Online Car Title Loans In Alabama

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    Title Loans In Alabama From Sunshine Title Lending

     

    Your financial future should not be impacted by unexpected events or emergency situations. The good news is that, your vehicle’s title can be used as collateral for online title loans, which are a quick way to get cash. Online Title loans can be obtained using the vehicle title (car, boat, RV, or motorcycle). Two key reasons make title loans so popular are: While credit ratings are not considered when determining eligibility, lenders usually consider only the vehicle’s worth and condition to determine the loan’s affordability. Second, instant title loans can be approved quickly and for amounts as low $500 in Alabama thanks to minimal underwriting requirements.

    Online car title loans are the most common type of short term cash loan. Also known as title loans, and vehicle title loans, car title loans can also be called “title pawns”, “title pledges”, and “car-title loans”. The term “pink-slip” is derived from the pink paper on that California car titles were once printed. The potential borrower must have a car, and then sign over the title to an automobile loan title company. The loan company will lend between $100 and $5,500. This amount is usually equal to 25% to 50% the car’s actual value. In case of default, they will keep the car’s title.

    The typical funding amount with a car title loan in Alabama is $2,000. In many cases they can approach $5,000 or more for newer car’s with low mileage. The average loan term is between 1 and 2 years but may be extended per the financing agreement. Borrowers have two options: repay the title loan in one payment (typically after one month) or pay the loan over a series of payments. The auto title company can take the vehicle if the borrower fails to repay the title loan as per the agreement. The loan company offers the option for borrowers who are in default to make one-monthly interest only payments. This will allow them to continue rolling over the loan amount until it is fully paid off.

    When the title loan has been repaid, the lien will be removed and the vehicle title will be returned to its owner. If the borrower defaults in their payments, the lender has the right to repossess and sell the car to repay any outstanding debt.

    How Do Title Loans Work In Alabama & What's Required?

    Here are some things you should know before you apply for a title loan online.

    Title loans are secured loans that allow borrowers to use their vehicle as collateral. Your car is the collateral for the loan repayment. The lender may take possession of your vehicle if you fail to repay the loan on the due date. You need to give the lender the title of your vehicle, including your truck, car or motorcycle, in order get a loan title. To borrow the money you must also pay the lender a fee. Title loans are short-term loans with high interest rates and low credit requirements. This means that even if your credit is not perfect, you may still be eligible for them. Many times credit scores and histories don’t get considered.

    A title loan in Alabama can be applied for by any lender who offers it, provided you own your car outright and have a free title. Your car and proof of ownership (your title) will be required to prove your identity to your lender during your application.

    A secured lender in Alabama will assess the amount you can repay the loan and the car’s market value. If you are able to repay the loan and have the vehicle in your possession, the lender will give you a loan.

    If you are approved, your car will be given to the lender in return for the loan. Title loans usually have terms of 30 day, which is similar to payday loan terms. This means you’ll pay one lump-sum amount at the end your loan term. The amount borrowed plus interest and fees must be paid. Most lenders charge a monthly service fee of 25% of your loan amount. This will translate to an annual rate of 300%.

    The lender will then require you to continue making payments until the loan is fully repaid. During this time, your car can be driven the whole time. Once all payments are completed, you will get your title back. You might also see an increase in your credit score if all of your payments were made on time.

    Benefits Of A Car Title Loan In Alabama

    Many online title loans can be obtained in under 15 minutes for loan amounts of $100 or less. Other financial institutions are reluctant to lend money below $1,000 to anyone with bad credit. They consider them too risky and unprofitable. A majority of lenders in Alabamawill verify the borrower’s collateral. They also verify that the borrower works or has regular income. Lenders don’t usually consider the borrower’s credit score.

    Alternative title lending exists in many states. These are also called car title pawns or pink slip loans. Similar to traditional vehicle equity loans, an auto pawn uses both your vehicle and the title to secure the loan. While there are similar risks and factors to secured loans, most borrowers will receive more cash as they have both the title AND the vehicle.

    Get A No Inspection Title Loan In Alabama

    In most cases you don’t need a physical inspection to get a same day title loan in Alabama. Apply now and find out exactly how much cash is available with Sunshine Title Lending.

    Alabama Title Loans Frequently Asked Questions

    How do title loans work?

    Title loans allow you to access cash by using a paid off car as collateral for a loan. These secured loans are often issued to people with bad credit and you can expect a loan payoff term of a few months to 3 years. Lenders offer them as a way for borrowers who are an in a financial bind and need quick cash.

    What is the downside to a title loan?

