February 24, 2020
Need Money for Spring Home Projects? Consider a Title Loan
Need Money for Your Home Project? Get a Car Title Loan
Don’t have the cash for that deck in the backyard? How about a privacy fence or a pool? With a car title loan, the wait is over! Spring home projects can begin right away.
It’s as easy as 1-2-3. Just show the ownership of a car, truck, or motorcycle and proof of employment, and that home project can hit the ground running. Car title loans are available at Select Title Loans in Florence, Alabama with fast in-and-out ease.
How Does a Car Title Loan Work?
Before visiting your car title loan provider in Alabama, you need to gather a few documents.
Generally, a lien-free title, photo ID, proof of insurance, and proof of a steady source of income are needed. The original title with no lien will get you started. A driver’s license will do for the photo ID.
Proof of insurance is usually done with a copy of the policy or a summary card that most keep in their glove box. In some cases, proof of insurance is not needed.
Proof of a steady source of income can be made with a recent pay stub or other evidence showing a constant cash flow that should continue for the duration of the loan. This cash flow can be many things including documentation proving annuities, court documents showing alimony conditions, payments from long-term investments, legal settlements, and more.
The number and types of documents vary depending on the loaning institution’s requirements. After one has satisfied the documentation requirements, the car needs to be taken to the loaning institution for inspection and documentation review. Once approved, one gets the cash, keeps the car, and work can begin on that spring home project!
What if the Vehicle Title Isn’t Clear?
In most cases, one can’t get a car title loan unless the title is clear. That is, the vehicle isn’t being used as collateral for a previous loan. As with many things in life, there are exceptions. It is possible to get an equity loan. An equity loan is like a home equity loan where one borrows against the equity in the car. The equity is the value of the vehicle minus the amount of the outstanding loan balance. All or some percentage of this amount is fair game for the loan amount. You can borrow as much or as little as you need, making it a very flexible option compared to many others out there.
How Much Money Can Be Borrowed?
As with the documentation, different loan institutions have different policies. In general, this depends greatly on the value of the vehicle and the ability to repay the loan. A rule-of-thumb is that the loan can range from 25% to 50% of the value of the vehicle. For example, if the vehicle is worth $10,000, the maximum loan amount can range between $2,500 and $5,000.
According to the Federal Trade Commission, the average loan amount for a car title loan is between $100 and $5,500, however, some financial institutions loan up to $10,000.
Car title loans, therefore, represent a way to get a larger amount of money than you can on other types of short-term loans in Alabama. Because the lender has a short-term lien on your vehicle, they are at a lot less risk than when a loan is completely unsecured. So, they’re able to lend more.
Secured loans like a car title loan can also be at a lower interest rate because of this reduced risk. Alabama laws ensure that the interest rates charged by car title loan companies are within a reasonable limit, so you can be sure you’re getting a good deal. Still, you can shop around to see the different interest rates that Florence, Alabama car title loan companies will offer you.
What about Credit Checks?
As with the rest of the loan requirements, this too varies among financing companies. Some may check credit reports while others do not. There are many factors contributing to this decision including the amount of the loan and the perceived risky nature of a steady source of income. Many companies, such as Select Title Loans, often don’t require a credit check and allow for poor credit loans in Florence, Alabama.
Spring Home Projects That Save Money
The things one can do with the money are limited only by the imagination and, of course, the amount of money available. One can use the money best if projects are selected that will actually pay for themselves in the long run. These are generally maintenance projects like adding insulation, maintaining an air conditioner (e.g., new compressor and coil maintenance), new more energy-efficient windows, roof repairs, caulking, planting shade trees, and more.
It’s often the case that people turn to Alabama car title loans because an emergency has arisen in the household. When the fridge or air conditioner packs in, or there’s a hole in the roof, it makes sense to get it fixed quickly and without fuss. A car title loan in Alabama can get you the cash you need quickly and there’s no long-term commitment. You can repay the loan when your paycheck comes in and you’ve avoided all of the expense caused by the emergency.
Spring Home Projects for Fun and Home Equity-Building
Spring home projects are fun and they increase the value of one’s home. Many add decks to their backyards for those barbecues and other get-togethers. Others add a pool, patio, or privacy fence. The options also include adding a vegetable or flower garden, re-sodding the yard, building a gazebo, new siding, extending a driveway, and repainting your home.
The advantages to getting a car title loan are many depending on one’s situation. It is convenient, fast, and simple. With a little document gathering and time, one can get that spring home project underway in no time while keeping your vehicle.Read more
February 10, 2020
Live in Alabama and Need Quick Cash? Title Loans Are Here For You
Sometimes, life gets the best of you. You have more bills than you can afford to pay. Then, something breaks or someone gets sick. You have more emergency expenses that were unseen and definitely not included in the monthly budget. You look at the balance in your bank account quickly approaching zero with more bills that still need to be paid. What is a person to do?
There are numerous options to secure cash in Alabama when you need it. Some are much quicker than others are.
One option, in particular, allows you to get the cash you need in exchange for putting your car up for collateral. This type of loan is called a car title loan.
There are many benefits to getting a car title loan in Florence, Alabama that make this type of loan a good option for anyone that needs fast cash.
What Are the Benefits of a Car Title Loan?
