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Answers to Frequently Asked Title Loan Questions
An online title loan is a way to use the equity in your vehicle to borrow money. Title loans are one of the fastest and easiest loans to get qualified for. An online title loan allows you to get a loan by pledging your vehicle as collateral for the loan. This is why it is so important to repay a title loan on time and make sure you get one you can afford.
Online title loans do come with risks. One major risk is defaulting on a title loan can result in repossession of the vehicle. This is no different than if you stopped making payments on a new car. The lender would likely repossess the vehicle to recover their costs. The same is true with title loans.
Generally title loans are not difficult loans to get. Comparably they are very easy. This is mainly because the vehicle value is what determines the loan amount, not credit score. Title loans are secured loans and very easy to get assuming you meet the requirements.
The title loan requirements usually include:
This is a common question and there are misconceptions on the internet about how long title loans are. The truth is it depends on what state you live in, what type of loan you get, and the lender you deal with. Some loans are 30 days, some are several years. The cost is very different – see how by using the car title loan calculator.
Some lenders do have year cut offs. Our view is very different; rather than focus on high volume loans, we prefer quality loans. The fact is many older (classic) cars make excellent title loan candidates. So yes, you can get a title loan on an older car if it has enough equity.
Many lenders prefer to verify information with a quick phone call, however it is certainly possible to get a completely online title loan without a phone call. The borrower will need to communicate through other means such as email or text.
Yes, motorcycle title loans are available. The same requirements apply to motorcycles as to cars. The vehicle, in this case motorcycle, needs to have enough equity to support the loan.
A lien free title is a title to a vehicle with no liens. This means the title holder owns the vehicle free and clear, in other words there are no existing loans. When a new or used vehicle is purchased and financed the financer adds a lien to the vehicle title. When the loan is paid completely the lienholder removes their lien.
FTL Title Loans is your one stop source for online title loan information. Visit us anytime 24/7 for instant online title loans.