How to Get an Online Car Title Loan in Oklahoma
Do you need emergency funding? You can get fast cash through online car title loans in just a few hours if you are an Oklahoma resident!
Car title loan services have long helped the people of Oklahoma City keep up with their bills and last-minute payments.
As long as your vehicle is fully-paid and in good shape, you are qualified to apply, no matter your credit score!
Are you looking forward to getting a title loan in Oklahoma already? Hold your horses and check out our article first!
What Are Car Title Loans?
A title loan is a short-term loan designating your vehicle as collateral. They are also called title pledges, title pawns, or pink-slip loans.
If your car qualifies, it will then be inspected and evaluated to determine how much cash you are allowed to loan.
Title loan companies have made it easy and accessible through online title loans. Once online lenders approve your loaning application, they will withhold your vehicle title.
This makes them lienholders of it until you pay the full amount of your loan, inclusive of interests and fees.
There Are Two Types of Car Title Loans in Oklahoma City
- Single-payment Title Loans - These loans require you to pay back the loan amount within 30 days in lumpsum. These have an average APR of 300% and resemble a lot of payday loans.
- Installment Title Loans - These loans are more flexible, offering repayments within 3 to 6 months. They have an average APR of 259%, just like personal installment loans.
What You Need to Know Before Getting Title Loans in Oklahoma
Before considering a car title loan, you must own the vehicle completely. Apart from that, there is other information you have to be aware of:
Higher Interest Rates and Fees
In Oklahoma, car title loans usually charge borrowers a 25% to 30% interest rate over the capital per month.
That is equivalent to over 300% annual percentage rate. That is much higher compared to other loans and bank credits.
On top of that, lenders can charge a lien fee of about $25 to $30, plus origination fees, key fees, processing fees, document fees, etc.
Calculate the financing from your auto title loan and compare between lenders or other loan options to get the best deal.
Risk of Repossession
If you availed of an auto title loan and could not repay the total amount on time, the lender may allow a rollover of the loan.
But more fees will be charged every month. Worst case, the lender could repossess your vehicle.
As mentioned earlier, you need to pay back your loans or else the car you set as collateral will not be yours anymore!
How Do Car Title Loans Work for Residents of Oklahoma?
Get started with convenient and flexible funding in Oklahoma today! If you apply online, you can get your direct deposit quickly on the same day for as long as it is a business day.
Title loans work the same in every state. They will only differ in rates and loan amounts.
The best title loan for you is the one that best meets your needs and your capacity to pay off the debt.
You can typically get a minimum loan amount of $500 up to a maximum of $15,000 in Oklahoma City.
What Are the Essential Things During a Title Loan Process?
The most obvious provision to get started with title loans in Oklahoma is your vehicle title, assuring it is fully paid and legally in your name.
Other requirements include identity and income verification.
Your vehicle does not need to be brand new to qualify for the loan. It just needs to be in good working condition to have some value.
Some title loan companies will insist on attaching GPS on the vehicle for collateral for easier repossession if necessary.
Does Credit Score Matter?
You need not worry about your credit history.
In these cases, the loan amount is not based on whether you have a good or bad credit score or your employment status. The cash value will be computed based on your car's value.
Once you've submitted your requirements and had the loan agent assess them, an approval is well. You get your cash and pay your monthly payments on time!
A Summary of How Oklahoma Title Loans Work
Oklahoma allows both cars and motorcycles to be subjected as collateral.
You can either apply with title loan companies online to in-store. They have excellent customer service and will guide you in each step.
You can receive your cash proceeds on the same day you applied for the title loan.
The cash value is usually computed at 25% to 50% of your qualifying vehicle's equity. The loan period is usually 30 days.
Documents Required to Apply for Auto Title Loans in Oklahoma
The documents you should have to apply for auto title loans fall under either of these purposes:
For Identity Verification
A lender needs to ensure that the person applying for a title loan is who they say they are.
A government-issued ID containing a photo, proof of residence, and references is required. A good example would be a driver's license or passport.
For Financial Information Verification
Lenders of car title loans are not keen on checking borrowers' credit. However, they consider the applicant's finances and capacity to repay the loan.
Proof of income is usually required. These documents can come in the form of bank statements, pay stubs, or letters of income.
For Vehicle Information Verification
the vehicle's title plays a significant role in car title loans since it is used for security.
The title should state the true owner of the vehicle. Some lenders may require insurance information for added security.
