Title Loans Illinois from Loan Cheetah
Title loans in the State of Illinois allow you to get some more cash in your pockets by using your vehicle as collateral. With these collateral loans, you can still drive your car or truck. Learn about the Illinois car loan benefits, process and laws governing this type of financing.
How Title Loans Work in Illinois
Personal loans from a bank can be difficult to qualify for - banks might require a lot of paperwork and high income. Alternative lenders offer a solution when you really need money fast.
Short-term secured loans use your automobile as security. You don't need to sell your car outright or leave it at the pawn broker office - you get to keep driving your car. Furthermore, the process is much faster.
Generally, you most own your vehicle “free and clear,” to qualify for title loans Illinois. To get the money, you will need to hand over your title and a spare key. You will make monthly payments until the loan is paid off. If you default, then the lender has the right to repossess your vehicle.
In 2009, there were 73,116 Illinois title loans. In 2013, there were 100,698 Illinois title loans. The average term for Illinois auto loans was 18.6 months.
How Can Auto Loans Be Beneficial for Illinois Residents?
You never know what problems may arise in your life. You might have a family member get in a serious accident and need to pay off medical bills. Perhaps, you want to pay off some credit cards.
An entrepreneur could use title loans Illinois to purchase supplies for his start-up. The “proof of concept” can show potential investors that his business plan has merit. A caterer could use one of these short-term personal loans to purchase ingredients for his summer business. You can use the funds for whatever you wish.
Online Title loans allow you to get money quickly, using your vehicle as security. You don't need to waste time with an extensive bank procedure; title loan financing companies offer fast, streamlined processes. When you pay off your loan, you get your title back. These collateral loans can be a "win-win" for all parties.
Illinois Title Loan Features
The State of Illinois requires that the providers of secured loans list all essential information in the terms and conditions. When you review the loan agreement, consider the amount offered, vehicle valuation, time period, annual percentage rate (APR) and fees schedule. You might ask if there is a "prepayment penalty" on these personal loans. Without a prepayment penalty, you can repay the loan early.
If you are successful in repaying the loan and want to access new funds thereafter, your loan might have a "rollover" feature. This could be useful for a small business, which needs capital for a longer period of time.
Apply for Title Loans in Illinois
When you are ready to get some more money in your hands, then just fill out our free online application. We will provide a free title loan estimate of how much you qualify for. Gather financial documents together to provide the relevant vehicle and personal information.
Fill in the vehicle year, make, model, mileage, VIN, license plate number and title number. If you need any help getting your title updated, you should contact the Illinois Secretary of State at the following address:
Illinois Secretary of State
Record Inquiry Section
501 South Second Street, Room 408
Springfield, IL 62756-8888
Also, provide your personal information: name, phone number and zip code. After you submit the form, a loan representative will provide you with a free title loan estimate at the earliest convenience.
Illinois DMV Locations
If you need any information concerning state financial laws, you can contact the Illinois Department of Financial & Professional Regulation (IDFPR) Division of Financial Institutions Consumer Credit Section:
100 West Randolph, 9th Floor
Springfield, IL 62786
The IDFPR can discuss your duties in repaying the loan and rules that lenders must follow when repossessing your car.
Illinois Towing Services
Each state has the right to set its own laws concerning towing services and repossession companies. If you miss payments, then under the title loan contract, the finance company has the right to repossess your car. Typically, the repossession agents can only repossess your vehicle if it is on public property.
The State of Illinois added more rules and standards in 2012 to make the repossession industry more professional. In the State of Illinois, repossession companies must be licensed, bonded and insured; employees must pass a certification course and background check.
If you have a stalled vehicle or get in a car accident, then you could contact a good Illinois towing company.
Title loans give you money, while permitting you to continue to use your vehicle. To get your free title loan estimate, just fill out the website form.