Car Title Loans in Salem, Oregon: What You Need to Know
Sometimes, emergencies happen, and you need cash FAST.
Borrowing from traditional banks takes AGES. And it’s not the best option for people with bad credit scores.
In Salem, affordable title loans are easy to come by! Applying for a car title loan in Salem means:
- NO strict interviews
- NO piles of documents
- NO worries if you have poor credit
All you need to do is submit your loan application, and you will get connected to a lender almost immediately.
After which, you can get your cash in as fast as one business day!
What Are Car Title Loans?
Car title loans, also known as auto title loans or pink slip loans, are different from traditional loans.
Unlike traditional loans, auto title loans require collateral: your car or any vehicle under your name.
If you cannot pay off your loan, the lender will have the right to confiscate or repossess your property for auction.
Are They Better Than Payday Loans?
If you’re a vehicle owner and need a larger loan amount, they seem the better option! Getting an auto title loan is better since you can get up to 50% of your car’s equity.
On the other hand, payday loans can only get you a loan ranging from $50 to $1,000.
Need more cash?
You can get up to over $50,000 when applying online for Salem car title loans.
Plus, lenders in Salem will also allow you to drive your car even with an outstanding loan balance.
How to Qualify for Easy Title Loans
It is easy to know if you qualify for Salem title loans. You will need to have:
- A car or any vehicle with good equity and great value and
- A legitimate proof of income to prove your ability to pay the loan
Get Your Cash Fast in 3 Easy Steps
Here are the 3 easy steps you can follow when applying for car title loans in Salem.
1. Apply Online
The loan process for car title loans in Salem is simple and straightforward. You can apply online for title loans in as quickly as 5 minutes.
You may also apply by calling your chosen car title loan company over the phone.
Once you submit all your documents required for American title loans, your application will be pre-approved, and you will be connected to a lender perfect for you!
2. Submit the Basic Documents
The documents needed for online title loans vary per lending company, but you can always inquire directly about your loan’s details to the lender.
Nonetheless, here are some of the documents you may want to prepare beforehand:
- Government-issued ID
- Car title where you are the sole owner
- Driver’s license or Social Security Card (or any document with your name and SSN or Social Security Number)
- Photos of your car (all four sides, including the VIN or the Vehicle Identification Number)
Your lenders may also require some personal references.
Be sure to check out the website of your chosen car title loan company or give them a call for further inquiries about American title loans.
3. Get Your Cash in One Day
Once your personal loan approval is completed, funding is released as fast as ONE BUSINESS DAY!
This is because lenders in Salem understand that you may need your cash pronto.
You can get your cash in person, or you can have it wired to your bank account. You can discuss all your options with your lender and get your money as soon as possible.
Loan Amount for Salem Car Title Loans
The amount you can get from title loans in Salem varies, but it is greatly based on your car’s equity value.
The better the condition of your car is, the more cash you can borrow for your loan!
The value of your car will be based on the following:
- Vehicle model
- Vehicle year
- Other modifications
If you’re curious and want to get an estimate, you may inquire about your car’s value firsthand when you give your loan agent a call!
You may also use an online loan calculator when you visit your chosen loan company’s website.
The amount also depends on your capacity to pay for it.
A lender will usually inquire first about your source of income which you need to provide legitimate proof of.
Once pre-approved, you will get the chance to discuss the payment plan that works for both of you with your lender.
Interest rates also vary per lender, so be sure to bring this up during the inquiry process.
If you qualify, you may even get up to $50,000 for your loan when you get connected to the right lender.
Did you know that car title loans also have the potential to IMPROVE your credit score?
Some lenders in Salem may actually offer to update your credit check to the credit bureau for you.
If you want to improve your payment history, be sure to inquire about this with your chosen lending company.
They will be sure to connect you with the lender that can help you update and improve your credit.
But of course, it all depends on you.
If you are diligent in paying your monthly dues, this will certainly positively affect your overall credit!
Furthermore, most lenders in Salem, Oregon, offer to lessen the overall loan value if you make sure to keep up with your monthly payments.
The best deal for the best title loans in Salem.
Low Payment Terms
Car title loans in Salem are affordable with their low payment plans.
You might be asking, “How long are these low payment plans?”
Usually, you must pay off the loan completely within 30 days, but you can work this out with your lender.
We recommend getting a car title loan if you prefer the short-term financing option.
However, you can also find loan companies in Salem with longer terms.
With these companies, you can get the chance to be connected to a lender who can offer you a payment plan of up to 3 years with no misleading fees.
And it even gets more affordable!
You’ll be getting more money with the cash you can save from paying off your loan earlier.
The sooner you complete your payment plan, the lesser your interest will be for the succeeding terms left in your contract.
Benefits of Auto Title Loans in Salem
Title loans are popular in Salem for a good reason! Here are some benefits you can enjoy on your next application.
1. Fast and Easy
Trying to get a loan in banks requires a series of rigorous interviews and strict checking of credit history.
When you need immediate cash, this may prove not to be the best option.
Title loans, on the other hand, only take a few minutes of your time to apply! It also only takes a day (a few hours if you’re lucky) to claim your cash!
2. Bad Credit Check Is Okay
A good credit score is not required when applying for title loans in Salem.
All you need to have is an acceptable property under your name. If you have a good car with a great value, you can qualify for an auto title loan.
