Title Loans in Boise, ID
Tips To Get Title Loans In Boise, ID For Different Repairs
Important repairs or preventative maintenance can be some of the hardest situations to have cash on hand to take care of. Vehicle repairs can get even more expensive if you let them go unattended, and during various hot and cold seasons, you don't want your heating or air conditioning to go unrepaired. All of these expenses can add up, and if you're going through some tight financial times, you may not have enough in savings to be able to cover emergency repairs. But instead of panicking or suffering from the lack of repairs, you can have them taken care of if you're approved for our vehicle title loans in Boise, ID.
How Car Title Loans In Boise, ID Are Easier To Work With Than Bank Loans
If you're unable to get help covering repair costs from any friends or family, you might think your only place to go to borrow money is the bank. But our car title loans in Boise, ID are far better options, especially if you need to borrow far less than $10,000 and don't want to take a line of credit out of a second home mortgage. Now similar to mortgages, title loans are are also secured loans, which are sometimes also known as collateral loans. But unlike many bank loans which are regulated at the federal level, car title loans are regulated by the states, and Idaho is a state that allows them. There's several advantages they have over personal loans from the bank:
- They have fewer requirements needed to be approved (usually you only need to own a vehicle and have income of some kind)
- No waiting in line at the bank to speak to a loan officer, and the paperwork is much shorter
- You can get approved within minutes of completing the application and receive your funds much quicker than bank loans
Understand How Car Title Loans In Boise, ID Work
It is your vehicle's equity that determines how much you'll be able to get with our car title loans in Boise, ID, but it is not actually held by the title loan agency. What happens is you will turn your vehicle title over to the lender prior to receiving your funds, and they will place a lien on it. Your title loan amount will usually be about 25 percent of your vehicle equity value, though if you have a large enough volume of monthly income, you may get up to half the value of the vehicle. You can get up to 30 days to repay the title loan as per Idaho title loan laws, and once you've paid the amount plus any other fees, the lien will be released from the title and the title returned to you.
It should also be noted that in order to place a lien on your title and use it to get a title loan, it cannot have any other liens on it. That means that you shouldn't currently owe a dealership or bank any payments on it, or have any court-ordered liens that are unsatisfied. If you have taken care of all liens but don't yet have a clear updated title, you may need to contact your local DMV center to have one mailed to you.
What You Need To Complete A Title Loan Application
There are several things the lender will need to keep on file to approve you for a title loan which include your vehicle's make, model, year and mileage as well as its VIN. They'll also need to make sure you're at least 18 and have your physical address and license plate number on file. Some of this information will be put in our car title loan estimate tool which is what you'll fill out first in our online application. This estimate tool will give a quote of what your title loan amount could be if your vehicle is in good condition, but you will need to bring it to the title loan store in Boise to get an inspection. You'll need to have these three documents when you visit our store:
- A photo ID which is issued by the state, and a driver's license is the most commonly presented document, but a passport or other government photo ID can also be used
- A paycheck stub, W2 statement, bank statement or another document that shows what your monthly income amount is
- The vehicle title itself
It usually will take less than an hour at the title loan agency store to conduct the inspection and complete the paperwork. Filling out the online application is not required, but it can save you a lot of time when visiting the store. You'll just need to make sure you're familiar with your legal responsibilities for title loans in Idaho, and make sure you fully understand every document you sign. If you change your mind about using a title loan, you can return the entire cash or check to the title loan agency within business hours of the next day.