- A car title loan in Alabama is easy to obtain. All you need is a lien-free title for your car and a photo ID. You do not have to leave your car at the loan site either, just the paperwork. You drive your car to work and around town while the loan company keeps the title until you have paid back the loan in full and on time.
- Bad credit is no problem for a car title loan. Because you are putting the title of your car up for collateral, good credit is not needed to get you cash. If you default on the payments, the loan company has the right to claim your car. But, if you make your payments on time, the title of the car is yours. Therefore, a less than stellar credit rating is absolutely not an issue to get approved for a car title loan.
- The approval process is quick and easy. It does not take very long to get the money that you so desperately need. Many traditional banks, credit unions, and loan companies can take days or longer to get you approved, a car title loan is much faster. You will have your cash in minutes. This is crucial if you absolutely need the extra funds right away. There is no waiting when you apply for a car title loan.
- The only restriction on qualification is that you must own a vehicle. If you own a vehicle and hold the title, you will be approved for a car title loan. This gives the consumer peace of mind knowing that you will be approved when you walk through the door to the car title loan office.
- Your loan details are private. No one will know you have a loan taken out on your vehicle; it usually won’t even show up on a credit report.
Is a Car Title Loan in Alabama Faster to Get?
The biggest benefit of a car title loan is the ability to get approved for a loan for a significant amount of money with little to no stress. When you go into the car title loan company location, you know that you will walk out with the money that you need. This has a huge impact on reducing the stress that comes along with applying for a traditional loan.
When you apply for a traditional type of loan, you will have the stress of not knowing your approval status until the bank has reached a decision. If you have less than perfect credit, this wait for approval can be very daunting, adding to the stress of your current stressful situation. Taking a bit of stress away from an already bad day is just what you need to turn your life around financially.
In today’s modern economic world full of credit, loans, and "borrowing from Peter to pay Paul," sometimes you need a little extra help. If you have made mistakes in the past that had a negative effect on your credit, but you are now in a better situation, you will still be denied a traditional loan. With car title loans, you will have that second chance. You will be able to secure the funds that you so desperately need to get caught up or pay off that emergency and unforeseen expense. With lower interest rates and better payment options than other quick loans, a car title loan just may be the right decision for a lot of different people when faced with financial difficulties.
Florence, Alabama Title Loans
If you’re looking for a car title loan in Alabama, the obvious choice is Select Title Loans. For over 20 years, Select Title Loans has been lending money to people in the Seven Points area. With a stellar track record and excellent interest rates, Select Title Loans has risen to be one of the best lenders in the state.
In some cases, Select Title Loans are able to offer a 0% interest rate for 30 days on new loans. This means you won’t pay anything for 60 days, making the title loan even more convenient for those quick cash need situations.
Virtually the only thing you need is to own your car. This means you no longer have any finance agreement on it, whether from when you purchased it at a dealership or when you took out a previous car title loan. You need to be 19 years of age and have a valid ID. Good credit is not required — Select Title Loans doesn’t perform a credit check and the process is much simpler than if you were to go to a bank.
For the fastest large loan you can get in Alabama, fill out your details on the info sheet at SelectTitleLoans.com. This includes everything you need to advise the lender about so even before you come into Select Title Loans you’ll have pre-arranged your money. All you’ll need to do is come in and pick it up.Read more
January 20, 2020
How Do Car Title Loans in Alabama Work?
Car title loans are loans that you can take out against the value of your vehicle if you own your car outright. Every state has different rules and regulations regarding car title loans, and Alabama is no different. When you get a car title loan in Alabama, you and the lender must follow a number of rules to ensure that the agreement is safe and legal for both parties.
Laws do vary from state to state on lending. If you’re planning on taking out a car title loan in Florence, Alabama, it pays to know your rights.
What Is a Title Loan?
If you own property of value like a house or a car, it has value. You can use that value as collateral for a loan. A title loan company will loan you a percentage of the value of the vehicle while they hold on to the car title. You will repay the loan in a set period of time and get the title of your vehicle back.
How Does a Title Loan Company Make Money?
Like other lending establishments, a title loan company adds a set amount of interest to the loan, so when you repay the loan you’ll be paying the original amount you borrowed plus a percentage. It pays to find a title loan company in Florence, Alabama that is able to lend you the money you need through a title loan with the smallest percentage of interest possible. This means that ultimately you’ll have to pay back less.
What Is a Lien?
An important term to understand is a lien. Properties like homes, commercial buildings, and cars have ownership papers and these can have liens on them. A lien is like a note saying that the property is currently under a finance agreement.
For example, when you first buy a new car at the dealership using financing, the car title will have a lien on it stating the terms of the loan agreement. If you didn’t pay back the loan for any reason, then the dealership has the lien to show that there’s a legal reason you owe them money. If you continue to not pay back the loan, then the lienholder has a right to reclaim the property, in this case, a car.
After you have paid off the original financing of a vehicle, the car becomes yours outright, and the lien is removed from the vehicle title.
Can I Get a Car Title Loan if My Vehicle Has a Lien on Its Title?
In most cases, no. With a lien on the car title, there’s still a financial agreement in place with the original financing company. Adding a second lien onto a vehicle would be too complicated, so car title loans in Alabama are typically only available if the car is lien-free.
What Laws Govern Car Title Loans in Alabama?
Tough laws govern car title loan companies in Alabama so there’s no chance you’ll be taken advantage of. There are laws that state the maximum interest that can be charged, the rights of the lender and borrower, and proof of licensing.
