financing options for auto repairs

If you are in need of some extra cash to pay off an unexpected repair or to catch up on some past-due bills, you may be considering the use of an auto title loan. However, if you are like many people, you may have some questions regarding how these loans work and whether or not you will qualify for the funds you need. Taking the time to review the answers to some of the most frequently asked questions regarding auto title loans can help you to get the information you need.

Question #1: Can You Get An Auto Title Loan If Your Vehicle Is Still Financed?

Unfortunately, the answer to this question is no. If your vehicle currently has any liens against it, you will not be able to obtain an auto title loan until these liens are paid in full. In this situation, you may want to consider refinancing your auto loan in order to gain access to some extra cash or lower your monthly car payments. 

Question #2: How Much Money Can You Get With An Auto Title Loan?

There is no one-size-fits-all answer to this question. This is because the maximum amount of your loan will depend on the current value of your vehicle. This is because the title to your vehicle is used as collateral to secure this type of short-term loan. Consequently, the more your vehicle is worth, the more money you can expect to be approved for when obtaining an auto title loan. 

Question #3: Do You Need To Surrender Your Vehicle When Getting An Auto Title Loan?

The need to surrender their vehicle is a major concern for many people who consider the use of an auto title loan. The good news is, there really is no need to worry because the answer to this question is no. You are able to continue using your vehicle even after you obtain a title loan as long as you make your loan payments as outlined in your loan agreement. 

Question #4: How Long Does It Take To Obtain An Auto Title Loan?

If you are considering an auto title loan, there is a good chance that you are in need of money right away. The good news is that these loans can allow you to gain access to the funds you need very quickly. In fact, some lenders will be able to complete the application process and get you your funds in a single day.