Have you been turned down for a traditional loan from a bank or credit union? No matter how prepared you feel going in, it can be a frustrating and often fruitless experience, especially if you have credit problems. Banks often promise a quick and hassle-free approval process, but once they get you there, the story seems to change.
So, what can you do to get the money you need when the traditional sources are not an option? If you’ve hit a snag in securing the fast cash you need to get your financial situation back on track, the title loans that are available in Illinois could be your light at the end of the tunnel.
What exactly is a title loan, and what might make it the right choice for you? A title loan is a type of secured loan where you can borrow against the value of your car when you need money fast, and you can even drive your car while you make your payments. Find the local lenders in your area and make a quick call to find out more about the minimum requirements and the terms of your loan.
You can start the title loan process in store or online from the comfort of your home. If you’ve been frustrated with traditional loans and the tedious, lengthy approval process that comes along with them, you can rest assured that title loans are fast and easy to get, even if you have bad credit or even no credit. In many cases, cash can be secured in as little as 30 minutes.
If your car is already in good working order and you own it outright with no outstanding liens or co-owners, you’re already half way there. Now all you need to do is take control of what your car says about you. The amount you get from a title loan is based on the value of your car itself, so you want your car to be in the best condition possible before inspection.
You want to make sure you put your best foot forward so you can get the most money back for it. That means giving it a good wash and clean inside and out because making sure your vehicle looks as good as it drives could help you qualify for a higher loan amount. While the inspection is a large part of determining your vehicle’s value, the year, make and model are also taken into consideration.
Once you’ve got your car spick and span, you want to make sure you choose the right title loan vendor. Do your homework and compare lenders in your area to make sure you get the most bang for your Bronco or Beamer. Check that the lender you are working with has a license to operate in the state of Illinois. There are regulations that must adhere to when issuing these loans, and you need to be certain that your lender is in good standing before doing business with them.
You may also want to review your loan agreement with a lawyer before signing anything; your legal counsel may detect vague, misleading language or predatory terms that you could miss if you feel rushed or are unfamiliar with legal terminology. If your lender is legitimate, they won’t object to you bringing a copy of your contract to a legal professional for review. No reputable provider will pressure you or dissuade you from reviewing your paperwork with a lawyer.
A lot of lenders will have a website complete with an FAQ page and a form to complete to receive a call back. Check out the FAQ and any consumer disclosures, and fill out the form to talk to a real-life representative from a store near you. This is the time to ask any questions you might still have after doing your research. Take notes on anything that isn’t clear when shopping around and while you’re on the phone and be sure to clear those up before proceeding.
You definitely want to have a better idea of how much cash you could qualify for and how much you will owe when all is said and done. When will you make your payments? What are the terms of the loan? Is it possible to avoid high interest costs by paying it back faster? Can you refinance your loan if you can’t make your minimum payments? These are all things that will help you decide which lender you choose to go with and what your loan will entail.
When you know who your lender is and what your loan terms will be, you can establish a solid plan of action to keep yourself on track with your payments. That’s one on the most important steps, and unlike the other four, it requires self-disciple, planning and your attention. If you already have a monthly budget, work your payments into it and account for every cent you borrow so none of it goes to waste. Your needs may change as time goes on, so make sure you stay on top of your finances to avoid any late fees. If you fail to prepare, you’re preparing to fail, so make sure to account for how you’ll be using and repaying your loan before you take one out.