Broadly, Alabama title loan providers are governed by the same rules as pawnshops. In 1993, car title loan providers were classified as pawnbrokers and most of the laws concerning car title loans, therefore, derive from the Pawn Shop Act.
How Long Can the Loan Period Be on a Car Title Loan?
Alabama has a relatively unusual loan period statute for car title loans in that loans can only be over the maximum of one month.
However, Select Title Loans is able to offer car title loans on a 30-day renewable basis, essentially allowing you to renew a loan with minimum fuss should you wish to rollover your loan to further months.
How Much Are the Interest Rates on a Car Title Loan?
The interest rates payable on a car title loan vary by provider. A provider that only loans to ‘safe’ borrowers should be able to set a lower interest rate as the overall risk to the business is lower. The amount of money and time that’s expected to be spent reclaiming and selling vehicles to recover the cost of a loan that’s gone bad would, in that case, be smaller, so overheads are lower.
On the other hand, car title loans are a lifeline for many people who can’t get credit through other means. So another car title loan provider might offer loans to a wider range of people but charge marginally higher interest rates to cover the higher potential risk.
Alabama does have a rule that says title loan lenders can’t charge more than 25% interest per month. In reality, most title loan lenders will charge a lower interest rate to be competitive with other options.
What if I Don’t Repay the Loan?
In Alabama, if you don’t repay the full amount of the loan within the allotted time (typically 30 days) then the lender has the legal right to take full ownership of the vehicle. The lender would have the right to then sell the vehicle to reclaim the money that they are owed from the bad loan.
It is therefore very important to keep on top of your repayments. Should you believe you will have unexpected problems making your car title loan repayments, you should contact the lender immediately.
Are Car Title Loans Easy to Get?
Car title loans are one of the easiest ways to get fast cash with no hassle. As no credit check is performed, all you need to do is prove that the car is yours, you own it completely, and bring some ID. You must bring in the vehicle for inspection. From there, you can get a car title loan within a matter of minutes.
Car title loans in Alabama are well regulated and represent a good option if you need emergency cash within a short period of time.Read more
January 7, 2020
Can You Get Title Loans Online in Alabama?
Alabama Title Loans — Fast Cash without Any Hassle
We all have times in our lives where an injection of cash over the short term can be a lifesaver. Perhaps there’s a home repair that’s desperately needed, a car insurance bill is due, or an unexpected medical expense drained you of your day-to-day funds. Every week, hundreds of people turn to Select Title Loans in Florence, Alabama for fast money with no strings attached.
What is a title loan? A title loan is one type of loan that can quickly get you cash without a problem. Car title loans in Alabama are available to anyone who owns a car outright. You’ve been diligent and worked hard to put all that value into an asset — your car — and now it’s time to take advantage of that.
Why are title loans so popular? Car title loans can get you up to $5,000 immediately, you get to keep your car, and you repay the loan at a low-interest rate. It’s obvious why Florence, Alabama title loans have become increasingly popular and Select Title Loans is the title loan provider of choice for so many Alabamians.
Getting a Car Title Loan Online
If you choose Select Title Loans, much of the legwork can be done online from the comfort of your own home. Firstly, we offer a calculator that you can use to estimate how much you’ll be able to borrow. Fill in your car’s make, model, and year, and we’ll instantly advise how much you might be able to borrow today.
Of course, the vehicle will still need to be evaluated at the dealership and we’ll only be able to loan the full amount if you can demonstrate you have the ability to repay the loan, but most of our visitors find that the quote they’re given on our website is accurate.
The actual application can also be done online so you’ll spend even less time at our office. We really advise all applicants to fill in the online info sheet application on our website as it includes everything you need to supply us with to get your loan. It’s better to fill in all the details at home, so you’re able to find documentation and details of employment when you need to. It saves you coming into Select Title Loans in Florence, Alabama having forgotten a vital piece of information.
Finally, should you have any questions about the title loan process we offer a comprehensive FAQ section that will likely answer your query. If you still have anything you’d like to go over, you can contact us using the contact form and we’ll get back to by email.
Is Everything Confidential?
Despite car title loans being widespread in use, most people prefer to keep their financial dealings a secret. Many of our customers prefer to handle most of the process online and simply come to the loan office for the short vehicle inspection we perform. We welcome all customers at Select Title Loans.
We also take extra steps to ensure your personal details are kept safe and private. The details of loans taken out through Select Title Loans never leave our offices. We never sell personal details or pass on details of customers to a third party. We don’t discuss your title loan or financial position with anyone.
Do I Need to Have a Good Credit Score to Get a Car Title Loan Online?
One of the reasons people come to Select Title Loans is because they don’t have a good credit score. Because they don’t have a good credit score, they find it difficult to borrow money through traditional means. Banks turn them away because they don’t have a home to secure a loan against or a huge salary.
Title loans fill that gap in the market for people who own real property (in this case a vehicle) that they can use for collateral for a loan. Because you own your car outright, we know that you have the value to back up any loan you take from us. Therefore, we don’t perform a credit check and the whole process is a lot simpler.
What Type of Car Do I Need to Get an Alabama Title Loan?
As advised above, we offer an online tool that will give you an estimate of how much you can borrow based on your car’s make, model, and year. The car’s condition will play a part in how much you’re able to borrow too, but we’re willing to accept almost any vehicle as collateral for a secured title loan.
