Title Loans Annapolis, Maryland
If you are looking for a personal loan alternative that does not utilize your credit score, look into getting a title loan in Annapolis, or neighboring Baltimore. These types of loans will use your vehicle title as collateral instead of your credit score. Compared to personal loans offered by banks and other lenders, our title loan lenders will be able to give you instant approval, and cash the same day! When looking at other types of asset-based loans, vehicle title loans come with less risk contrary to real estate equity loans. To find out how much you can get for a title loan, simply apply now!
Applying for a Title Loan
Before you choose to apply, it is important that your vehicle is paid off, and that you can get a vehicle title for it. Depending on how much your car is worth in today’s market, you will receive a loan that is fair and appropriate to that valuation. To find out how much your vehicle is currently worth, you can visit sites such as Kelley Blue Book to get an idea.
When you submit the application, you will have to provide some information such as the vehicle make, year, model, mileage and style. Upon completion, you will receive a free phone consultation, and our loan agents will give you the title loan estimate you are likely to receive, some documents you may need to bring, and the location of a lender closest to you that you are matched up with.
Necessary Items to Gather:
- Photo ID (State ID or Driver’s License)
- Proof of income (Pay stubs or bank statements)
- Vehicle title*
The only reason for your car to be present during the time of transaction is for a quick inspection. The lender will need to inspect your vehicle for any damage, and may need to adjust your loan according to the damages if any. Other than that, you are free to drive the vehicle wherever you need to go even while borrowing money.
Your Title Loan Contract
Your contract will outline the terms of the title loan, the lender’s policies and your agreement. Your payment plan will also be shown on the contract, and will include the interest rates added onto each payment, as well as the maturity date. Maryland title loans have a maturity date of 30 days, after you have received your loan, and must be paid off before or on that date. You will also be made aware of repercussions of defaulting a loan, which leads to vehicle repossession. To avoid repossession consider:
- Borrowing the amount you need. You are able to negotiate this with your lender if you receive a loan amount that exceeds your needs.
- Make sure you pay the installments on time, or before the scheduled date. Since early payments are allowed, you do have the option to submit a payment before it is due.
- Making payments ahead of schedule is important when it comes to these types of loans so you do not forget to pay it back.
You also have the right to rescind the loan within 24 hours if it is not right for you. As long as you return that full amount to the lender within the next business day, you will be able to cancel your contract.