A loan that is secured by your vehicle. We keep your clear Nevada title as collateral interest. When your loan is due, you can:1) Pay the interest to extend the loan for additional months 2) Pay the interest and principal to reduce the loan 3) Pay the loan in full.
Keeping this in consideration, are car title loans worth it?
Advantages of Car Title Loans
As long as you can show that you have a reliable source of income, and a car worth more than the loan you are requesting, typically the lender will approve your loan application. Car title loans are also an excellent option if you need money immediately.
Simply so, can I get a title loan without the title?
Do you really need a literal car title in order to get a title loan? Auto title loans are a form of fast cash, a personal loan that doesn’t always require a credit check or proof of income. … That means you will not be able to get a title loan without a car title to use as collateral.
Can I refinance my title loan with TitleMax?
If you have an existing title loan from another company, you’re in luck with TitleMax®. We strive to provide loans with interest rates competitive to other comparable companies. … We can generally refinance any title loan that has already had about 20% of its principal paid down.
Keep in mind for approval of a title loan, you don’t need to have a regular paying job, but you need to prove that you have at least some type of constant income. The proof of income can come in the form of housework you do for a neighbor, or maybe you sell something online.
Title loans can provide needed cash fast—particularly to borrowers with bad or no credit. They work by using a vehicle title to act as collateral for the amount of the loan. Lenders offer them as a way for borrowers to cover emergency or other short-term expenses.
How much can you borrow with a title loan? You can usually borrow 25% to 50% of the value of the car. According to the FTC, the average loan amount is $100 to $5,500, but some lenders allow you to borrow up to $10,000, and even more. Once you’re approved for a loan, you’ll give the lender the title to your car.
You must be at least 18 years old to be approved for a Las Vegas title loan. Aside from that, all you need in order to qualify for auto title loans in Las Vegas is a car, a clear title showing that you own the car, proof of income, and a government-issued ID.
Documents You’ll Need
- Original vehicle title showing sole ownership.
- Government-issued identification matching the name on the title.
- Utility bill or other proof of residency matching the name on the title.
- Current vehicle registration.
- Proof of vehicle insurance.
- Recent pay stubs or other proof of ability to repay the loan.
Title pawning is defined as a type of secured loan that uses your vehicle title as collateral to secure your loan. … Title Pawns are short-term loans that usually allow you 30 to 90 days to repay; loan terms do vary from state to state. Your vehicle title is kept with lenders until you fully repay the loan amount.