Title Loans in Sturtevant, WI
Often when you hear about loans that are supposed to help you when you need cash quick to take care of current bills or personal expenses, the process ends up being more lengthy and intense than you realized. Many lenders want to know what you plan to do with their money and many of them such as banks have restrictions on who they lend to. Some restrictions they have include limiting loans to current members and those with decent credit scores. Even more so, the paperwork even for personal loans can be quite thick. But there is another option if you live in Sturtevant, WI and have maxed out your credit card or don’t qualify for a bank loan, and that’s through our car title loans in Sturtevant.
Car title loans in Racine are actually a pretty easy way to get the money you need because these loans are based on equity in an asset you own. That asset is your vehicle, and as long as you fully own it you can borrow money by putting it up as collateral. We are not a bank and since it’s your vehicle, we do not ask what you plan to do with its title loan money. People use title loans for a variety of reasons whether it’s to pay rent on their homes, buy an appliance from the store, buy business equipment, pay for utilities or repairs or even to go on vacation. So long as your vehicle title loan is repaid, it doesn’t matter what you do with it.
Why Your Title Is Required For Car Title Loans In Sturtevant
The title to your vehicle is the document that confirms that you own it, and we need it to make sure that the vehicle isn’t stolen and to make sure nobody else is a lienholder on it. Our car title loans in Sturtevant require that you have complete ownership of the vehicle, and the title should show this by reading clear on it. Usually if you owe money either to a dealership or another party, they will hold your title until you’ve completed all payments on the vehicle. You may also need to visit and pay a fee to the DMV to have your title updated to clear.
Your Credit Is Irrelevant With Our Car Title Loans In Sturtevant
Since our car title loans in Sturtevant are based completely on your vehicle’s value and use it as collateral, we do not need to do a credit check on you. That means no matter if you’re credit score is good, fair, bad or non-existent, it has no effect on your approval. We do not report to any credit bureaus or government agencies when you apply for our online title loans and we don’t inform them of your spending habits. The only factors that affect your title loan approval and amount are your vehicle ownership and market value, and your current income which we need to know to be sure you can repay your title loan.
How Much You Can Get With A Title Loan
In order to figure out how much your loan principal will be, an appraisal will be done on your vehicle and the loan amount will be anywhere from 20-50 % of its value. The main reason lenders do not lend out the full amount of a vehicle’s value is because it depreciates and they need to make sure they are not risking losing the full value of the asset. Car title loans in Wisconsin are legally allowed to be as high as $25,000, but rarely are they ever higher than about $5,000.
You Can Still Drive Your Car With A Title Loan On It
One common question that comes up when people apply for title loans is whether putting your vehicle up as collateral means you have to leave it with us. We do not hold your vehicle because holding the title is sufficient to claim collateral on it. Your vehicle can be driven and kept at your home just as it normally is while you’re using a title loan.
Final Application Steps And Identification Documents
There are basically only three laws that govern title loans and they stipulate the following:
- You must be at least 18 or older and have a government-issued photo ID to verify it
- You must live in and keep your vehicle full time in Wisconsin, though it does not have to be registered there
- You must present your clear title to the lender
The application is simple too. You just fill in your vehicle and contact information and our auto title loan estimate tool will give you a quote for the loan amount you could get. But you’ll then visit our Racine store and and complete the paperwork and inspection before the final loan amount is determined. We’ll schedule a time for you to visit at your earliest convenience.
