What is a vehicle title loan?
When traditional lenders like banks and credit unions won’t approve your loan application, vehicle title loans are a reliable backup source of funding. For those who need financial assistance, and who own a vehicle, title loans are an appropriate solution. Typically, borrowers retain their car or truck throughout the loan term as long as they make regular payments. Auto title loans are the ideal choice for people who need emergency funds and who want to get fast loan approval.
How much can I borrow from Elite Title Loans?
The exact amount depends on a few factors. First, different states allow for different minimum and maximum loan amounts. California, for example, allows auto title loans between $2,510 and $50,000, while Illinois allows between $1,500 and $4,000. The exact amount you could get is further depends upon the value of your vehicle, your ability to make payments, and a few other factors. The main thing to remember is that an auto title loan is more focused on the vehicle’s value rather than the borrower’s credit score.
Can I still drive my car after my loan is approved and I collect the funds?
Of course. At Elite Title Loans, we understand that borrowers need reliable transportation to get to work, to run errands and to conduct their daily lives. We do not restrict the use of your vehicle in any way during the term of the loan.
How do I qualify?
It’s easy to qualify for an auto title loan from Elite Title Loans. Anyone with a free-and-clear vehicle title, a valid driver’s license, plus proof of income and residency can usually get approval in a matter of minutes. Keep in mind that the vehicle title should be in your name. For vehicles that are jointly owned, both persons will need to be present when a loan agreement is signed.
What will my interest rate be?
Each loan carries a unique interest rate based on several factors. But in every case, that rate is set at a specific percent of the amount borrowed, known as the principal. You can reduce the overall amount of interest you pay by making additional monthly payments before they are due, or paying more than the regular payment each month. Many customers take advantage of this method in order to pay the loan off faster, and to cut down on the total interest expense over the life of the loan.
How do I apply?
Applying is simple. You can call our toll-free number, 1-844-882-7277, or apply on our secure website. Our professional representatives will answer any questions you have about the process. As a matter of fact, customers can contact us anytime throughout the life of the loan if they have questions. We are always happy to help.
Are the payment schedules the same for all borrowers?
No. We pride ourselves on setting customized loan terms for each qualified borrower. Those who are able to make early payments can even shorten the loan’s duration if they wish. Typically, Elite Title Loans offers terms of between 12 and 48 months, though customers who pay early can significantly shorten the standard loan terms.
Can I contact Elite Title Loans and ask a question about my loan account?
The Elite Title Loans team is standing by every day of the week to help you. Feel free to call us toll free at 1-844-882-7277 or seek an answer to your question online anytime you feel the need. We pride ourselves on customer service and welcome your inquiries.