Title Loans Dover, Delaware
When it comes to title loans, Dover borrowers don’t need to be stressed or scared. That is because online title loans are a quick, convenient, and straightforward way to get the money you need when you need it with no hoops to jump through and no hidden terms or conditions.
Title loans are a simple type of short term loan. They are based completely on the idea of collateral, which lets you put something of value up as temporary security for the amount you borrow. In the case of title loans, Delaware borrowers use their car’s title papers as collateral.
The car, itself, stays with the borrower. Only the title needs to go to the lender. Borrowers with a clear car title that has no liens against it will receive their loan money very shortly after the title is on its way to the lender. The lender then hangs onto the title for the duration of the loan. Once everything has been repaid including interest and fees, the lender sends the title straight back to its original owner. That’s really all there is to it.
Getting Your Car Title Loan Ready
You don’t need to get your car washed and detailed or fill up the tank in order to get a title loan. After all, you will still be the one driving it while you borrow. There are some things that your lender may request, though, including the car’s title for collateral, as well as housekeeping paperwork, such as a copy of the registration.
To get vehicles ready for their title loans, Dover borrowers simply need to check with the Delaware Division of Motor Vehicles. Using the DMV’s online portal, car owners can pay off any outstanding tickets or fees, get copies of and replacements for car titles, renew vehicle registration, and renew driver licenses.
If you would prefer to work person to person, or need a service that requires an in-person visit, you can call the DMV to make an appointment, and visit them at:
Delaware Division of Motor Vehicles
303 Transportation Cir
Dover, DE 19901
Working With Delaware Title Loans
Understanding what you get when you borrow with a Delaware title loan is important to keeping your borrowing experience stress-free and rewarding. Any quality title lender will work with you directly to ensure that you understand the terms of your specific loan, but there are some regulations set down by the state that it’s worth knowing when you begin the borrowing process.
The State of Delaware requires that lenders provide seven disclosures to borrowers to help them better understand their rights and obligations. Full text of these disclosures should be in any loan agreement, as well as under the Delaware Code. Simplified, they state:
- Title loans are meant for short term cash, not to solve long term financial problems
- Borrowers are not compelled to sign a loan agreement simply because they received these disclosures
- Signing a loan agreement allows a lender security interest in your vehicle, and should you fail to meet the obligations of the agreement, the lender may take possession of the car
- If a lender takes possession of your car, you may lose equity in it
- Borrowers can rescind the title loan agreement for any reason and at no cost up to the end of business the day following the day on which loan funds were actually disbursed
- Borrowers have the right to receive information about credit counseling services from the Office of the State Bank Commissioner
- Borrowers may file a complaint with the Office of the State Bank Commissioner if they believe a lender has violated the law regarding their loan
Of course, to find a quality lender you know you can trust to be completely compliant with state regulation, just give us a call. We can match you with the title loans Delaware borrowers love in a matter of minutes, and you won’t even have to stress the legal terms. All it takes is one quick call.