Title Loans in Waukesha, WI
A title loan might not be the most well-known of lending options, but one can prove helpful to a person in Waukesha, WI seeking an easy way to borrow money. These loans allow applicants to borrow money based on the value of a car. If you own a car, you put the title of the vehicle up as a form of collateral. Anyone stuck in an emergency situation and needs money might have a really strong need for one of these loans. Emergencies may include:
- Healthcare costs.
- Automobile repairs.
- Food purchases.
- Past due rent and utility bills.
These loans work in a way similar to the various traditional secured loans. A few big differences exist when comparing bank loans with title loans in Waukesha though. For one, the requirements for approval aren't all that stringent. As long as there are no liens on the vehicle, you can qualify for a title loan. A bank may not be so generous with loan applicants who have little collateral to offer beyond their car. Title loan lenders, on the other hand, make themselves available for these borrowers.
Fewer would-be borrowers walk away from a title loan lender disappointed than is the case with borrowing from a bank. As long as you meet the basic criteria for a loan approval, the loan should be issued quickly. A title loan lender won't come up with a host of reasons to disqualify an applicant.
How to Apply for a Car Title Loan
To apply for online title loans requires little effort. An online application found right on the website streamlines the entire process. Basically, there are two main categories in which detailed information must be provided: your car and you.
With your car, just tell a little bit about the vehicle. Make, model, and year reveal a lot about the car. Adding the VIN number allows for further accurate research. Providing the current mileage should leading to figuring out an accurate valuation of the vehicle.
As for yourself, the main item required involves contact information. Lenders do need to know who you are along with how to get ahold of you. Name, address, email, phone number, and any alternate phone numbers might be more than enough. Just hit the submit button on the online application and one of our loan representatives performs a review.
In short order, you will receive a car title loan estimate. The estimate is based on the current retail resale value of the car. The value, in turn, establishes the maximum amount of money that can be borrowed on title loans in Waukesha and elsewhere. After you receive your valuation estimate, a loan representative will give you a call to discuss further steps regarding the issuance of loan.
Wisconsin State Rules Regarding Auto Title Loans
Certain rules do exist regarding title loans in Wisconsin. Statutes under section 138.16 of the Wisconsin legislature go into specific detail about title loans. Probably the most significant law notes the lender cannot make a loan creating a principal liability more than 50% of the vehicle's retail value.
Other laws on the books include such things as a bans on lenders from requiring copies borrowers provide the keys to the vehicle as security, approving a title loan when the vehicle is "subject to another security interest," and taking possession of a vehicle without providing the borrower with 20 days notice.
Laws also exist to protect the lender as well. For example, borrowers may be held liable for "deficiencies" on the value of the car resulting from intentional damage. Borrowers are also barred from deliberately concealing the location of the car.
Benefits of Car Title Loans
Title loans in Waukesha come with a host of benefits that traditional loans lack. Applicants won't be required to fill out long, multi-page forms that go into unnecessary detail. The primary focus of a title loan application remains the value of the vehicle. Credit history doesn't factor into approval decisions with car title loans. Since you don't need good credit to be approved for one of these loans, title loans can become a "bad credit borrower's" financial lifeline.
Also, the processing of title loans in Waukesha won't include long, unnecessary waits. As soon as the application has been approved, the funds will be deposited in a reasonable amount of time. On average, funds may be received in as quickly as 24 hours.
And you can keep your car and still drive it. The car won't be placed in a "secure location" as would be the case with a pawn shop lender. Take that as another positive associated with borrowing against the car.