One of the most stressful situations you can deal with is needing extra money without any idea of how you're going to get it. Fortunately, there is a way to get a financial boost today, and that's with a car title loan in Overland Park. Plenty of people experiencing financial hardships of their own have chosen title loans Overland Park to put cash in their pockets, and you can do the same.
What makes a title loan such a great solution to financial woes? It's as fast as it gets, for one. You also don't need to worry about your credit score resulting in a denied loan application, because the lender doesn't check that. All that matters for your title loan is the value of your vehicle, and as long as it's worth enough, you can get as much money as you need. There's no limit to how you can use your title loan, so whether you're replacing a home appliance, getting your car fixed, paying off bills that are past due or something else entirely, the money you get from a title loan can help.
One of the biggest perks of a title loan is the speed of the application process, and we've made the process of finding a title loan company even easier through our online application for title loans Overland Park. It's available right here on our website, and it doesn't take more than a minute to complete. Just head over to the application form and enter the following information about the car that you plan to use as the collateral on your title loan:
The form will also ask you for the following contact information:
Once you've submitted that form to us, we can use your vehicle's current market value to provide a free car title loan estimate, contingent on the condition of that vehicle. This helps you get an idea of how much money you can receive through a title loan.
We're also going to have one of our friendly loan representatives follow up with you by phone. The representative can answer any questions you have and get you set up with a location where you can go obtain your title loan.
The federal government puts a limited number of regulations in place regarding title loans in Overland Park, but for the most part this legislation occurs at the state level.
This means that title loan laws can vary quite a bit between states. Kansas title loan regulations govern Kansas City title loans.
When you apply for a title loan, you're putting your car up as collateral to secure the loan. If the loan didn't have collateral, it would be an unsecured loan and likely have a much higher interest rate because of that. Although your car is the collateral, you don't need to give the lender your car while you have the loan. The only thing that the lender keeps during the term of your loan is your car title, and you get that back once you've paid off your loan.
One unique aspect of title loans in Kansas is that instead of being traditional loans where you receive a lump sum, they're open-ended lines of credit. This means that you can borrow up to your maximum loan amount. If you get approved for a title loan of 5,000 dollars, borrow that amount and then pay back 2,000 dollars, you're then able to borrow 2,000 dollars back again if necessary. Most borrowers prefer this because it offers more flexibility for them.
You set up the term of your title loan with your lender, but most lenders set up terms of 30 days. If you don't have the money to pay back your title loan on the due date, you have the option of rolling it over, which is what it's called when you renew a title loan. To do this, you pay off only the interest charges and keep the loan principal, which you take to a new term. This term does have another interest charge.
If you don't make your title loan payment, then you've defaulted on the loan and the lender has the right to repossess your car. After repossessing your car, the lender can sell it to recoup their losses. Keep in mind that repossession is rare, and the vast majority of title loan borrowers keep their cars the whole time. Lenders don't want to go through the lengthy repossession and sale process, so they'll often work with you.
Auto title loans in Overland Park have quite a few benefits over other types of loans.
The convenience of obtaining a title loan is hard to beat. You can go in with your ID and your car title, and come out with cash in your pocket, often in under an hour. There's not a lengthy application process like there would be with a bank, and you don't need to get a credit check.
Keeping your car throughout the term of the loan means that it doesn't have any negative effect on your life. You don't need to figure out alternative means of transportation, so you can still drive everywhere just like you did before.
Being able to roll over your loan when necessary gives you flexibility regarding when you pay it back. With most other types of loans, you don't have this option.
Most of all, a title loan can help relieve the stress of financial burdens. You'll have the money you need to pay your most urgent expenses right away, giving you some breathing room and time to think about your next move.