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Common Mistakes That Can Disqualify You From Getting a Title Loan
3 Auto Title Loan Mistakes You Should Avoid In Nevada
If you need a loan that will give you fast cash, a car title loan might be the perfect option for you. Nevada title loans can be an excellent alternative to traditional bank loans for people who need money right away and don’t have time to wait days or weeks for the bank to review their paperwork or who have poor credit history. Since your vehicle is used as collateral for the loan, the application process is fast and straightforward with no credit checks.
While most title loan companies are flexible with their requirements and only ask for a few specific conditions, such as presenting your vehicle for an inspection, approval for a car title loan is not automatic or guaranteed for everyone. Make sure you can get the money you need right away by avoiding these common mistakes that might disqualify you from Winchester title loan services.
1. Asking For a Higher Value Loan Than Your Vehicle Is Worth
In order to qualify for a title loan, your vehicle needs to have enough value for the lender to approve it as a proper collateral. If you are asking for a loan that is worth more than your vehicle’s value, it’s possible that you will not qualify for a vehicle title loan and that your application will be denied.
2. Submitting a Vehicle Title With Problems
A common mistake with North Las Vegas car title loans is attempting to get a title loan with a vehicle that has problems with its title. Most commonly, title loan applications run into complications when there is a lien on the vehicle. This means that you don’t own the vehicle outright and someone else has a claim to it if you default on the payments. In order to qualify for a vehicle title loan, you need to own the vehicle free and clear, and be able to present a vehicle title that is free of any liens. Alternatively, if your vehicle does have a lien on its title, you may need to provide proof that you have equity on the vehicle that can be used as collateral.
3. You Can’t Prove Your Ability To Repay the Loan
Not being able to prove that you earn sufficient income to repay the title loan is another mistake people commonly make on their title loan applications. Even if your vehicle has enough value and an acceptable title, you will still need to have income that will enable you to pay the loan in accordance with the terms of your loan agreement. Does this mean that your title loan application will be denied if you are working as a freelancer or are self-employed without a regular source of income? The answer is no – you’ll just need to prove to your East Las Vegas loan title company that you are able to make the necessary monthly payments.
My Title Loan Application Was Rejected. What Do I Do Now?
It can be discouraging and frustrating to have your title loan application denied, especially if you are in a situation where you need cash in hand quickly to pay for an urgent bill or to get out of a difficult financial situation. But the good news is that an application denial does not prevent you from submitting an application again in the future. Follow these steps to turn a denial into an approval.
Review Your Rejection Letter From The Lender
Every Paradise loan title company is required by law to send a written notice to potential borrowers stating the result of their application. If your application is denied, the lender is obligated to state the reasons why. In fact, the Federal Trade Commission (FTC) indicates that loan applicants are entitled to find out the reason for their loan rejection provided they inquire within 60 days of the application. If you can learn exactly why your loan is rejected, you can take steps to resolve the problem for a future title loan application.
Wait For Another Time
In some situations, you’ll need to make significant changes to your circumstances before you will be in a situation where you can repay a title loan. For example, if you are unemployed, you’ll probably need to wait to reapply until you’re earning a stable income and can prove your ability to repay the loan.
Discuss Alternatives With Your Title Loan Provider
Many title loan providers are flexible with terms and requirements and are willing to work with you to find a solution. It doesn’t hurt to reach out and discuss your situation.
Contact a Professional Henderson Title Loan Company!
Are you looking for a reliable car title loan company in Nevada? Apply online with USA Money Today and receive an answer in as little as 30 minutes! We offer fast and affordable title loans with fair terms and a hassle-free online application. Get cash in hand today with a car title loan and contact USA Money Today.