Questions To Ask Before You Take Out A Bristol Title Loan
Personal loans can help you raise money for sudden and urgent expenses like medical bills, house or car repairs, rent, utilities, and other personal needs. However, many banks require a high credit score and proof of income and employment. They also request a lot of documents, so processing time can stretch for weeks.
It’s much easier to apply for a Bristol title loan. This is a type of loan where you use your vehicle title as collateral. You can borrow up to $2,500 depending on your vehicle’s age and condition.
And you don’t have to go through a long and complicated application—with Tennessee Title Loans, Inc., you can even get the loan approved in 30 minutes and receive the money on the same day.
But is a Bristol title loan the best option for you, how can you get qualify, and what should you do to get title loans in Bristol, TN? This list of questions can help.
Ask Yourself These Questions Before Taking Out A Bristol Title Loan
What Kind Of Loan Do You Need?
Tennessee Title Loans, Inc., offers different types of loans with varying loan amounts. Before you take out a title loan in Bristol, think about how much money you will likely need and what you will use it for.
With our fast title loans, you can borrow from $300 to $2,500 depending on the market value of the vehicle. This is best for larger expenses that you have to pay for right now, like medical bills or a backlog in utilities or rent.
For smaller amounts, you may just need payday loans, which are like cash advances on your next paycheck. You just need to present a pay stub, and you can borrow from $100 to $400. This is best if you just need a little money to tide you through the rest of the week until your salary comes in.
If you’re not sure how much money you need or when you need it but would like to have the money on standby, you may want to consider a flex or line-of-credit loan.
You are given a credit limit of $4,000 for a set period. You are charged interest only when you borrow, and once you pay it back the amount is available again for you to borrow at any time.
The flex loan is best for expenses that can extend over a long period (such as house or car repairs) or people who have seasonal income and need a financial safety net if paychecks are delayed.
Is The Vehicle Registered Under Your Name?
You must be the registered owner of the vehicle, and your name (as it appears on your government-issued ID card) should exactly match what’s on the title. That is part of the law, which protects people from taking a title and then selling it or using it as collateral without the real owner’s consent.
But what if the owner has given consent, or if the vehicle is yours but is registered under somebody else’s name? That still won’t work. You have to go to the DMV to have it officially transferred.
Is The Vehicle Title Lien-Free?
A lien is a legal claim on any property. It is usually placed if the property is being used as collateral, if its ownership is being contested, or if other court issues that involve a person’s assets.
To get a Bristol title loan, the vehicle title must be lien-free. It should not be currently used as collateral for another loan or have any judgments against it.
Is The Vehicle Fully Paid For?
Any vehicle can be used for a title loan, even if it’s old or isn’t a luxury model. However, the car has to be fully paid for and owned. If you are still making car payments, you can’t use it as collateral because the bank where you got the loan still has a legal claim on it.
How Will You Adjust Your Budget?
To avoid stress, think ahead and plan how you will adjust your budget to accommodate the loan payments. You can look at areas where you can cut back on expenses or think of different ways to increase your income. These are important financial habits that are part of being a responsible borrower and can help you feel more in control of your money.
Apply For The Fastest Title Loans In Bristol, TN
Tennessee Title Loans, Inc. provides the easiest, fastest ways to get a Bristol title loan. Just fill out the online form, and a loan representative will call you back to personally explain how it works. Once you’re ready, just bring a government-issued ID, your vehicle title, and your vehicle for inspection to the nearest branch.
A loan representative will verify the documents and do the inspection to find out the loan amount you qualify for. Once it’s approved, you get the money the same day or the next business day.
Click on the form now to get your application going and receive emergency cash!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.