If you’re looking for a title loan in Maryland, the process is actually quite simple and you can get cash for your vehicle equity in a timeframe of less than one day. You are eligible to borrow up to $10,000 and you don’t need perfect credit to qualify. In fact, you can get a title loan with bad credit.
To get a car title loan in Maryland, you’ll need to have a few things in order. First, you’ll need to own your car outright or have paid off the majority of your car loan to the original lender. This means that the vehicle title should be in your name with no liens against it and no person or company can claim ownership of the car other than yourself.
You’ll also need to bring in some form of identification, such as a Maryland driver’s license, and proof of income. Once you have these items, you can fill out an application either online or at a title loan store location in Baltimore or any other metro location.
How you choose to apply for a title loan in Maryland is up to you. Some borrowers would much rather apply for title loans that don’t require a store visit. It’s much more convenient to get everyone done from your home and you’re able to save a trip to meet with a company in your neighborhood. Others actually prefer meeting up with a local lender and having them go through the paperwork in real time. Whichever option you choose, it’s best to ensure the finance company is licensed by the state of Maryland and follows all laws and regulations regarding repossessions and funding amounts.
Your credit score is not often a factor that is considered when applying for online car title loans in Maryland. Whether you have good credit or no credit at all, title loans are available to those who own their car outright or have paid off a majority of their auto loan. The majority of title loan providers don’t worry about a bad credit score and instead want to see how much equity is available as collateral from your vehicle. While they may check credit to verify some personal information, the main focus of loan underwriting is to make sure the car is worth more money than what is offered as the loan amount.
Once you fill out an application and are approved for the title loan, the amount of money you’re able to borrow will be based on the value of your vehicle. The finance company will appraise your car and offer you a percentage of its worth in cash. That way, if you decide not to pay back the title loan, the lender can sell your car to recoup their losses.
For example, if your car is valued at $5,000 and you’re approved for a title loan that’s 70% LTV, you’ll be able to borrow $3,500. However, if your car is only worth $1,000, you’ll only be able to get a title loan for $700.
It’s important to remember that vehicle title loans are based on the collateral available from your car’s equity. In this case, the collateral is your vehicle. If you default on the title loan and don’t make payments as agreed, the lender can take your car and sell it to recoup their losses and any extra cash after the sale will be sent back to you. That’s why it’s important to only borrow what you need and can afford to repay.
The repayment terms for online title loans in Maryland will vary depending on the lender you work with but typically range from 3 months up to one year. Some lenders in Germantown or Baltimore may offer longer payment terms as there is more competition in these areas. But even with a longer payoff term, it’s highly recommended to make extra monthly payments and pay off the full amount you borrowed as quickly as you can. The
If you’re not able to repay the title loan in full by the end of the agreed-upon repayment period, some lenders will work with you to extend the length of the loan. But this will also mean extending the amount of interest with a title loan you’ll owe on the outstanding balance. In some cases, it may make more sense to inquire about a refinance or a buyout. That way you can pay off the title loan so you’re not stuck making payments that are more than you can handle.
When taking out auto title loans in Maryland you’ll be asked to sign a contract that outlines the repayment terms and interest rate. This document will also include your personal information as well as the details of your vehicle such as make, model, year, and mileage.
You’ll also be required to provide proof of income as well as your car title that’s in your name and free of any other liens or encumbrances. Once everything is signed and approved, you’ll get the cash you need and can use your vehicle as normal. Just be sure to make your monthly payments on time and contact your loan representative every so often to see if they can lower the interest rate or APR. It doesn’t hurt to be proactive and even lowering the APR by a few percentage points can save a good amount of cash over the long run!
If you’re ready to get started with the title loan application process, then all you need to do is fill out the Car Title Loans 123 online form. We’ll collect some basic information about you and your vehicle and then connect you with a title loan provider that works with borrowers in MD.
From there, you can work with the title loan company to finalize the details of your loan and get the cash you need as quickly as possible!