Complete List of Required Documents
Some paperwork needs to be made to avail of car title loans in Oklahoma. Here are what you need to have:
- Original copy of the vehicle title showing full ownership
- Government-issued identification card showing your name on the title and your photograph
- Proof of billing or any utility bill showing your name and proof of residency
- Vehicle registration
- Proof of car insurance
- Paycheck or any proof of income
- At least two references with their names and contact details
- Duplicate car keys
What Are the Next Steps Once I Have All the Required Documents?
Once you have all the documents ready, applying should be a walk-down part. Here are the easy steps to getting the best title loan in Oklahoma:
Step 1: Fill up an Application Form Online
The application form can be found online. You can also opt to fill up the application form in-store or apply over the phone.
Step 2: Find the Nearest Loan Store and Discuss Eligibility
The company will check all your submitted documents. They will also assess the purpose of your loan.
They have to be for household purposes like emergencies, bills, and rent and not to service student loans.
An evaluation and inspection of your vehicle and your capacity to pay are also essential to determine the amount loanable to you.
Step 3: Receive Loan Proceeds
Once your application for title loans is approved, a loan contract will be constructed. You can get your cash on the same day of application.
At this point, car titles will legally be in the hands of your lender until the loan gets fully repaid. You may still drive your car. But in any case, if you default, the lender could repossess it.
Step 4: Pay Your Loan
To avoid falling into the debt trap, you must abide by what is stipulated in your loan contract.
Benefits of Title Loans
Title loans work well for most people because of their accessibility and convenience. Not yet convinced? here are more reasons to consider online title loans for fast cash:
Convenient Online Process
The whole application process can be done online in the comfort of your home. No need to schedule an appointment or work your way through traffic!
Although some lenders will require an on-site vehicle inspection, some will agree to have clear photos sent.
If you have questions, feel free to contact your lender directly. You can also course through your application over the phone through a toll-free hotline.
A loan agent will be happy to assist you.
Title loans serviced by various lenders have highly competitive interest rates to better accommodate borrowers.
It also competes among similar loans, so you have many options to choose from. Just make sure you are capable of repaying.
Flexible Payment Plans
Borrowers in Oklahoma can opt to pay back their loans in months or even years, depending on the agreement.
Some title loan companies allow you to pay as early as you like without pre-payment penalties.
How Loan Approvals Work
Here are some things to remember on how loan approvals work and how there are chances of rejection of application!
Do I Need a Bank Account to Get My Title Loan’s Final Approval?
Not all lenders will require you to have a bank account to avail of a car title loan. However, some will use it to verify your source of income.
How Does the Loan Get Approved?
Loan approval will depend on whether you meet the lender's criteria. This includes providing acceptable property like your car in good condition as collateral.
This means the actual loan amount, the term, and APR will vary per borrower. A pending review of your documents may give conditional approval.
What Are Alternatives to Title Loans in Oklahoma?
If you do not meet the requirements for a title loan, if your title loan is not approved, or if the title loan amount is still not enough, you can try these:
- Apply for short-term small loans from credit unions or community-based organizations.
- Apply for Oklahoma short-term payday loans or installment loans even with bad credit.
- Get a cash advance on your debit or credit card.
- Consider a pawnshop loan if you have any other valuables you can use for collateral.
- Try making some extra income by taking an odd job or recycling.
- Negotiate with your employer for a cash advance.
- Negotiate with your creditor if you need a cash advance for better repayment options.
- Ask for financial help from family and friends.
Ensure to compare rates and see which fits your needs and capacity to pay.
Frequently Asked Questions (FAQs) About Title Loans
Before getting your hands on title loans, here are answers to some questions you may have in mind:
How Much Money Can I Borrow With a Car Title Loan in Oklahoma?
Title loans can range from $500 to $15,000 in Oklahoma. The definite amount will be derived from your vehicle's value.
Can I Get Title Loans in Oklahoma With No Vehicle Inspection?
A vehicle inspection is necessary to estimate the value of your car and thus the amount loanable to you.
However, in cases where you transact completely online, it will be enough to provide documents and photos of your car.
Can I Apply for a Car Title Loan in Oklahoma if I Have Bad Credit?
Not every lender will do a credit check. If you have bad credit, you can still avail of car title loans. The equity in your car will suffice as security that you should not default.
Final Thoughts: Should You Get Title Loans?
Own a car and need fast cash? If you happen to be in this situation, perhaps a title loan in Oklahoma is the best solution to your financial woes.
Just remember to get approval; title loans in Oklahoma should be availed intended primarily for emergency funding, payment of bills, or rent.
You should also demonstrate ability to repay the loan so that you don't lose your beloved vehicle!