For example, we’re happy to offer a title loan on a vehicle with expired car tags. If your car has been in an accident, we’ll still offer you a loan — as long as the vehicle is still drive-able. In fact, many people take out a car title loan to pay for the repairs on their vehicle after a fender bender!
Even if you don’t have car insurance, we’re able to offer you a loan. You do need to be at least 19 years old and the car title must be in your name. The car title must not have any other liens on it. This means that if you haven’t already fully repaid financing on your car, you won’t be able to get a title loan. Similarly, if you’ve already taken out a title loan on your car, you can’t take out another one until the first loan has been approved.
The Simplest, Fastest, Easiest Way to Get Cash Fast in Alabama
For those who have had credit troubles in the past but also own a car outright, car title loans are the obvious choice for getting a lot of money in a short period of time. Get in touch with Select Title Loans online and we’ll show you just how quickly and easily you can have a large sum of money in your hand today.Read more
December 16, 2019
Looking For a Short Term Loan in Alabama? Consider a Title Loan
Where Can I Get a Short Term Loan in Florence, Alabama?
Title loans from Select Title Loans are the perfect way to get out of a bind and set oneself back on the path to greater financial flexibility. A title loan is ideal in the case of unexpected expenses, which can tend to pop up here and there for just about everybody.
Regardless of how well you have budgeted, the expenses that come up have a great way of setting you back. That does not have to happen anymore, not if a title loan in Florence, Alabama is utilized to obtain some quick cash to cover the expenses. Whether it is a leaking water pipe or an out-of-control electric bill, a title loan is a perfect way to address the expenses.
Where Do We Start?
At Select Title Loans in Florence, Alabama, you can bring a photo ID and a lien-free title and walk away with the money needed to cover whatever expenses may be. The title of the vehicle is used as collateral in this case.
It really is as simple as it sounds, too. The title loan on a lien-free vehicle will get you some cash without having to bother with piles of paperwork or futile credit checks.
The title loans amounts can range greatly, from $150 to even $5,000, depending on the vehicle’s value and the applicant’s ability to pay back the loan.
It is designed to be hassle-free and easy, and all credit types are accepted without a credit check. In less than 20 minutes, the problems can be solved with quick and available money, and the vehicle used is still allowed to be driven off the lot. The title is a mere placeholder.
There are convenient locations throughout Alabama for those in need of a title loan at Select Title Loans.
Our Reliable Reputation
Select Title Loans in Florence, Alabama stands as a business with a strong reputation and the longevity to give our clients peace of mind. We have been doing business in the area for almost 20 years. The store opened in 1998, and we have always been friendly and flexible with our clients ever since. The customer service is top-notch, and Select Title Loans is open late hours to make it easy for anyone to find a time to stop by and obtain a title loan.
What is the Title Loan Process?
The process is three steps really. The first step is to bring in the vehicle and its lien-free title, along with a photo ID. Step two is just filling out the application while the car is inspected to determine its value as collateral. The final step is approval, wherein the cash is obtained and the car in question is driven off by its owner.
This is a great short-term solution and is the quickest way to obtain a large sum of money without having to sell off precious possessions. Given that there is no credit check nor wait, peace of mind can be restored quickly, even if the applicant needs a large sum of money —since some title loans range up to $5,000 in value.
The loans are structured on a 30-day renewable contract, wherein Select Title Loans in Florence, Alabama holds the title rights until the loan is repaid, but the car remains in the possession of its true owner.
The fact that no credit check is required means that just about every person with a decent vehicle can qualify. The loans can be used to fix a major appliance, pay college tuition, settle an overdue bill, to pay a speeding ticket, cover a major medical expense, or even to cover accident expenses on another vehicle.
Why Take a Title Loan?
Whether the money is needed to cover such expenses or just “float” a person until payday, it is much smarter than employing a cash advance, which usually comes with a nasty interest rate for its applicant. The title loan, conversely, only holds the title of the car until the applicant can pay back the sum of money. It makes so much sense to obtain funds this way that anyone would be nearly silly not to consider Select Title loans to cover major expenses.
Special Prices on a Financial Bailout Available to Almost Everybody
Select Title Loans also has some specials available. Often, one can obtain a 0% interest loan for 30 days, which requires no payments made for the first 60 days. These loans are also available to those in neighboring states, such as Tennessee. It is only required that the applicant lives within 80 miles of a given Select Title Loans office.
Once the loan is paid off, the title is returned to the applicant and the slate is cleared. This method can be employed repeatedly, which continues to provide that peace of mind that Select Title Loans is able to “bail one out” of whatever circumstances may happen to arise in this unpredictable life.
Another caveat is that one does not need car insurance to get the loan, which means to some, that a vehicle that is not insured (or even driven) can still be used. The car tags can be expired, and that is actually one reason some employ the title loan — to afford tag renewal fees.
It is required that the applicant is at least 19 years of age, and some of those younger applicants have no credit history — which is also not a problem in any way whatsoever. The vehicle is the collateral, and one’s financial past is not held against him or her in employing the vehicle as collateral.
Are Title Loans Private?
All information is kept strictly confidential and never will Select Title Loans sell any personal information nor provide it to third-party callers on the phone or in person. This anonymity is a huge relief to many, as the information Select Title Loans obtains is kept private, as it should be.Read more
December 9, 2019
Are Title Loans Good Short-Term Loan Options?
