How do title loans in Indiana work?
Learn More About How Title Loans in Indiana Work!
If you’re dealing with an unexpected expense, you may be looking for extra ways to make ends meet. Thankfully, many different loan options are available to assist Indiana residents in an emergency. One such option you may have found in your research is a car title loan! Out of all the different loan types, an auto title loan can be the perfect solution to your financial situation.
But how do title loans in Indiana work? If you happen to have a valuable car in your name, you may be able to qualify for auto title loans in your state! Keep reading to learn more about car title loans and how you can obtain one today!
How Do Car Title Loans in Indiana Work?
An auto title loan can allow Indiana borrowers to use the positive equity in their vehicle and turn it into cash. The more available equity you can access, the more money you could borrow through an Indiana title loan. In case you don’t know, equity is simply the difference between your car’s market value and what you owe on it(if anything).
A car title loan is a secured loan, making the application experience different for borrowers with less-than-ideal credit scores. The title of a vehicle works as the collateral for the loan, which allows a borrower to access their car’s equity. Since you use collateral to secure the loan, the risk of lending to a borrower with a bad credit history is minimized! That can potentially make auto title loans accessible to people of all kinds of financial backgrounds.
When most Indiana residents decide to apply for a title loan, they often wonder, “What will happen to my car once I begin the repayment process?” While you’re using your vehicle’s title as collateral and lenders place a lien on it, that does not mean you have to give up your car! Just make sure you make on-time title loan payments to avoid the consequences of a title lender repossessing your vehicle. Until then, be a responsible borrower and make your monthly installments on time! It can be as simple as that.
Do I Need Documents to Qualify for Auto Title Loans in Indiana?
Remember that you must submit some documents as part of the approval process for Indiana title loans. Title loan lenders or providers require these documents to verify your information and speed the loan process along! If you’re worried about how difficult it would be to collect the paperwork, don’t stress; it might be easier than you think! You may already have these documents lying around your house or mailbox! As soon as you have found all the right documents, you can submit them in person or through the mail; however, some title lenders or providers may allow you to upload documentation online! Talk to your lender if you have that option.
If you’re on the line with the lender or provider, you can ask if Indiana requires additional documentation. But, you can expect to hand in the following general documents at this step of the application:
- A Vehicle Title in Your Name
- Proof of Valid, Government/State-Issued identification
- Verification of Income
- Recent and Clear Pictures of Your Car
- Proof of Indiana Residency
- Some Personal or Professional References
Contact your title loan lender if you have questions about documentation and if you must submit other paperwork.
Apply for a Title Loan in Indiana Today!
Now that you know how title loans work in Indiana, the last step is determining if you qualify for funding. However, if you apply for a car title loan serviced by LoanMart, you may not have to wait long to see if your vehicle and income satisfy the qualifications to access money. You would only have to complete three steps to obtain a car title loan in Indiana:
- Inquire About a Title Loan Online or Over the Phone
- Submit Your Required Documents
- Collect Your Money if You Qualify for an Indiana Title Loan!
Contact a title loan agent from LoanMart for more details.
Are you ready to obtain the funds you need for an emergency in Indiana? Apply online or over the phone today!
