Missouri Car Title Loans
Heard about Missouri title loans but are not sure what they involve? Well, all of that and a bit more is going to be revealed on this page! Don’t worry; a lot of it is going to be simple to understand.
What are title loans?
Title loans are loans which involve you putting forward collateral for your loan. In this case, your collateral will be the title to your vehicle. This means that the Missouri title loans company will have an assurance that you will pay back your loan. If you do not, then they will have the rights to your vehicle.
In most cases, the title loans are going to be related to cars and motorcycles. However, in rare cases, you may also be able to hand over the title to your boat or other valuable vehicles. It will all be dependent on the company that you have opted to work with.
Can you still use your vehicle?
Yes, you can.
When you take out Missouri title loans, you will only be taking out a loan using the title to your vehicle. You will not be physically handing over your vehicle to the company. This means that you can continue to use it for the duration of your loan. This is going to come in incredibly handy as it means you can continue to work and pay off your debt.
How much can you borrow in Missouri?
This is going to be completely dependent on the vehicle you have, as well as the condition it is in. It is going to be difficult to predict how much you will be able to borrow against your vehicle.
Do not do what most people do and check the value of their vehicle online before heading to a Missouri title loans company. This is not the value that you will be able to get from your vehicle. This is because if you do not pay your loan back on time, the company will be selling your vehicle and that is the price they need to get for it. They need to make a profit, right?
You will get just a fraction of the value of your vehicle. Some people think that they are not getting enough for the title to their vehicle. However; remember, you are not going to be handing the vehicle over. If you pay off the loan, then it is fine.
You can, of course, shop around to ensure that you are getting the best possible price on your title loan, but you will find that many of the companies in Missouri are going to be fairly similar in price. You can also start everything online. Find an online company here.
What if I default?
You will need proof of ownership of your vehicle as well as your ID. Dependent on which company you have opted to use, you may be required to share more information, but this is going to be the bare minimum.
If you are obtaining a title loan online, then you will need to have your bank account details to hand. If you are obtaining a title loan ‘in person’ in Missouri, then you will likely be paid in cash.
Who are title loans for?
Title loans are a ‘last resort’ type of loan for many people. This is because no credit check is carried out on you when you are applying for one. As long as you have a vehicle that is worth money, then it is likely that the title loan company is going to work with you. However; it is probably worth noting that dealing with the title loan company is not going to improve your credit score in any way, so you should not use this method for boosting your credit score!
If you have a low credit score, then this may be the only route you can go down if you need a loan. Sure, you could also aim for payday loans, but because these loans tend not to have any collateral attached to them, they are going to have higher interest rates. Don’t get us wrong; the interest rates on Missouri title loans are still going to be higher than your traditional loan, but this is because the Missouri company is going to be taking quite a risk with you, so it is necessary!
In addition to this; title loans are going to be ideal for those who need money quickly. In most cases, you should be able to receive cash in your hand or in your bank account exactly the same day! If you were aiming for a traditional loan, then you may need to wait weeks for the money which is not ideal if you have an immediate expense.
What happens if you do not pay back your money on time?
Title loans tend to be short term loans. This means a maximum of one or two months. If you do not pay your loan back on time (and fail to inform the company or arrange an extension), then the title to your vehicle will be lost. This means that the Missouri auto loans company will have the right to sell your vehicle.
If you fail to pay your loan back on time, then you will have somebody come to your property and pick up the vehicle from you. There is nothing that you can do about this as you will have handed over the legal right to your vehicle.
Best title loan companies in Missouri
Always opt to shop online, if possible. The process is going to be a lot smoother (you can apply for your title loan at any time of the day) and, more often than not, you are going to end up with a better deal due to the amount of competition there is out there. Although, by all means, go to some of the places in Missouri which also offer title loans. This is a very good state for that sort of thing.
Search for Title Loans in Mo Cities
- Columbia Title Loans
- Saint Joseph Title Loans
- Springfield Title Loans
- Joplin Title Loans
- Independence Title Loans
- Kansas City Title Loans
- Lees Summit Title Loans
- Fallon Title Loans
- Saint Charles Title Loans
- Florissant Title Loans
- Saint Louis Title Loans