Idaho Car Title Loans
If you are looking to get a loan but do not think that you have the right credit score for one, then you have options. Let us introduce you to the world of Idaho title loans.
What are Idaho title loans?
With a title loan, you will be putting up your vehicle as collateral. This means that you are telling an Idaho loan company “if I do not pay my loan back on time, then you have the right to my vehicle”. It is that simple.
You will need to own the vehicle that you are getting a loan against. This is the type of loan that is often given to those who have bad credit. The rights to that vehicle will legally be signed over to the loan company until you are able to pay back your loan.
How much you will be able to borrow will be dependent on the value of your vehicle in Idaho. You are not going to get full market value for the vehicle. This means you are not going to get the price that the vehicle is selling for on the second-hand.
The interest rates are going to be a little bit higher than traditional loans. This is because Idaho title loans tend to be more short term than your standard loan. Something along the lines of a payday loan (although the interest on title loans will be slightly smaller). You will often be expected to pay back the loan within a month or two at the most, although there are Idaho title loans which may last a little bit longer than this. You will need to shop around to get the deal that is right for you.
Remember; you will still have possession of your vehicle during the loan period. You will only be handing the title of your vehicle over. This means that you do not need to worry about forgoing a vehicle for the duration of your loan.
Who is this type of loan for?
Obviously; Idaho title loans are only going to be for those who own a vehicle in their name. If you have the title to a vehicle you own (normally a car, but no reason why it could not be a boat, for instance), then you should be able to qualify for a loan against it.
You should consider an Idaho title loan as being somewhat of a ‘last resort’. Remember; if you can’t pay back your loan, then there is a chance you will end up losing your vehicle. This means that this type of loan is probably going to be better for those who are suffering from poor credit and have exhausted every other option available to them.
This type of loan is also going to be ideal for those who may need the money instantly. If you go through traditional money lending methods (i.e. a bank loan), then it may take weeks to approve your loan. If you go via a title loan in Idaho, then you may have your hands on your money within mere hours, although this is going to be dependent on the company that you use.
What happens if you default?
You will lose your vehicle. Simple as that.
If you fail to pay your loan back on time, then the Idaho title loan company reserves the right to sell your vehicle on the second-hand market. You may have the opportunity to purchase it yourself when this happens, but since you have not met your end of the contract, the lending company will be able to sell the vehicle to you at whatever price they are attempting to sell it second hand for.
In some cases, albeit very rare cases, the Idaho title loan company that you are dealing with may be willing to listen if you are going to be a few days late on your loan. Give them a call and see what they say. It may stop you from losing your vehicle.
If you fail to pay the loan back, then the Idaho title loan company will be able to legally come and seize your vehicle. It now belongs to them. This means that they may send a debt collector around. This will tend to happen very quickly, so you will need to sort out any issues that you may have with the loan sooner as opposed to later. This is why it is always important that you give them a call first if you believe that you will fail to pay the loan back on time. They may extend the loan if you call before you default.
Choosing the right company in Idaho.
There are several different companies in Idaho which offer title loans. Often, the best way to get your hands on a title loan will be to search online. This is because there is a lot more competition there, and you are often able to secure a far, far better interest rate. It is still going to be a fair bit higher than your traditional loan, but it should be good enough for short term borrowing.
You may want to check reviews online for any Idaho title loan company that you deal with. This way you will know whether the company that you are dealing with is reputable or not. Obviously, you should never deal with an unlicensed lender. Not only are they going to charge higher rates, but you are more likely to end up dealing with serious issues when you work with them. Thankfully, there are so many title loan companies in Idaho that it is unlikely that this is going to be a real issue for you.
Shop around, and make sure that you get the best deal possible! Start your search here.
Search for Title Loans in ID
- Boise Title Loans
- Meridian Title Loans
- Nampa Title Loans
- Pocatello Title Loans
- Springfield Title Loans
- Twin Falls Title Loans