Blue Island Car Title Loans

If you are looking to take out a car title loan in Blue Island or Chicago title loans, you should not have much trouble finding one that meets your needs. A car title loan may be the loan for you if you have credit issues, if you need cash fast, and/or if you have a car that is lien-free.

The Basics of Title Loans

Securing a car title loan in Blue Island works much the way any secured loan does, and that loan will have the same risk for the lender and factors involved for the borrower, but in most cases, a title loan borrower will get more cash in the transaction since the lender holds his or her vehicle title. This type of loan can provide someone in financial trouble fast relief, but it behooves the borrower to make sure he or she is dealing with a reputable company, getting a competitive interest rate, and not taking out more than he or she can pay back.

The Application Process

A borrower seeking a Blue Island title loan must find a lender first; word of mouth is a good way to find one, as is checking reviews of a company on the Internet. The borrower will need proof of income (disability, unemployment, and/or social security payments, etc., will suffice); a valid, government-issued ID; a piece of mail to prove residency, a lien-free car title in his or her name; the car’s registration; references; and possibly car insurance, depending on the lender.

The borrower fills out some paperwork, gets approved, and usually has cash in hand or a direct deposit to a bank account almost immediately. It’s a very easy process.

The collateral, or the actual vehicle, determines the amount of money the lender will loan, which typically is half of the car’s resale value. It is possible that some lenders will go higher, so make sure you call around when you are starting to investigate title loans in Blue Island and Chicago.

Interest rates generally range anywhere from 36% to more than 100%, and payment schedules can vary. Many lenders are willing to work with the client to figure out a realistic payment plan that works for both.

If you want to take out a car title loan in Blue Island, keep in mind that the penalty for not paying back that loan can be sever. The lender may take possession of the vehicle and sell it to offset what is still owed on it. Lenders usually do this only as a last resort because it can take a long time to recover the car, repossess it, and auction it off, but the threat remains.

The Payoff

Getting a car title loan in Chicago can be just the ticket for your needs if you’re looking to borrow some cash fast and arrange payment terms that are realistic and do-able. If you don’t do that, you are possibly worsening your situation, so think carefully and do your research before you take out a Blue Island title loan.