When an emergency comes up and you do not have the savings to cover it, you may feel like you have no options. It can be difficult or even impossible for many consumers to qualify for a traditional bank loan, which still has an underwriting process that can take weeks or months. Credit card cash advances, meanwhile, can be cost-prohibitive or unavailable. Whether you need to pay bills to avoid a utility disconnection, buy groceries, or make important home or car repairs, title loans in Idaho can be the cost-effective solution you are looking for.
Title loans are short-term, secured loans that are usually less than $1,000. These loans are designed to help borrowers recover from a short-term financial struggle and they are available to consumers who own a vehicle outright, regardless of credit issues or other problems that can make it impossible to get a traditional loan. Car title loans in Idaho are secured by a vehicle’s title, but you do not need to give up the vehicle. Instead, you continue driving your car while making payments and your title is returned when the loan is paid off.
At Idaho Car Title Loans, we strive to make the title loan process as easy as possible. Applying for a loan begins by completing a short online application that requires basic car information — including the year, mileage, make, and model — and contact information such as your name and phone number.
After submitting your application, you will receive a free title loan estimate and a representative will get in touch to confirm your information and finalize your loan. From beginning to end, the entire process takes one to two business days to receive your loan proceeds.
You most likely qualify for a car title loan if you have some source of steady income and own your vehicle with no liens. To qualify for a title loan, you must have:
Title loans are governed by specific statutes in Idaho, including limits on the loan amount in relation to the vehicle’s value and rules for rolling over or renewing loans. These rules are in place to protect consumers against expensive loans and a cycle of debt. Idaho does not limit the cost of title loans, although this does work to create competition among lenders to offer the best rate.
Title loans in Idaho must have a 30-day loan term, although unlimited renewals are allowed on loans. On the third loan renewal, however, borrowers must pay at least 10% of the principle balance plus any finance charges that are due and do so with any subsequent renewal. Loans cannot be made for more than the vehicle’s fair market value and loans cannot be made on a vehicle that does not have a clear title.
To protect consumers, Idaho law forbids lenders from collecting any deficiency on a defaulted title loan personally from the debtor except when the borrower commits fraud, prevents repossession of the vehicle, or damages the car. Otherwise, the lender can only repossess the vehicle and not collect more than the proceeds of the sale of the vehicle (no deficiency balance). The borrower must receive any surplus of the sale of the vehicle.
Consumers have many reasons for turning to title loans. Many borrowers are facing a short-term financial emergency with no time to wait for traditional funding or an inability to qualify for traditional loan solutions. Regardless of your situation, there are several advantages to choosing a car title loan.
Banks take weeks to complete the underwriting and funding process. When you need money quickly, a title loan is one of the best solutions. Car title loans offer the cash you need in just one to two business days.
It’s easy to qualify for a secured title loan as long as you have some income and own your own vehicle. While traditional lenders have strict credit standards, qualifying for a title loan does not require a credit check.
You do not need to surrender your vehicle while you pay off the loan, unlike a pawn loan You keep driving your car while making payments and get the title back when the loan is paid in full.
You do not need wages to qualify for a title loan. Your income can also come from any legal source, whether it’s retirement income, Social Security, disability benefits, self-employment, or regular wages.
You are free to use the loan proceeds for any purpose, such as paying bills, buying groceries, purchasing gifts, making car repairs, or just catching up on bills. Traditional loans, on the other hand, are usually made for a very specific purpose.
Depending on how you use the title loan, it’s possible to save your credit score and save money. Title loans do have a cost, but it’s often far lower than late fees on credit cards and utilities, disconnection and reconnection fees from utility companies, and other costs you may incur. Keeping current on your credit card bills and other loans can also save your credit by avoiding late payments.
Unlike traditional loans with their strict repayment plans and terms, title loans can be very flexible to fit your needs and income schedule. A title loan provider will be willing to work with you to set up a plan for weekly, biweekly, or monthly payments. You are free to pay off the loan early without prepayment penalties or roll over the loan if you need more time to pay.
Idaho Car Title Loans is a trusted provider of title loans in Idaho. We offer competitive rates and short-term loans up to the value of your vehicle as allowed by Idaho law. If you are struggling with a short-term financial problem or need a little extra help to get current on bills, we can help. Get started by filling out the short application for fast approval and funding.