Title Loans in Tooele, UT
If you are in need of a loan but don’t have any collateral other than your car, title loans Tooele offer a perfect solution. Platinum Lending provides an easy way to obtain an online car title loan estimate to help with your needs.
Introduction to Title Loans Tooele
Finding a short-term loan to meet your financial needs when you don’t have good credit can be difficult. When your only collateral is your unencumbered car title, taking a loan against that title is the perfect solution.
What is a title loan? This is a special loan that allows the borrower to use their car title as security for a loan. The most important thing for a potential borrower to do is conduct research on any lender before entering into negotiations. You want to choose the lender that offers you the best interest rate and terms.
Because title loans are fully secured there is no need for a credit check; the lender will hold the title to your vehicle until you pay the loan in full. The best part of choosing title loans Tooele or title loans in Salt Lake City is being able to keep your car while going home with the money you need.
How to Apply for Title Loans Tooele
The amount of money you can obtain from a title loan varies among lenders and depends on the Kelly Blue Book value of your collateral vehicle. When you apply online you will know how much you can obtain at the end of the process without having to drive to a lender’s place of business. Applying through Platinum Lending only requires a minimum amount of information that includes:
- Make, model, year, and mileage of the vehicle
- Borrower’s name, phone number, zip code
- Source and amount of income
Quite often the borrower can receive the funds within 24 hours after applying. Some lenders may even allow direct deposit of the funds without the need to visit the office. Another thing to keep in mind is some lenders allow title loans no insurance while others will insist on proof of insurance before you receive the loan. These factors need to be part of your initial research.
Legal Regulations for Title Loans in Utah
Utah is one of 16 states that allows title loans and is one of seven without an interest rate cap. This makes it important for a potential borrower to conduct careful research before selecting a lender. Utah also allows the lender to take possession of the car and sell it if the borrower should default. However, if the lender should sell the car for more than the loan balance, state law requires the lender return those excess funds to the borrower.
Interest rates and terms vary among lenders, so research is important to ascertain the borrower chooses the right lender for his or her needs. Some lenders only allow loans for 30 days while others may go as high as 42 months or even longer for an additional fee. While the state does regulate the way title loan companies conduct business, these are some of the areas in which lenders differ.
Benefits of Title Loans
There are several advantages related to obtaining a title loan such as:
- No credit check
- Minimal personal information
- Choice of short-term or long-term loan (depending on lender)
- Cash typically available within 24 hours
- No need for employment though proof of income is necessary
The key to choosing the right lender is research. Make sure you perform due diligence and choose the best lender for your needs.