Car Title Loans in Hanover Park, IL
Every state has different requirements when it comes to qualifying to do a car title loan. If you are looking for a car title loan in Schaumburg / Hanover Park Illinois then you have come to the right place to explore some of your options and the requirements to be eligible to do your loan. Further, as with each state having different laws and requirements the individual lenders in Hanover Park each have their own set of requirements. When deciding it is important to explore as many options as possible and you can do this by calling an agent to discuss what options you are looking at with a Hanover park car title loan specialist. These specialists will help you explore different Hanover Park car title loan lenders and will go over their interest rates and requirements to get you on your way to quickly receive the funds you need. For the most part, you will need to bring with you a lien-free title that is only in your name, a valid driver’s license, proof of income, and drive the car for a quick inspection. Below we will go over some common questions that are asked by people who are looking into obtaining a Hanover Park car title loan.
Why do I need proof of income if I own the car?
Due to state and federal lending laws, you will need to show that you will not only be able to pay your Hanover Park car title loan back but that you will be able to afford the payment. It would be against the law in the state of Illinois to issue a car title loan in Hanover park without proof of income. The specific income requirements are listed as part of the Administrative code of Title 38 Part 110 Section 110.280 and can be found on the Illinois state government website. Here it states that in order to qualify for a car title loan in Illinois and more specifically in Hanover Park the consumer must present their most recent proof of income. In other words, if you were paid today then you would need to bring with you today’s paycheck stub or payroll receipt.
What documentation would I need to bring if I am self-employed?
Many car title loan lenders in Hanover Park might only accept a paycheck stub or other government documentation. If you are self-employed the lender will most likely require your 1099 forms and recent bank statements to show you have a steady income from your self-employment. It is best to call and speak with a qualified specialized to see if the documentation you have is sufficient and which lenders will accept this documentation.
Can I do a online car title loan if my only source of income is child support or social security?
Section 110.430 of the Illinois Administrative Code part B states that “A copy of the obligor’s most recent official receipt documenting payment of government benefits” may be utilized as a source of income. (Source: Added at 33 Ill. Reg. 4142, effective April 1, 2009). If you are receiving social security benefits you may use your most recent award letter as your proof of income. Always keep in mind that you may not borrow more than you will be able to afford to pay back. Further, it is recommended to pay this loan in full as quickly as possible as they are typically a high-interest loan utilized in case of an emergency.
While child support is typically considered a source of income it may not be used as a source of income to obtain a Hanover Park car title loan. Moreover, if you are receiving social security benefits for a child or someone else in your care you may not present these documents as proof of income for loan eligibility either. Just as with the title to the car needing to be only in your name so does your proof of income. When you apply online your receive an instant car title loan estimate.