Online Title Loans Definitions And Important Terms To Know
If you’re just getting into the world of online title loans, then it can be confusing to know what to expect from our vendors in At Home Title Loans and what’s expected from you as a borrower. Once you start learning about online title loans, you’ll see that there are specific online title loans definitions you need to know and understand to get through this process easily.
An online title loan uses the title of your car as collateral to secure the loan. When it comes to this loan, some of the terms you’ll commonly hear include terms like lien-free or eligibility. It is important you understand these terms and how they play into the process. Check out this guide to learn just what an online title loan is and what important terms you should know.
What Is An Online Title Loan?
An online title loan is a type of loan you can get when you use your vehicle’s lien-free title as collateral. What makes it different from regular title loans is any loan representative from one of our vendors will go to you instead of you having to come to an actual store location. Other than that, title loans and online title loans essentially serve the same purpose.
These loans are short-term and should only be used for emergency expenses that can’t wait. Some examples would be medical bills, emergency home repairs, or emergency travel expenses. This loan is what is known as a “secured loan”. A secured loan uses some form of collateral, which is something you promise to us in case you are unable to pay the loan.
Unsecured loans on the other hand don’t have any collateral involved. When you apply for the loan, you will need your lien-free car title. A car title is a legal document demonstrating proof of ownership. You should have received the title when you purchased your vehicle. You will need to have the title in your name to be eligible for an online title loan.
Important Loan Terminology To Know
Now that you know what an online title loan is, it’s important that you’re in the know when it comes to your loan agreement. One way to make sure you are in the know is to brush up on some important terms that you’ll constantly hear during this process. Here are some key online title loans definitions to know.
Inspection
One term you’ll hear a lot is the word “inspection” when it comes to your vehicle. Our lenders will have to inspect your vehicle to determine if there is any major damage. The condition of your vehicle allows us to determine how much you could get if you are approved – so the inspection is important. You can prepare by making sure to take care of any damages to your vehicle and check on your transmission beforehand.
Lien-Free
Another term you need to add to your online title loans definitions is lien-free. Liens are put on your title as a promise that you will repay the money you borrowed to pay off your vehicle. If you still owe money on your car and there are liens on the title, our vendors will not approve you. You need to own your car outright and be lien-free to apply for the online title loan.
Eligibility
Your eligibility is important to consider as you start to understand online title loans definitions. The word refers to a certain set of criteria that you must meet before you can apply for a loan through one of our vendors. The first thing you must make sure of is that you are of legal age. In fact, to apply for any loan, you must be of legal age.
To work with any of our vendors through At Home Title Loans, you must be at least 18 years old to apply for a loan. This means you must either show our vendors your driver’s license or a government-issued photo ID. You must also have your lien-free title in your name and your vehicle for the inspection.
Credit Score
When it comes to your credit with this particular loan, you need to know that our vendors will not turn you away automatically if you have a poor credit score. Unlike other loans that completely base your eligibility on your credit, you can still apply for this loan and qualify if your score isn’t the best right now.
How At Home Title Loans Can Help
If you’re looking for a lead to help you get a title loan, then At Home Title Loans can help you find a title loan lender that you can trust. To start the process with one of our vendors, all you have to do is go to our website and fill out the online form. From there we will connect you with the nearest online title loan location.
One of the representatives will give you a call to confirm your information and schedule a time and place to meet for the inspection. If the representative determines you qualify for approval, they will help you finish the paperwork and you can get your money either on the same day or the next bank business day at the latest.
Get Started With At Home Title Loans Today!
For emergency payments, an online title loan from one of our trusted vendors can help you get the cash you need on hand quickly. Now that you understand the definition of online title loans, At Home Title Loans can help you get connected. To get started, call our number at 1-800-514-2274 or fill out the online form right now.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