    These loans are hard to pay off because most borrowers who apply for a loan have bad credit and lender's have terms that are difficult to pay down. At first the interest rate is low, but every month you need extended, the interest rates rise to high levels. When you are borrowing a high amount, it may be tough to pay it back in the short period of time.

    Do I need proof of income for a title loan?

    As with any type of loan you will need to show some type of money coming in each month. That way your lender knows you can make the future monthly payments for whatever amount you borrow. Most lenders will accept part time work and monthly annuity payments in the place of full time employment.

    Do title loans hurt your credit?

    Most borrowers who apply for title loans already have a credit score that can be classified as poor. But did you know you may be able to improve your credit rating with a title loan? Some larger title loan companies actually report on time monthly payments to the credit bureaus and that can improve your overall credit score.

    Are car title loans worth it?

    As long as you can show that you have a reliable source of income, and a car worth more than the loan you are requesting, typically the title loan provider can approve your loan application. Car title loans are also an excellent option if you need money immediately.

    How much is my car worth for a title loan?

    People often want to know how much they can access with a paid off title loan. You can access 40-65% of the vehicle's equity when you get a title loan. The average loan amount is $100 to $5,500 for most secured loan, but some lenders will let you take out up to $10,000, and even more. Once you're approved for a loan, you'll give the lender the title to your car.

    Can I access cash from a title loan on a car I just bought?

    I just bought my car and haven't had the title transferred. Is it possible for me to borrow money using my car as collateral? Yes, unless we are prohibited by laws in your state.

    Can you get cash from title loans online?

    Title loans let you get cash and use your car as collateral to secure the money borrowed. These are a great option for someone with bad credit and the process is made even easier if you want to apply for financing online. Simply take a few minutes to fill out an application for a title loan online and you can get a pre-approval in less than 20 minutes.

    Is getting a title loan a good idea?

    A car title loan an option for someone who needs cash quickly. But is it the best way to get cash? That depends on your financial situation. If you really need the money and can't qualify for other funding options like a personal loan or bank loan that it may be the best alternative. As always, do you due diligence and compare lending terms and rates for any company you work with.

    How much will I pay and what are the fees with car title loans?

    The interest rate and other fees that come with a title loan are really high and you can end up paying more in fees and interest than you initially took out with a title loan! The exact cost of a loan ultimately comes down to what rate and payoff term you agree to. But some companies may have interest rates that are well over 100% for a title loan.

    Can a borrower take out a registration loan if they already have a title loan?

    Registration loans are only offered in a few select states, but they offer the possibility of using your vehicle's registration as security for a loan. Compare that to a title loan which uses the vehicle's equity as collateral and there may be a chance to get cash from both title loans and registration loans if you can qualify.

    Is it possible to get a title loan online without my car's pink slip?

    The majority of title loan lenders will require proof that you have paid off the vehicle and that you can provide the actual car's title as collateral for the funding amount. You don't need to hand over the vehicle, but it will be nearly impossible to tap into the vehicle's equity without proof that's in yours and owned outright.

    Can you use a bill of sale to get an online title loan?

    Some title loan companies will be ok with the use a bill of sale for a loan, but that's really secondary. Any legitimate lender will also require a paid off car title or pink slip as collateral.

    Does the title have to be in your name to pawn it?

    Similar to if you wanted to apply for a title loan with a pink slip that's not in your name you can't get a title pawn with that scenario either. A title pawn company will hold the vehicle itself as collateral for the cash borrowed, but the lender will still want to know that you're the only owner on the pink slip.

    Can you pawn a title that's not in your name?

    The only way this may work is if the person who's name is actually on the car title let's you apply for a loan and use them as a cosigner. Most other scenarios will not be acceptable because the only way yo can borrow cash with a title loan is to actually have a pink slip that's in your name.

    How can I borrow money against my car?

    To be approved for a typical title loan you have to have enough equity in your vehicle. The amount of collateral required to be approved varies depending on the amount you're looking for and the car's make and model. But if you have a newer car with low miles then it's likely you can borrow cash by using the car as collateral.

    Can I get a loan on my car if I still owe on it?

    Yes! Even if you still owe on the car, you could qualify for fast financial support through title loans!

    What's the difference between a title loan and a title pawn?

    These two types of secured loans may be the same when talking about vehicle equity loans, but they have a few differences. With online car title loans, you are using your car title as collateral for a loan but the lender allows you to keep driving the car while you make payments. Title pawns also let you get cash for a paid off vehicle title, but the auto pawn lender will keep the car as collateral for the loan.

    Do you have a vehicle that's fully paid off?

    Anyone in Alabama that owns a paid off vehicle can get fast approval with an online title loan!

    Other locations in Alabama we cover includes: