Title Loans Troy: The Basics of Auto Title Loans
Title loans in Troy are an increasingly popular borrowing option because they let everyday people get money fast and on their terms. These are loans using car title as collateral, which means that the loan is secured. In other words, the lender is guaranteed repayment, and that opens up some favorable options for the borrower. Almost all titled vehicles have value. That’s true even if the car or truck doesn’t run or has been salvaged. Furthermore, securing a loan with an automotive title doesn’t mean you have to turn the vehicle over. It’s still yours to drive to work and around town.
What about payday loans? Well, payday loans are short-term like title loans in Troy, but they’re unsecured, which means you’ll pay more overall. How about bank loans then? Not a bad option but may involve more hassle than you have time for. Consider that many banks, such as Mainsource Bank and U.S. Bank, generally don’t offer secured loans and instead what you to meet certain credit and income requirements. Even if you meet those requirements, then a bank like Fifth Third Bank, for instance, may require a minimum loan amount of $5,000 or more, a minimum loan term of 180 days or more and even penalties for early repayment.
Title Loans Troy: Your Online Options
If you’d like an auto title loan quote, you don’t even have to leave your home. Simply use the brief application form here at Platinum Lending to provide the necessary information. To get started, you’ll need some basic information, such as:
- The year, make, model and style
- An odometer reading or estimated mileage
- A first name, last name and zip code
- An email address and/or cell number
That’s all there is to it. Within seconds, Platinum Lending will provide you with a loan estimate based on the blue book value of your vehicle. Most vehicles have enough value, and you can choose to borrow less than the estimate if that is all you need. If you’d like to go ahead with the loan, a loan representative will contact you to discuss title loans in Troy. The entire process can take as little as 15 minutes or less, and many people can finalize the entire loan and have money transferred to their bank accounts without even leaving home.
Title Loans Troy: How Ohio Governs Auto Title Loans
Ohio has laws in place that govern title loans and other small loans, and these regulations apply to title loans in Dayton, in Troy and elsewhere throughout the state. The most important point is that all small loan lenders are licensed and regulated by Ohio, and you can use this information to review a lender’s history. Ohio also caps the interest rates on title loans, and by law, interest also accounts for any fees that the lender will charge for the normal processing of the loan, and this ensures that you pay no more than the maximum interest rate if repay the loan as agreed.
Title Loans Troy: The Benefits of an Auto Title Loan
To acquire a title loan in Ohio, you must:
- Be at least 18 years old
- Possess a title for a vehicle you own outright
If you meet those conditions, then title loans in Troy provide many benefits because they’re cheaper than payday loans and more convenient to bank loans. There’s no need to worry about your credit score, which means you can have bad credit or no credit. There’s also no need to worry about your income, which means you can be between jobs or collecting some form of supplementary income.