Do you live near Florence, Alabama? Do you need some extra cash for unexpected home renovation or auto repair? Do you have an overdue bill or unexpected emergency that has put you in a financially difficult spot and you need cash quickly? If you do, you may find yourself in need of a short-term loan from Select Title Loans.
What Is a Short-Term Loan?
A short-term loan is a loan that is paid back over a short period, usually for a small amount of money. Short-term loans are generally required to be paid back in less than one year. Some short-term loans are for just 30 days. Long-term loans, on the other hand, are often for larger amounts of money and can usually be repaid over a period of several years, but ultimately this means paying more interest.
One of the main differences between short-term and long-term loans is the difficulty in obtaining loan approval and how fast the borrower can get the cash in hand. Short-term loans are often easier to get for those who have problematic credit. In addition, short-term loans often have a quick application process, allowing potential borrowers to get the cash they need for a financial emergency quickly with no hassle.
Short-term loan lenders, just like all other lenders, are required to follow all federal and state laws and regulations that are applicable where they are doing business. In addition, most lenders offer options for repaying loans of any size in either a lump sum or in payments spread out over a period.
What Are Title Loans?
One type of short-term loan available in Alabama is known as a title loan. Title loans can be a great option for dealing with fiscal emergencies of any kind. A car title loan is a type of short-term loan that requires collateral. The collateral used for this type of loan is your car.
In order to obtain a car title loan, you must at least be over 18 and have a valid photo ID. You are also often required to show proof of income sufficient to repay the loan amount you are requesting. This proof is often in the form of your most recent pay stub.
Most importantly, to receive a car title loan, you will have to own a vehicle with a lien-free title. What does lien-free mean? It means that you own your vehicle outright and there are no other loans you’ve already taken out on the vehicle that have not been paid back. Only one loan can be taken out on a piece of collateral at one time. If you only have a small amount to repay on your old loan, you can pay it off before taking out a new car title loan for a larger amount now that your car is free of liens.
Once you have met all the requirements set by your particular lender, they will place a lien on the title of your vehicle, establishing it as collateral for your short-term loan. There are many lenders that offer short-term loans but you will find that title loans can often be one of the best options available to you for several reasons.
Is the Title Loan Process Fast?
The application process is quick and easy. For example, the application process at Select Title Loans is as follows:
- Bring your vehicle with your title (free and clear of liens), and your photo ID to our Florence, AL location.
- Fill out a simple application while we do a quick assessment of your vehicle.
- We will offer a title loan based on the value of the vehicle and your ability to repay.
- The transaction is for 30 days, but you have the option of renewing your account for an additional 30 days by paying the interest due, or you can pay your account in full.
- You will receive your title back once you have paid your account in full.
You can receive your cash quickly. Many car title loan lenders including Select Title Loans offer same-day approval. Since you are using your car as collateral for your short term loan there is no lengthy and invasive application process like at many banks and other lenders. If you meet the eligibility requirements and have all the necessary documentation with you, the time from application to approval can be as short as 20 minutes.
With title loans, there is no need for a credit check to be run. Since you are using your personal vehicle as collateral for your loan, it is not necessary to run a credit check. So if you have any credit issues from your past, they will not prevent you from getting this type of loan as long as you can show proof of income and have a vehicle to use as collateral.
Get the cash you need quickly. Title loans offer you quick access to money in an emergency. Whether you have an unexpected expense or an overdue bill, title loans offer you a way to get cash quickly. After completing the application process you will receive your loan funds immediately without any long waiting periods.
Do I Get to Keep My Car with a Title Loan?
Best of all, you get to keep driving your car. Let’s face it, it is hard to get around and take care of your responsibilities without a car. Once you have been approved, your lender will place a lien on the title of your vehicle and hold onto it until the loan is repaid. Meanwhile, you are free to continue using the car as normal with no restrictions. Once the loan is repaid in full, the lien is removed from the title and it is promptly returned to you.
With an easy application process and quick access to cash, title loans are a great short-term loan option for those who find themselves in any kind of financial difficulty. In Florence, Alabama, the top name for car title loans is Select Title Loans.Read more
November 18, 2019
Why Using a Title Loan to Help with Winter Car Maintenance is a Good Idea
Now that winter is here and freezing temperatures are fast approaching, having your car ready for the Alabama winter can save you time and money. The last thing you want is to break down on a freezing highway when you are alone traveling to family. Here are some of the reasons you may want to consider getting a title loan in order to winterize your car and the basic things you should do to get your car ready for the weather.
Preparing your Car for the Alabama Winter
Some basic checks can save a lot of time later on such as checking your battery by popping the hood and making sure no buildup is around where the wires connect to the battery. The acidic buildup on a car battery can cause the connection to become unstable and your car may not start one day if it builds up too much.
One of the most important parts of any car is the tires. The tires are what make contact with the road and provide the traction you need to travel safely. Checking tire pressure regularly is always a good idea since you never know when you may run over a nail or a thorn that could cause a leak or even a flat.
If you live in an area where there is heavy snowfall, it is worth considering getting snow tires. These tires are specially designed but they can cost several hundred dollars. This is where a car title loan in Florence, Alabama can help you out. You don’t want to lose traction on an icy road or not be able to stop in a reasonable amount of time if your tires are bald.
