In Indiana, title loans are a popular way to get cash quickly. Unlike a traditional loan from a bank, you can qualify for a title loan with bad credit. And you don’t have to visit a store location – the entire process can be completed online.
Most people turn to car title loans because they’re looking to borrow more than $1,000. You’re able to access a larger amount of money with a title loan because these are secured loans. That means your title is used as collateral for the loan. The lender holds the car title while you are able to keep driving the vehicle. The lender can seize the car if you don’t make your payments, so you need to stay current and only borrow what you absolutely need.
The qualifications for a title loan in Indiana are pretty simple. You must be 18 or older, have a valid driver’s license, and own your car outright. The vehicle needs to be in good condition and drivable and you will need to submit the car at some point for an inspection.
You’ll also need to provide the title to the car, as well as proof of insurance and residency. Some finance companies in Indiana will also require proof that you’re currently employed. The only reason they want this information is to be sure you make enough money each month and have the means to afford the minimum monthly payment.
If you meet these qualifications, you could receive a pre-approval of up to $10,000 in just minutes. And because title loans are so accessible, they’re a great option for people who need cash quickly but otherwise can’t qualify for a personal loan or bank loan.
Yes, you can apply for car title loans in Indiana with bad credit and you may even be able to get cash with a title loan on a financed car. Many people with less-than-perfect credit turn to vehicle equity loans as a way to get the cash they need. This is because title loans are considered secured loans – your title is used as collateral for the loan. So even if you have bad credit, you could still be approved for a title loan as long as you own your car outright and it’s in good condition.
You should keep in mind that a title loan is still a loan and you should only borrow what you absolutely need. If you can’t make your monthly payments, the lender could seize your car. But as long as you’re responsible and only borrow what you feel comfortable paying back.
The amount of money you can borrow with a title loan in Indiana is almost entirely determined by your car’s resale value. Because of that, loan amounts will vary widely but they start at $1,000 and can go all the way up to $15,000. To find out how much your car is worth, you can use a free online valuation tool. This will give you an estimate of what your car is worth based on its make, model, and year.
Once you have that information, you can use it to determine how much money you want to borrow. After you know how much money you’re looking for it’s best to use our online title loan calculator to get an estimate of lending fees and payoff amounts.
Keep in mind that title loans are meant to be short-term loans so you shouldn’t borrow more than you need. You should also only borrow what you know you can pay back each month.
Most title loan companies in Indiana can give you the cash you need within 24 hours. That’s because title loans are a quick and easy way to get cash – you don’t even have to visit a store location in Indianapolis. The entire underwriting process can be completed online from the comfort of your own home. Plus, since title loans are considered secured loans, you’re more likely to be approved even if you have bad credit or have missed some credit card payments in the past.
In some situations, it may take longer than one business day to get your cash. This can happen if you apply over the weekend or on a bank holiday. Lenders have limited control when it comes to ACH processing and most banks will take an extra day or two to send funds if you apply for a vehicle title loan on a day when they’re not open. Check with your lender and see what their payment processing guidelines are. If you really need the cash quickly then you should reach out to a local title loan company in Indiana. We know of a handful in Indianapolis that offer same day approval with inspection and cash funding. That means you can fill out an application online and pick up the money within a few hours or two!
Are you ready to get started and do you understand how online title loans work and what the fees and interest rates are? If so then the next step is to get started with an online application! Car Title Loans 123 offers a quick online process where you can quickly submit your information and get a pre-approval notification in less than 10 minutes.
We can also work with you on an over the phone application. Contact our customer service agents at 844-567-5011. They’ll be more than happy to help you out and answer any questions you may have about auto title loans in Indiana!