Applying for a title loan can be the solution if you require quick cash. The typical personal loan is not the same as a title loan. To begin with, title loans are as a rule completed quickly, so you won’t have to wait weeks to receive the money you require. Additionally, it is much easier to be approved for a title loan than it is for a conventional personal loan. You can be qualified for a title loan if you own a car.
Title loans, as opposed to conventional personal loans, are backed by property. You must pledge the title to your car as security in order to obtain a title loan. But if you need to borrow money, you won’t have to give up your car. Your title will be either subject to a lien or held in reserve by the lender while you are making payments. You can keep using your car as you pay off your loan in the meantime.
A Title Loan’s Use of Your Vehicle
Vehicle title loans in Mississippi use your car as collateral to protect the loan money you get from the lender. Because the loan is secured by the trade-in value of your car, it is vitally essential to the process. An asset is used to secure title loans. That is what enables people to be accepted despite having terrible credit or even having filed for bankruptcy in the past. A loan with collateral reduces the risk a lender faces as a result of a low credit score.
The title loan organizations in Mississippi may request that you bring your car in for examination if you apply for a title loan. If this process step makes you uncomfortable, you could be interested in title loans that don’t require a vehicle inspection. What you need to know is described below.
Why do title loan companies require a vehicle inspection?
It’s crucial to first realize why title loan companies require a vehicle inspection during the application procedure. Your vehicle serves as security for the title loan. This means that the title loan firm in Mississippi has the authority to repossess your car in order to pay off your debt if you are unable to make your loan payments. As a result, before deciding whether you qualify for a title loan and, if so, how much you can borrow, the title loan firm needs to know how much your car is worth. You may consider such online title loan companies as COMPACOM to get access to numerous lenders at once and choose the one that suits you best.
Depending on the title loan company, the examination procedure may change. You could be required to bring your car into your title loan company’s local office for examination. Alternatively, your lender can offer to send someone to look at your car at your residence or place of employment. This would make the inspection process more convenient and spare you the trouble of having to travel to the lender.
No matter where it takes place, the inspection is a reasonably easy and uncomplicated operation. The interior and outside of your car will be closely inspected by the title loan firm. The inspector will also search behind the hood for any mechanical issues that can lower the car’s value.
Car Inspection Online
The majority of lenders in Mississippi will now accept some images of your car to check the information in your application and confirm its general condition in order to make the qualification procedure as simple as it can possibly be.
You should take several photos at different angles and in natural light so that your vehicle is clearly visible in order to get the greatest quality photos. These images can be sent to the lender by email or text right from the smartphone you used to take them.
What paperwork must be submitted in order to apply for a title loan?
The title loan firm in Mississippi will require you to submit a variety of different documents during the application procedure. If you intend to submit an application for a title loan, be ready to offer:
- Your driver’s license or another kind of official identification
- The ownership title of your car
- Your driver’s license, a recent utility bill, a lease, or a mortgage statement are acceptable forms of identification.
- Income documentation, such as most recent pay stubs, bank records, or tax returns
- Auto insurance
Summary
You can spend the funds from your no inspection title loan however you wish. You decide how to send the funds once the loan has been accepted. Additionally, you keep command of your car.
To finish repaying your debt within the predetermined time, though, stay dedicated to the repayment plan. When you decide to work with reputable lenders in Mississippi, the application process for a title loan is relatively straightforward.