4-wheel drive, if your vehicle has it, is a mechanical system that can be expensive to repair. In order to keep it in functioning condition, schedule a maintenance check with a trusted auto shop. This is also an expense that a Florence, Alabama title loan can help with.
Carry Extra Fluids
Having an extra bottle or two of antifreeze can be a good idea. It never hurts to have some extra oil on hand either. This is part of what a maintenance check would cover so be sure to ask if the service you employ checks all of the vehicle’s fluid systems.
Stock Emergency Supplies
This may seem like it is preparing for a worst-case scenario, but if your car dies or if you are forced to sit in your car for many hours if there is an accident or a road blockage you will want to have blankets, extra water, food, and even some other camping essentials such as a solar charging pad and some flashlights with extra batteries.
Since winter can be a dangerous time to be on the road, it is best to be safe now rather than sorry later. You never know when you may have an emergency and find yourself needing to stay warm or hydrated on the road. Keep in mind that a title loan is always an option but be sure to have a plan to pay it back on time and use it not just to help winterize your vehicle but to improve your credit score.
What are the Benefits of Title Loans?
Choosing a title loan is a decision that shouldn’t be made lightly without weighing the costs and benefits. Likewise, keeping a car maintained properly also has costs and benefits. For example, if you skip maintenance appointments your car is more likely to break down costing you more in the long run than if you had just kept up on the maintenance. If you are ready to get your first title loan, here are some things to consider.
Easy to Apply
Title loans in Florence, Alabama can be very easy to get since all you have to do is apply, much like for a credit card. Even if you have poor credit, most title loan companies will still lend to you but with stricter terms. One of the biggest factors that affect whether you qualify for a title loan is whether you have sufficient income to repay the loan.
Title Is Collateral
A title loan is aptly named and involves signing an agreement that provides the lender the ability to use your vehicle as collateral. If you choose to get a title loan, the office will consider the year of your vehicle when determining how much to lend. Older cars will typically fetch lower loans but a car that is newer can bring substantially more. The whole goal of a title loan is not to sell your car to the dealer but rather to use the money in a smart way and repay it on time. This can also really help build a credit score if loan payments are made on time and in full.
When you apply for a title loan, one of the choices you can make is how quickly to pay it back. Usually, a title loan office will offer a standard repayment plan but how much you decide to borrow can affect the length of the loan.
In some cases, title loans can also be paid back faster than the payment plan requires and this can help reduce the total amount of interest you pay on the loan. If the title loan was originally planned to be paid off in six monthly installments of $200, paying three monthly installments of $400 will mean the loan is paid off twice as fast and therefore less interest will be accrued.
Where Can I Find Title Loans near Me?
If you are located near Florence, Alabama, consider Select Title Loans, one of the region’s most trusted auto title loan companies. A title loan in Alabama can be an excellent way to get your winter car maintenance completed and save you money and time on expensive repairs in the winter.Read more
November 7, 2019
Understanding the Importance of Title Loans
What is the Difference Between Title Loans and Traditional Loans?
Title loans in Florence, Alabama are important as an option for individuals who need cash for any reason but can’t obtain loans the traditional way.
For many individuals, taking a loan from a bank, credit union or other financial institutions may not be an option. In order to obtain a loan the traditional way, the borrower must satisfy certain criteria in order to be approved for the loan. One of the main criteria is the borrower’s credit score.
Before being approved for traditional loans from a bank, credit union or other financial establishment, lenders use the borrower’s credit score to determine creditworthiness. Typically, the higher the applicant’s credit score, the more creditworthy they are and the higher the probability of repayment. In addition, lenders usually see a person with a high credit score as being a perfect match for lower interest rate loans.
For those seeking traditional loans, the level of income that they have is also factored into the equation. If an applicant has a higher level of income and a lower debt:income ratio, they are in a better position to repay the loan. Most importantly, those who extend traditional loans to consumers often look at the expenses that a borrower has and how it compares with their level of income. A smaller debt:loan ratio indicates that the borrower is better able to afford the loan.
All these factors are considered when it comes to traditional loans. Unfortunately, a person who has a low credit score, a low income level, and a high debt:income ratio may lack the creditworthiness to qualify for traditional loans. Because of the difficulty of obtaining traditional loans, many consumers choose to go with title loans instead.
Why are Title Loans Important?
A title loan in Florence, Alabama is valuable and important to certain consumers who struggle with being able to qualify for traditional loans. A title loan is when a lender offers a loan based on the borrower’s equity in their automobile. In some instances, the title of the car might not be considered as clear and there may be liens on the title, usually from a bank or lending institution that financed the automobile.
One of the benefits of obtaining a title loan are there are no credit checks with most title loans. This is very important for people who lack good credit and/or have questionable credit. Many people who choose title loans versus traditional loans have low credit scores that hinder their ability to get approved for loans. Title loans are important because the borrower’s approval is usually not based on creditworthiness.
With some title loans, there is often no proof of employment or income required. This is important because some borrowers do not have steady income and they may not be employed. Consider a person who may have lost their job and need a loan but can’t qualify based on income. This person could benefit from obtaining a title loan that usually does not require income. Just like any other loan, title loans require proof of residency as it is important to validate the borrower’s contact information, telephone number, address, and references.
