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Title Loans in Schaumburg, IL

Have you ever wanted to give your car a new makeover? Have you felt the color was just a little too bland and needed a little more life put into it? Have you ever wanted to go a little out of the ordinary and give it a whole new look? If so, a new paint job can really make your car stand out.

Give Your Car A New And Perhaps Wild Paint Job With Auto Title Loans In Schaumburg, IL

It can take a lot of precision to make the paint job go smooth, but when done, your car can look like a brand new vehicle right off the assembly line. You may even want a more exotic or artistic paint job done, such as putting stripes on it to give it a racecar look, or designing animals or symbols on it just like giving it a tattoo.

It can be quite expensive to give your vehicle a thorough and unique paint job, but if you can't pay for it out of your savings, you can borrow the money you need from auto title loans in Schaumburg, IL.

A Background On Illinois And Auto Title Loans In Schaumburg

What exactly are auto title loans, and how do you get them in the Chicago area? Title loans in Schaumburg, IL are a way to borrow cash using a vehicle as collateral, and Illinois has its own laws on how they work.

In fact, every state has its own laws on whether or not to allow auto title loans, and some have very loose regulations for lenders and borrowers while others are more strict. The reason the car title loan industry began was that various pawn loan business owners felt that banks weren't allowing people in difficult circumstances to take out loans to cover the costs of bills due, rent, or taxes.

So what auto title loans in Schaumburg have become is a much simpler way to borrow money on short notice that won't require you to go to your bank, fill out the paperwork and wait a long time hoping you get approved for a loan.

The Three Essential Items Needed For Collateral On Auto Title Loans In Schaumburg, IL

There are some things you have to verify before you can be approved for Illinois auto title loans, including your age which much be at least 18. But all in all, your approval really only hinges on three things:

1. You must completely own a vehicle, and it must have a high enough resale value to be used for a title loan

2. You must have the title to the vehicle, it must have your name as the owner and it must read "clear" in the lienholder field

3. You need to be employed or have a regular source of income to prove you can repay your title loan

The amount you can borrow with auto title loans in Schaumburg is based on a loan-to-value ratio of what your vehicle is worth. You can never borrow the full amount of your vehicle because it depreciates in value, and you don't want to lose it in an accident and be upside down in your loan payments. Usually you can borrow about 25℅ of your vehicle's current resale value, or sometimes as much as half, but the maximum amount you can borrow in Illinois is $4,000.

Other Illinois Title Loan Rules

The main thing to know about auto title loans in Illinois is you'll usually have 30 days or a little longer to pay them off entirely, but if you can't, then you can refinance them. What this means is you pay the interest amount that's due, and then that allows you to extend the title loan for another 30 days or more. But what must happen is the principal amount of the loan must start being paid off after the second time you refinance to prevent the title loan for extending forever. Also, once you pay off any payday loan or title loan, you must wait 15 days before you can apply for another one. Other than that, there's really no restriction on what you can buy using car title loans in Chicago.

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