Title Loans in Moore Oklahoma: A Quick and Thorough Guide
Are you running out of ideas on where to get your much-needed cash today?
Do you not have the time or effort to go through a traditional loan, or maybe you have a bad credit history preventing you from getting approved?
Title loans might be the perfect solution to your situation!
With car title loans, you submit only the basic documents, get your money the SAME DAY you apply, and still get to drive your car!
Curious? Let’s get started!
How Do Car Title Loans Work?
Title loans are auto title loans, title pawns, and pink slip loans!
It works this way: you hand over your vehicle title for QUICK CASH. You get approved and receive your money the same day!
Your lenders will hold on to your title for the duration of the loan, and when the loan period ends, you return the money you owe (including the interest and loan fees) to get your title back!
What Are Car Title Loans in Moore Ok For?
Car title loans are intended primarily for all kinds of financial needs like:
- Hospital bills
- Overdue rent bills
- Household purposes
- Unexpected business expense
- Tuition fees
- Or any other urgent financial situation that needs cash TODAY
Why Take Out Moore Title Loans?
Here are the top reasons why borrowers opt for Moore title loans:
Bad Credit Won’t Stop You
Although borrowers with a good credit record tend to have more benefits, those who have bad credit can get approved for title loans easily!
If you can’t apply for a traditional loan from banks, car title loans can be the lender you need to get your money!
Easier Loan Process
Compared to big financial institutions like banks and credit unions, car title loans are SO EASY to get!
The whole process takes just 1 business day, sometimes even under an hour, from the online application to approval!
Lenders of car title loans also don’t require a tedious process with lots of paperwork. They are mostly just the very basic documents!
You Still Keep Your Car
During the duration of your loan, your car title loans lender will only ask you for your vehicle title, not the car itself.
So you can still drive your car and use it as usual!
3 Easy Steps to Getting Auto Title Loans in Moore, Oklahoma City
We’ll walk you through the loan process step by step!
Step 1: Apply Online
In getting a car title loan, you start by looking for lenders of Moore title loans online. Pick one that has good customer reviews, a low-interest rate, and does not charge much money for lender’s fees.
After choosing a good auto title loans company, please apply online by going to their car title loan website and filling out their application form.
Then wait for a loan officer to call you and ask more questions about your application. Then, you can be given conditional approval with a pending review of your submitted documents.
You will also be told if you can proceed to the next step.
Step 2: Visit Your Title Loans in Moore, Oklahoma City
Next, get into your car and drive it to the nearest branch of your chosen loan office. Your lenders will:
- Further review your documents
- Ask some more questions
- Inspect and estimate the value of your vehicle
- Install a GPS for easy repossession, if ever
The final approval will also be given here. Your lender will next inform you of:
- Maximum loan amount
- Minimum loan amount
- Their interest rates
- Their other fees
- And other auto title loans contract terms
When you get this information, don’t forget to negotiate!
Remember that every auto title loan contract is individually made, so you can ALWAYS negotiate your way to better and more flexible terms or even more cash to borrow!
Step 3: Get Your Money
When you and your title loan lenders have agreed on all the terms, they will prepare your loan contract next.
Now before you sign the contract, remember to:
- Check for HIDDEN FEES (You don’t want to find out that you have to pay more cash!)
- Read the FINE PRINT
- And read the entire loan contract TWICE to make sure you didn’t miss anything
After you sign the loan contract, you can now get your loan proceeds money through:
- Direct deposit to your bank account
- Online transfer
- Or any other common money transfer services
Required Documents for Auto Title Loans in Moore, Oklahoma City
Get these documents ready:
When it comes to approving an auto title loan application, lenders look at your ability to repay the cash loan instead of just looking at your credit score.
So as long as you can prove that you can demonstrate ability to pay back the cash loan by the time it is due, you are most likely to get approved.
To prove this, these documents are accepted by most lenders:
- A recent pay slip
- Proof of business income
- Social services benefits
- Retirement benefits
- Or providing acceptable property title
Qualifying Vehicle Title
For a vehicle (and its title) to qualify for a short term loan, it has to be:
- Solely under your name
- Your name here needs to match the name on your government ID
- Fully paid
- Clean and lien-free. It can not be standing as collateral for any other loan
Government Issued ID
Your title loan lender will ask for this to prove your identity. Any government ID will do, as long as it also has a photo of you.
To further prove your identity and ability to pay the cash loan, your title loan lender will ask for 1 to 4 character references.
It has to be from people NOT RELATED to you, and you will also be asked for their contact numbers and addresses, so have that information ready.
Confirmation of Residence
Since a title loan in Moore is exclusive to residents of Oklahoma City, you will also need to prove your residence through these:
- Contract of Lease
- Any of your utility or phone bills
- Mortgage agreement
Other Car Documents
Depending on your title loan lender, you might also be required to submit your vehicle insurance documents and updated registration papers.
If you are missing any of those, your title loans lender can also get it for you in no time!
A Copy of Your Keys
This is required for easy repossession, if ever. If you have a duplicate copy, bring those with you.
If not, your lender will also be able to have it duplicated for you!
Photos of Your Car
You will also need to submit 4 printed photos of your car’s:
- 2 sides
And that’s all the documents you will need for a loan application!
What Is the Difference Between a Payday Loan and Title Loan?
Both loans are short-term, charge high-interest rates, and are considered risky loans. Both loans are usually taken out by borrowers who can not get a cash advance.
But this is where they differ:
Payday Loans Do Not Require Collateral
You don’t need a property to stand as collateral for a payday loan. And because of this, the loan money offered is usually smaller than car those offered by car title loans.
Due Dates Are Adjusted to Fit Your Payday
This is where they get their name. Car title loans have a fixed due date of 30 or 60 days after the contract is signed.
Meanwhile, payday loans are supposed to be paid right after receiving your paycheck.
FAQs on Auto Title Loans in Moore
Do you have more questions? Let’s answer all of them for you!
How Much Cash Can I Get From a Title Loan?
First, a loan expert will have to estimate your vehicle’s equity. This is done by assessing these factors:
- Vehicle year
- And overall vehicle condition
Once the value is determined, you can take out a minimum loan amount of 25% of your vehicle’s equity, while the maximum amount of 50%.
Is It Harder to Get Approved if I Have Received a Pink Slip?
You DO NOT have to be employed to get approved, but as long as you can prove that your current source of income can pay off your loan, you don’t have to worry!
Is a Title Loan an Installment Loan?
They are usually expected to be paid by the due date, but you can make multiple early payments way before the due date and treat it as an installment loan.
Title loans are CONVENIENT, EASY TO GET, and HASSLE-FREE!
But the interest rates can be high, the duration is short, and there is a possibility of losing your car.
So remember to only use it for emergencies and as a last resort, and make sure you have a solid repayment plan before applying for one!