One way that title loans are important is that they usually have contingency for the borrower’s unexpected inability to repay the full loan by the due dates. In these cases, the loan can often be rolled over to a new loan. The ability to roll loans over is important because it protects the borrower against negative repercussions that arise when a rollover is not an option. This gives borrowers a cushion to work with and wiggle room in case anything happens that prevents them from being able to make their payment.
One of the best benefits of getting a title loan instead of a traditional loan is that the borrower gets to keep their vehicle while they are repaying the loan. This is especially important because the person who is taking out a title loan usually depends on the vehicle to be able to get back and forth to work. Being able to continue working is important because it places the borrower in a better position to keep money coming in and to be able to repay the loan. Title loans are important for those who are seeking a way to get cash quickly and to be able to repay the short-term loan quickly.
Another reason that title loans are important is that successfully repaying the short-term loan may help the borrower to establish and/or improve their creditworthiness. Payment histories and transactions are reported to credit agencies like Experian, Equifax, and TransUnion. When borrowers repay their title loans, good and favorable reports are sent to the credit agencies. Receiving good credit reporting from title loan companies helps borrowers raise their credit score, improve their creditworthiness, and leaves a positive rating for any future loans. A person who had a low credit score and who lacked creditworthiness can benefit from improving their credit score, making it easier to obtain and qualify for future traditional loans.
Why are Title Loans Near Me Growing in Popularity?
There are over 8,000 title loan establishments that operate in 25 states across the U.S. Currently, over two million people use title loans as short-term solutions when they need cash quickly and lack the resources to obtain a loan from traditional banks, credit unions, and financial establishments.
Most title loans in Florence, Alabama do not have hard credit checks and they are not based on the applicant’s credit score and creditworthiness. Title loans may also be growing in popularity because they offer short-term solutions with rollover options for those who are not able to pay their loan as planned and may need more time.
Finally, title loans are growing in popularity because they create a way to help borrowers with credit issues rebuild or fix credit issues and improve their creditworthiness. Statistics show that half of title loan users use the funds to pay regular bills like rent, mortgage, groceries, transportation, etc. This is the main reason that title loans are important for consumers who are unable to obtain traditional loans.Read more
October 21, 2019
How a Title Loan Can Help You During The Holiday Season
A Title Loan for the Holidays
Many people wait for the holidays to celebrate, take some time off work, and reconnect with their family and friends. It is a festival of endless shopping, food, and social gatherings. Consequently, when the holidays are near, you always need extra cash, especially if you have a very large family for gifts, parties, or if you decide to go on vacation.
Everyone feels the pinch at Christmas! A few people can fill this gap by opting for part-time work, odd jobs, or freelance gigs. However, not everyone can do it. Gathering money to fulfill these troublesome expenditures can be intensely stressful.
According to a survey carried out by Experian, the average American spends around $846 on just the gifts during the festive season, an increase of 14% from the previous year. That is a LOT of money! The same study found that millennial shoppers are expected to spend over $1,034 on gifts this holiday season. Men planned to spend $1,050 while women planned to spend $719.
30% of these shoppers will use a credit card to shop, which means that they could not afford the gifts without turning to credit. Credit cards are a viable option, but many consumers avoid paying through a credit card because of the high-interest rates. Credit cards also require you to have a good credit score, so there’s only so much you can borrow.
What Are Car Title Loans?
Another option to pay for those expenditures is car title loans. A car title loan is a loan that requires an asset (a car in this situation) as collateral. Title loans offer flexibility, which makes them more popular among consumers.
Title loans do not need a good credit rating for the eligibility of the loan, and there are no strict application requirements. A title loan is generally approved quickly with little formality and can be for an amount as low as $100 or as high as $5,000.
The most common form of a title loan is a car title loan in Florence, Alabama. In this case, the individual looking for a loan must own a car.
If you own your car outright then it’s just sitting there depreciating in value. With a car title loan, you can leverage the value stored in your vehicle and put it to your advantage. As you have collateral for your loan, you’re able to borrow more and at a lower interest rate than if you were not using collateral to secure your loan.
Procedures to Apply for a Car Title Loan
When applying for the loan, you will need to sign the title over to the auto loan title company as collateral. In return, the company could lend up to 25% of the car’s total value. The amount borrowed can be lower or higher depending on the need and the value of the car.
Typically, that is all you need. You will fill in some basic details such as your contact details and show some ID, but a credit report is not required. You can be in and out of the car title loan company’s premises in around 20 minutes with the cash you need to see you through the holiday season.
The borrowed amount can be paid back in the form of one-time payback, or monthly recurring payments generally over a period of two years. In case the borrower fails to pay back on time, or misses continuous payments, the title loan company is permitted to take over the ownership of the borrower’s car. So this form of loan is only sensible if the borrower knows with certainty that he will be able to pay back on time.
Easily Take Care of Emergency Expenses
People generally do not have much time when the holidays are around. They do not want to get in the long bank lines, waiting for their turn, submitting a long application, and wait for their loan to be approved (or more often, not approved). Remember during the holidays, many people are short on cash and are looking for loans, making this period one of the busiest times for banks. This makes a car title loan a more attractive and feasible option for people looking for a quick alternative.
