.
Can I Get a Title Loan with a Cosigner?
Yes, this is absolutely an option! Inquire with a loan officer about how a cosigner can work with getting a personal loan. Once you have a cosigner, a direct deposit for your loan on the same day can be made.
What Is An Example of a Qualifying Vehicle for Title Loans in Lawton, OK?
We hope you know that auto title loans aren’t limited to a certain type of car! For Lawton, car title loans, minivans, RVs, motorcycles, and trucks are fair game.
In Conclusion
And that’s a wrap for car title loans, Lawton, OK.
We hope you enjoyed and gained some insight from this article! There are many things to consider before you apply for these loans.
We highly recommend thinking hard before applying for this loan because while the benefits are great, the consequences are also great.
Thank you for reading, and we hope you made the right decision!