How Does A Title Loan Work & What To Expect In Louisiana
Most people will face a situation where they need to borrow cash at some point. But where do you turn if you can't get approved for a personal because of your poor credit score? Have you ever considered a car title loan? These loans use the equity from your vehicle as collateral, and some customers in Louisiana can borrow upwards of $15,000 by tapping into their vehicle's value.
While some title pawns require the vehicle as collateral, you only need to sign over the car's pink slip with a title loan. You can then keep driving your vehicle while the payments are made monthly. These secured loans are popular in Louisiana because they offer fast access to funds at a time when people can't qualify with traditional loan companies. You will often have 9 to 42 months to pay off the loan and the APR is usually lower than with other payday loans and lines of credit.
Get A Title Loan In Louisiana With Car Title Loan Lenders USA
We make it simple to apply for a title loan online. All we need is your car's pink slip and your employment verification. In just minutes, you can get the money you need, begin applying for title loans in Louisiana with a reputable lender, and have the funds to pay for any financial crisis that pops up!
With bills coming up, knowing what to do next can be challenging. A better alternative would be a car title loan from an online lender through Car Title Loan Lenders USA. We work with New Orleans and Shreveport customers and know precisely what you need to qualify. Not only does this type of lending product allow a much easier application process as well as quick access to cash, but it is also available when traditional financing isn't an option at all, such as if someone doesn't have a great credit history or employment history.
Guaranteed Approval Title Loans In Louisiana
Do you have a vehicle with less than 100,000 miles that's lien free and completely paid off? You should have no trouble getting approved for a title loan if you can provide a copy of the pink slip to a local direct lender. There's no requirement for good credit for a title loan in LA and you don't even need to hand over the vehicle as security!
Loan Amounts With Title Loans In LA
One benefit of title loans in LA, is that you can borrow much more cash than what you would get from a bank or personal loan lender. These loans are secured and that collateral backs up the amount a lender gives out. So expect a title loan value of around $2,500, with larger amounts approaching $10,000 with some of the national companies that offer loans in New Orleans.
Bad Credit Title Loans - How Do They Work
The fact is that many applicants for title loans have poor credit scores. Otherwise, wouldn't you apply for a personal loan that has lower interest rates? Creditors know this and instead of focusing on your FICO score, they instead look at your vehicle's value and your ability to make future payments. Some secured lenders won't even check your credit score and instead focus entirely on the equity in your car or motorcycle, or semi!
Apply Online Or With A Title Loan Place Near Me
Where and how you apply for a title loan depends on how quickly you need the cash. Would you prefer to start the process online and complete the vehicle inspection at an office in New Orleans? Or do you want to meet with a neighborhood company in Lake Charles that only accepts in person applicants. However you choose to apply is your call, and again the main requirement is that you show some type of collateral from a car or suv!
What Do You Need To Qualify For A Title Loan In Louisiana
Although you may think that a title loan is like a payday loan, there are few differences between the two kinds of loans, and most lenders will require proof of your income before they approve you for a title loan. When applying, you must bring in documents proving your identity and residence, vehicle registration information, car title, and insurance documents. Most lenders request these documents but won't run your credit or evaluate your employment history. Like unsecured loans, though, there is a risk with this kind of lending product because if you default on payments, the lender can legally repossess your vehicle. Also, check the national and state title loan laws to determine what to look for when choosing a secured lender.
You may need to pay extra charges when applying for a title loan in Louisiana. The lender may charge an application fee of $50 or more, and you'll also have to pay the interest rate on the loan amount over time. Since this is a short-term credit product, you won't need to worry about building up high amounts of debt, but you should know precisely how much it will cost before signing any documents. Also, expect the unexpected when you look to tap into your car's collateral.
What Else To Know About Louisiana Title Loans
Online title loans in Louisiana can be a great way to get quick cash, but you need to know the risks involved when using a car or truck as collateral for a loan. Even if you miss one payment, your lender will have the opportunity to repossess the car, which means your vehicle can be sold at auction. You'll still owe money to the finance company if the sale price is less than the original loan amount!
Only borrow an amount you can repay and double payments monthly to pay down the interest. This way, your credit score can improve as you make timely monthly payments, and you know you're always in control of your finances. One last thing to remember about title loans is that if you qualify for a personal loan, you should go that route! The odds are that you'll have a lower monthly payment, and there's no collateral required, so you don't risk having your car or truck repossessed.
Apply For A Title Loan In Louisiana With No Store Visit
Call Car Title Loan Lenders at 866-515-9866 or apply online to see what your car or semi-truck is worth in Louisiana. If you have all the documents ready, we will then start your online application ASAP! Best of all, if you can send proof of your vehicle through video, we may not need an inspection! Get an online title loan with no store visit today!