People take out car title loans in the winter for other reasons too. There could be some unanticipated costs. For example, extreme cold weather leads to more heating, and in turn higher electricity and heating bills. Appliances often break down in the winter and need to be replaced. These may include but not limited to dishwashers, washing machines, televisions, refrigerators, and so on. When you have guests coming over, you might need an extra heater or that old furnace repaired. Moreover, if you host children or friends every year, you may need extra space for them to crash. You might need to book a nearby hotel or similar establishment.
Car Title Loans Are a Viable Option
All of this holiday spending can put a strain on one’s pocket, especially if it is an unexpected emergency expense. Other than these circumstantial expenditures, one might be living in a mortgaged house. There could not be a worse time to fall behind on payments when there are holidays and you have already been drained financially. With the quick cash of title loans, one does stave of these problems until your next paycheck.
All of the reasons specified highlight the advantages of car title loans during the holidays. They are a versatile, convenient, fast, and readily available option that car owners can use in Florence, Alabama. The availability of a car title loan can be a lifesaver during the holidays once funds get low.
At the end of the day, holidays are celebrated throughout the country, and they should not be spent ruminating over financial problems. Car title loans in Florence, Alabama are a simple and fast way to ensure you and your family have a merry festive season.Read more
October 14, 2019
7 Reasons to Get a Title Loan in Alabama
Car title loans have risen in popularity in Alabama as a good way to get a short-term loan. In short, a car title loan is when you borrow money against the value of your vehicle. This makes it a secured loan so there’s less risk for the loan provider, allowing them to offer loans to a wider range of Alabamians.
Crucially, auto title loans in Florence, Alabama don’t require a credit check, so you don’t need to worry if you’ve had niggling credit issues in the past. They’re a great way to get credit quickly – you can be in and out the door in 20 minutes in the majority of cases.
Here we rundown some of the reasons that car title loans in Alabama can be a smart choice and the regulations that are in place to ensure you as a consumer get a fair deal every time.
Getting a Title Loan in Alabama
1 - Alabama Title Loan Companies Are Strictly Regulated
Alabama title loan companies are governed by strict laws that ensure consumers are protected. Alabama car title loan companies must be licensed, which means they are regulated by the state. If you ever believe a title loan company in Alabama wronged you or acted fraudulently, there are laws outlined by the state that allow you to take legal action. If you took out a loan from a title loan company that wasn’t licensed, the loan agreement would be void.
In Alabama, you must be at least 19 years old to take out a title loan. Most of the laws that govern title loan companies in Alabama are shared by pawnbrokers. This makes things like false advertising illegal, and title loan companies can’t offer insurance.
2 - Title Loan Companies Are Not Allowed to Charge Very High Interest Rates
Title loan companies in Alabama are not allowed to charge exorbitant rates of interest. If you agree to pay a set charge instead of interest, the charge is not allowed to be more than 25% of the loan per month. Many title loan providers offer lower charges than this, but it’s good to know that they cannot legally charge more than this.
3 - You Continue to Have Full Use of Your Vehicle
When you take out a title loan in Florence, Alabama, the lender can take possession of your vehicle’s title but you will have full use of your vehicle over the course of the loan. During this time, the provider will have a lien against the title of the vehicle for the full amount of the loan plus interest. This essentially means they have the first right to the vehicle in the unlikely event that you don’t repay the loan.
4 - No-One Else Can Claim Your Car While It’s Under This Agreement
While this lien is on the vehicle, no other person or business can claim the vehicle as theirs. If you have problems with creditors, you don’t have to worry about them claiming the title of your vehicle. You don’t have to worry about someone else paying the balance of the loan or making an alternative agreement with the loan provider to get your car. You are protected by law.
5 - You Have Time to Repay a Loan Even if You Miss the Repayment Date
If you can’t pay back the loan by the due date, your vehicle is not immediately turned over to the loan provider. You have an additional 30 days to repay the loan. However, if you are late with a payment, the title loan provider has the right to add an additional charge up to the value of the original charge. After an additional 30 days have lapsed, if you still haven’t made full payment then the provider is allowed to repossess the vehicle.
Car title loan providers don’t require you to jump through all of the hoops that a bank will. The transaction is simple – you’re putting your car up as collateral for a loan in the same way people use their house as collateral for a mortgage. If you pay the loan back in time, your car title is returned to you. If you don’t pay back the loan and continue not to pay it, the car is forfeited to the car title loan provider.
Because the transaction is simple, there’s no credit check required. The auto title loan provider in Florence, Alabama knows that if you fail to repay the loan that the car is there as a backup, so there’s less risk to them. They don’t need to know irrelevant details about how your credit rating was poor or you had financing issues in the past.
This makes car title loans great for a quick cash advance.
7 – You Can Use the Value of Your Vehicle to Get Better Terms
With a poor credit rating or a spotty employment record, a bank is unlikely to loan you a significant amount of money. Even getting a credit card or extending an overdraft can feel like pulling teeth.
If you’ve already paid off your vehicle, it represents value that you can use. Banks are happy to use properties like houses as collateral as they are typically worth a lot, but this only works if you already have a house fully paid off. Most people who need a short term loan in a hurry don’t have a fully paid off house!
A car title loan provider recognizes that value in your vehicle and lets you use it as collateral. In many cases, this means that you can borrow a lot more than you would be able to through other means. You may also be offered better terms, as you are getting a secured loan as opposed to an unsecured loan. This represents less risk to the provider, so can often translate to better interest rates. In the end, you could be paying back less than if you’ve chosen other forms of credit.Read more