Get The Most Out Of Your Auto Title Loan

Posted: July 15, 2020
Get The Most Out Of Your Auto Title Loan

Title Loan Options in Chicago

Life can be unpredictable, and sometimes you need cash fast. That’s where an auto title loan comes in. Cars are an essential part of our lives. Whether car, motorcycle, or truck, we use vehicles every day to get to work, run errands, and visit loved ones. With that being said, car title loans are an excellent loan option for quick and efficient cash in less than one business day! Unlike other installment loans, car title loans may allow you to borrow higher amounts since lenders have the security in the form of your vehicle.

What is an Auto Title Loan?

An auto title loan is the exchange of a small loan for the title of your vehicle. Cars have resale value, which allows them to be used as collateral if you own the title. Typically, the amount you can get on your car title loan varies on the year, make, model, and mileage of your vehicle. You may also have to pay the lender a fee to borrow the money.

How Do Title Loans Work?

Getting a car title loan is a seamless process. Simply call or visit a financial loan provider near you and give them your personal information and the details of your vehicle including the model, make, year, and mileage. A loan representative will consider your application carefully and propose a loan amount best suited for you.

Once you’re approved, all you will need to do is sign the necessary documents, and then exchange your title to the financial loan provider. The provider will hold on to your title loan for the duration of your loan. Once the loan amount and interest are paid, your title will be transferred back to you, hassle-free.

Things to Remember When Getting an Auto Title Loan

  • Remember, you can still use your car throughout the loan period. While the title is in our office, the car is with you. Once the loan is paid off, we’ll release the title back to you, hassle-free.
  • Always pay the money back: While the lenders might be able to sell the car to regain their invested amount, they would prefer not to. They want clients to retain ownership of their car and pay off their debts smoothly. Any additional cost to recover your vehicle is your responsibility as well.
  • You will likely need to bring your vehicle to the lender for them to match the VIN on the title to the vehicle, and also to check the overall condition.
  • Only borrow what you need: A small amount will be easier to pay back and the risk of losing your car would be lower.

What are Personal Loans?

Another installment loan alternative is personal loans. A personal loan is a form of credit from a bank, credit union, or online lender that you pay back in one or more installments.

Unlike auto title loans, you can opt-out to not be backed by collateral, meaning “unsecured”. Personal loans are a good choice when making a big purchase or consolidating high-interest debt. Many try to compare personal loans to credit card loans, but they aren’t exactly the same: With personal loans, you are given the sum of cash in which you must pay back each month until it is entirely paid for; Credit cards, however, will give you a line of credit and a revolving balance based on your spending.

How Do Personal Loans Work?

To get a personal loan, you must contact a bank, credit union, or other lending institution and ask to borrow a specific amount of money. Unlike very distinct loans such as a house loan or car loan, a personal loan can apply to a variety of things. Whether it’s to cover medical expenses, pay for school, or repair your car, personal loans can be used for virtually anything.

We encourage you to do extensive research to choose a personal loan that works best for you. Once you’ve decided on the lending institution you want to get your loan from, set aside time to complete the application.

America’s Financial Choice Has You Covered

At America’s Financial Choice, we offer car title loans regardless of the year, make, model, or mileage of your vehicle. If you want to know more about our auto title loans in Illinois, don’t hesitate to contact us at America’s Financial Choice or call 866-298-2732.

America’s Financial Choice is an installment payday loan and auto title loan lender licensed by the state of Illinois Department of Financial and Professional Regulation. We offer quick and reliable payday installment loans and title loans in Chicago and throughout the state. We’re a company that values exceptional customer care. That is why we ensure that you connect with real people, just like you, that know your needs, and will do their very best to fulfill them.

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