There are a few examples of things people get wrong about title loans online. However, there is one major misconception that is more common than others about title loans online. One that often results in people steering away from these loans. This means that they are effectively barring themselves from one of the options that can help when dealing with emergency expenses.

Let’s find out what are title loans and how are some people misunderstanding the way they work.

Title Loan Basics

Before we start talking about the big misconception around title loans online, we thought we would quickly go over what a title loan is. A title loan is a secured loan against the value of your vehicle. Tennessee Title Loans, Inc. can loan up to $2,500 through a title loan. But ultimately the amount you can borrow will depend on how much your vehicle is worth.

The Biggest Thing People Get Wrong About Title Loans Online

The big misconception is that if you take out a title loan, you are going to lose access to your vehicle. The reality is that you don’t lose access to your vehicle.

When you take out a loan, you are able to drive your vehicle away. This means that you can continue to drive it while you are paying your loan back.

The only thing that stays with us at Tennessee Title Loans, Inc. will be the title to your vehicle. This will be held by us for the duration of the loan. However, this is not going to be impacting the ability to use your vehicle at all.

Other Common Loan Misconceptions

We have cleared up the biggest misconception about title loans. However, we know that there are other things that people get wrong about title loans online. Let's quickly go through them, shall we?

You Need To Have Good Credit To Get A Title Loan

Tennessee Title Loans, Inc. welcomes people of all credit types. This means that your ability to qualify for a title loan shouldn't be impacted by whether you have good or bad. The main thing is always going to be the value of your vehicle.

This is important since we know that many of the people that are looking into Tennessee title loans may have had money issues in the past e.g. late bills. 

You Need To Be Employed To Get A Title Loan

You don't have to have a job. Tennessee Title Loans, Inc. does not have any income requirements in order to get a title loan, meaning that you are not going to have to prove what your income is.

That being said, you should probably still think about how you intend to pay back the title loan. You will need to have some money coming in, after all. However, we are never going to ask for proof of that.

You Can Get A Title Loan For Any Vehicle 

Tennessee Title Loans, Inc. will only allow you to get a title loan for a van, car, or truck. The title to these vehicles should be in your name. The title must also be lien-free if you wish to obtain a title loan against the vehicle.

You Can Get A Title Loan Even If Your Vehicle Is Financed

This depends. If you received financing for your vehicle and then paid it all off, then you will be able to get a title loan.

If you have financing on your vehicle that you have not fully paid off, then you won't be able to get a title loan. This is because that title needs to be lien-free and without any financial obligations.

How To Qualify For A Title Loan

Getting a title loan online from Tennessee Title Loans, Inc. is an option for those that are looking for emergency money. We can loan between $300 and $2,500, which will be dependent on the value of your vehicle.

The process will begin by you filling in a short inquiring form for online title loans. This is how we get to learn a little bit about you. You will then be contacted by a representative from your local Tennessee Title Loans, Inc. location. They will answer any questions you have, explain the process for the title loan, and schedule an appointment with you at a location of your choice.

You will then meet our loan representative at the location you chose. Bring along your vehicle, its lien-free title, and a government-issued ID. This is when we are going to inspect your vehicle and review your documents. The condition of your vehicle and your documents will allow us to determine if you qualify and how much you can borrow.

Once your vehicle has been inspected and you are found to be qualified, you will be asked to sign a few forms. you will receive your money on the same day or the following business day.

Address Any Financial Emergency Right Away

If you are trying to find an option for a financial emergency, you could consider title loans online for their simplicity and speed. Fill in the short inquiry form today to find out if you qualify and rest assured that you won't lose access to your vehicle for the duration of the loan.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.