How Do Title Loans Work In Missouri

 

If you have a paid off vehicle in Missouri, you may be eligible for a title loan. A title loan is a type of short-term loan that uses the value of your vehicle as collateral. This means that if you can’t repay the loan, the lender can take your car to cover the cost.

Even if you have bad credit, you may be able to get a title loan of up to $5,000. The typical term for a title loan is 30 days, but it may vary depending on the lender and other underwriting requirements in Missouri.

 

What Are The Requirements For Title Loans In Missouri?

In order to qualify for a title loan in Missouri, you must meet the following general requirements that are standard with most lenders:

– The vehicle must be titled in your name

– You must be 18 years or olderMissouri title lending rates and terms.

– The vehicle must be in good condition

– You must have a valid driver’s license

– You must have proof of income

– You must have proof of residency in MO

You may also need to provide the following documents:

Proof of car ownership (vehicle title)

– Proof of car insurance

– Proof of income

– Proof of residency

 

In addition, the lender may have other requirements that you’ll need to meet in order to get approved for auto title loans online. Be sure to check with your title loan company on what they actually need before you get too far along in the process. Some nationwide lenders will need much more information than what you would see from the smaller neighborhood lenders in Missouri.

 

Can I Be Approved For An Auto Title Loan In Missouri With Bad Credit?

Many Missouri title loan companies will approve you for a loan, regardless of your credit score. These bad credit approvals include traditional secured vehicle loans and also title loans for older cars. Keep in mind that the interest rates and fees will be much higher if you have bad credit. With that, you can count on not having a traditional credit check and a poor credit history won’t be a major underwriting requirement. Finance companies know that those who look for secured loans were likely turned down for other low interest bank loans and installment loans, so you have some leeway when it comes to your credit score.

 

What If I Can’t Repay The Title Loan?

If you can’t repay the title loan on time, the lender may take your car as collateral. This means that you could lose your car if you can’t pay back the loan. Now, there are many restrictions on what lenders in Missouri can do if you fall behind on payments or face a vehicle repossession. For instance you have a certain amount of time to get your car back and you’re entitled to the extra money if your car sells for more than what you owe at auction. Also, the State of Missouri mandates that an account has to be at least 10 days past due before any finance company can proceed with a repossession. Kansas City and St Louis also have specific city statutes that restrict what a lender or 3rd party bill collector can do when it comes to taking your vehicle.

Be sure to read over the terms and conditions of your title loan agreement before signing anything. And be sure to budget enough money to cover the monthly payments so you don’t fall behind and risk losing your car.

 

How Much Money Can I Borrow With A Car Title Loan In Missouri?

As always, the amount of money available is based on the value of your vehicle. But borrowers with high value vehicles can borrow up to $5,000 with a title loan in Missouri.

If you want to take out the largest title loan that’s available, then you will need to find a lender that has no limits on how much they will lend. In this case, consider smaller title loan companies in most metro areas. Kansas City has dozens of lenders with retail offices and you can always compare multiple quotes and go with the best offer.

Keep in mind that if your car is worth less than $1,000, you won’t be able to get the full $5K from Missouri title loans . But if your vehicle is worth significantly more money, you can still try and negotiate for extra cash instead of waiting until the last minute before defaulting on the loan. Finally, it’s important to remember that these are short-term loans and not very ideal for anyone caught in crisis mode with an unexpected financial emergency.

 

Should I Apply With A Lender Online Or A Local Title Loan Company In Missouri

If you want to work with a lender that has physical offices in Missouri then you’ll need to go with a local title loan company. Springfield has at least 30 lending locations and there are nearly as many in Columbia that will let you meet with them in person. These lenders often have more relaxed requirements and are much more personable when it comes to working out an agreement.

On the other hand, online title lenders offer competitive rates and may be more flexible if you can’t meet all of the requirements at a brick-and-mortar office. It’s also worth noting that some online lenders in Missouri have no minimum credit score, which could work in your favor if your credit is less than perfect.

No matter where you decide to apply, always compare at least 3 quotes before agreeing to anything. That way you look at different rates and terms and go with the best loan terms!

 

Get a reasonable APR and payoff term with a title loan in MO.