There are several reasons why you can get turned down when you apply for a loan at the bank or at a credit union.
Other reasons that may affect your credit check are unexpected bankruptcy or foreclosure.
When this seems to be your case, and you’re in need of a loan, getting a car title loan may be the best option for you instead of going to the bank.
3. Customer Gets Priority
Borrowers in Salem always get priority!
Clients will be given first-rate customer service when they apply for title loans.
- Rest assured that the lenders and lending companies will respect any financial situation and difficulty.
- Whether you might need fast cash for your tuition or emergency trip, you can always trust your lender to understand.
This is the main reason why Salem title loans are made EASY and CONVENIENT to all borrowers.
You will likely be accepted for instant approval, especially with how fast and easy the loan process is.
All you need to do is apply online or call your chosen lending company on the phone and submit the required documents.
You’ll be surprised by how fast your loan can get approved.
4. No Hidden Fees and Misleading Clauses
The loan process is certain without any misleading clauses.
Lenders in Salem are reputable and guaranteed by thousands of people they have helped recover for years.
It is better to choose lending companies with a known long history in the business!
This is the reason why it is important to always ensure that your lending company is LEGITIMATE.
Plenty of people have actually gotten themselves into a large amount of debt because of fraudulent lending companies.
5. Competitive Interest Rates
The interest rate varies per lender, and most title loans come with a higher interest, but auto title loan companies here in Salem ensure a competitive interest rate.
Depending on the lender, you can even get as little as 52% interest for your auto title loan!
Furthermore, the more diligent you are in paying your monthly dues, the greater the chance of lessening the interest rate of your upcoming title loan bills!
This eventually LOWERS the overall amount that you have to pay your lender.
6. Borrow More Money Fast at a Discounted Price
Once you’ve proven that you can pay your dues on time, some lenders offer you an opportunity to loan even more cash but now at a discounted rate!
Count yourself lucky because other lenders in other states do not usually offer this opportunity!
You can refer to the following section for more questions about title loan services!
Can I Apply With a Co-Signer?
Yes! If you think you cannot repay everything on your own, you can ask another party to help split the payments.
This would mean that BOTH of you are legally bound to the contract and are responsible for the repayments.
Make sure you and the other party repay your share! If one of you does not repay, it will cause problems for both of you!
Remember to choose someone you can TRUST, like a spouse or family member, to fulfill their end of the deal!
Do I Need to Have My Car Inspected in Person When I Apply?
Nope! You do not need to bring your car in person and have it inspected to qualify for a title loan.
The application is completely online, and loan companies and lenders in Salem do not require personal inspection.
Just make sure that all your documents are COMPLETE!
We recommend you prepare your driver’s license, car title, and insurance beforehand for a smoother transaction.
Do I Need to Be Employed to Qualify for a Loan? Can I Qualify if I Am on Retirement?
It is possible to qualify for title loans here in Salem even if you’re not currently employed.
However, you must be able to prove to your lender that you have a reliable and stable source of income to qualify for the loan.
The income may come from any other source, actually. It may come from your trust fund or even alimony payments.
The same principle applies to retirement. You can also be retired and still qualify for an auto title loan!
Again, all you need to do is have a legitimate proof of income (such as a pension) that you can show your lender to prove that you will be able to pay off your loan completely.
Can I Keep Driving My Car in Salem?
You can still keep driving your car even while it is still on a title loan.
Other lending companies offering title loans require borrowers to surrender their cars. But in Salem, you don’t have to surrender your car while it’s still on title loan!
You need your car to go to work, drop off and fetch your kids to and from school, or even go on business ventures in other states.
You would only lose your car if you failed to make your repayments. The lender has the right to repossess your collateral if that happens.
What Are the Risks I Should Be Cautious Of?
Always be on the lookout for predatory companies!
These fraudulent companies work by overcharging their borrowers with high-interest rates and trapping them with misleading contract clauses.
Some of these companies would even charge up to over 500% of the loan’s starting interest rate.
You do not want your car, motorcycle, or boat confiscated by these fraudulent lending companies!
You’ll be surprised how many people that have signed with these companies would still have a debt to pay even after having their properties seized and sold off.
But rest assured that you can trust lenders offering title loans here in Salem.
If you have more inquiries, we encourage you to visit the website of your chosen title loan company or give them a call!
Before you start your application, follow these tips for a smoother and problem-free transaction!
- A good way you can get more value for your loan is by having a highly marketable car for collateral.
- If you have two or more cars, we recommend choosing the one that will be MORE POPULAR in the market.
- It is recommended to sign a title loan deal with an exclusive title loan company rather than apply for one in a bank.
- Payment plans for the loans will be more affordable and easier to work around your financial situation.
- As much as possible, if you can, it is recommended to settle your payment for your loans EARLY. This will lower your overall bill to your lender.
- Set aside a separate budget used SOLELY for paying back the loan. Avoid unnecessary spending on luxury items or other unimportant things. Every cent counts!
Get Fast Cash With Salem Auto Title Loans Today
If you’re having trouble with your finances, you can loan cash easily when you apply online or over the phone for an auto title loan!
Remember to ask any questions to your lender directly to prevent misunderstandings or problems!
Title loans in Salem are not only affordable but are quick and easy! You can even receive your cash within the day!
Apply online for an auto title loan in Salem now and get the best deal to pay your worries away!