How Owning Your Car Can Get You Emergency Dollars

May 13, 2020 | Daniel Dewitt

 car title loan IL

 

There are hundreds of reasons to have a car: in America, it’s the only really dependable form of transportation, it’s a symbol of maturity and adulthood, and it’s cool. But one of the uses of having a car that most people don’t realize is that it opens up an avenue of fast cash in the form of title loans.

What are title loans? Simply put, they’re a short term loan where you leverage the value of your car to secure a loan. The amount you can receive varies on the value of your car, which itself varies due to model, make, and condition. More expensive cars will get you more cash, while less expensive ones less.

The only way to know for sure how much is available to you is to sign up for a title loan, but before we get to that, here are a few basics that you should know.

What The Process Looks Like

One of the greatest strengths of a title loan is the speed involved, which can see you in and out of a title loan store in as little as a half-hour. Though the process can’t be completed online (despite sometimes ‘title loans online’ being a common search term), it can be started there. If you’re interested, just fill out the form at the top of the page and one of our representatives will get back to you promptly to answer your questions.

One aspect that contributes to the speed of title loans is how few items they require. For title loans, you’ll need only three items: a state-issued I.D. like a driver’s license, the lien-free title to your car (lien-free essentially means that you own your car entirely and outright), and your car itself which needs to be quickly inspected to determine its value and how high of a loan you’re eligible for.

Unlike a traditional loan, the process for a title loan (title loans online) is minimal and quick. You won’t have to go through extensive background checks or give statements of intent: you can simply take out the loan and then use it as you see fit, since after all, who knows your problems and their solutions better than you? This aspect of title loans gives them unparalleled versatility in comparison to virtually every other loan type out there.

Emergencies, Prevention, and Investment

When it comes to title loans, there are broadly three main categories that people use them for: emergency relief, prevention, and investment.

  • Emergency relief covers everything from paying to your car in the wake of an accident to a hospital bill to covering the rent after losing your job. In an emergency situation there often isn’t enough time to sit down and do research on the precise type of loan you need or other ways of generating cash, which makes the speed and convenience of a title loan key.
  • Prevention covers everything from routine medical checkups to car maintenance. It’s always, invariably, cheaper to nip a problem in the bud before it blossoms into a full-blown emergency or situation. Title loans give you the ability to do just that and prevent painful headaches and costly expenses down the line.
  • Investments cover everything from buying stocks to paying for classes. It’s prevention in reverse, a way of taking hold of your future so you can increase your earning potential or even double your savings. Even something simple like paying off a high-interest credit card is a way of investing in the future so you won’t have to pay ever-increasing premiums in the future.

The Best Place to Get A Title Loan

While bragging is usually discouraged, in this case, we think it’s justified: here at Illinois Title Loans Inc., we pride ourselves on providing the title loans that residents of Illinois need. With dozens of locations throughout the state, we’re never more than a quick drive away.

 

Chicago title loan

 

Thanks to the request form at the top of this page, we also can get your title loans online experience started immediately. Just fill out the form to take your first step towards unlocking the value of your car and taking hold of your future in a positive and assertive manner. Thousands of residents of Illinois have used our title loans to improve their lives and financial fortunes and dig themselves out of precarious economic conditions. Why not you?

 

About this blog
Browse through the Blog to read articles and tips on managing debt, improving your credit and saving more money!