Car title loans have been popular in the State of Ohio for years. Many people now realize they can tap into their vehicle equity and use that collateral as security for a title loan. But what type of payment terms and APR should they expect with a loan? And who are the best lenders in Ohio? Let’s break down those questions and help you to find the best terms for your situation!
How To Get Car Title Loans In OH & How Much Equity Do I Need In My Vehicle
When you borrow cash with an auto title loan, the lender will place a lien on your car. If you default on the loan, they have the right to repossess your vehicle. The funding amount with online car title loans is based on the vehicle’s current value and whether there’s enough equity available to back up the loan amount.
In Ohio, the maximum loan amount can go up to $13,000 and the minimum is $500. However, most direct lenders will only lend up to 50% of your car’s value. So, if your vehicle is worth $6,000, you could borrow up to $3,000. But if it’s only worth $1,500, then you’re looking at a maximum loan of $750. The funding amount for your loan is based on the available equity in your car or truck. Newer vehicles that have low mileage will be worth more bring you more cash. To find out how much your car is worth, you can start with any valuation service or look at recent comparable sales in Ohio.
The Typical Rates And Terms For Car Title Loans In Ohio
The average rate for a car title loan in Ohio depends on factors such as your overall credit history and vehicle value. Still, you can generally expect an APR that’s over 50%. Some lenders may offer rates as low as 10% or 15%, while others may charge up to 100%. It really all comes down to what your loan risk profile is when a loan underwriter examines your application.
The terms also vary from lender to lender in Ohio, with some offering loans for as short as 30 days and others offering loans for up to 36 months. Ultimately it comes down to how much you want to borrow and what payment term works for your budget. The time it takes to pay off the loan should be something that you decide and there’s no reason for the lender to mandate a specific monthly payoff.
What Are The Fees Associated With A Car Title Loan In Ohio?
There are some costs and fees that you may be charged when taking out a car title loan in Ohio. These include an origination fee, which is typically around $25, and a monthly maintenance fee, which can be as till as $5 but is not always applicable to borrowers in OH. You might be responsible for additional costs, such as a late payment fee or a returned payment fee. Ask your lender about the different fees associated with your loan before you agree to anything!
Who Are The Best Lenders For Car Title Loans In Ohio And How To Find Them?
When you decide to go with a car title loan in Ohio, you need to determine how you want to apply and then find the best lender for what you need. Some people prefer applying online and that’s definitely quicker thank looking for local lenders in Cleveland or Columbus. You’re able to get pre-qualified with most lenders by simply filling out a short form online and then you’ll need to do a quick vehicle inspection and sign off on the lending contract.
If you do choose to apply online, we recommend getting started here with Hyperlend. We are one of the few companies that will allow you to compare offers from different lenders in Ohio before making a decision. This way, there is no doubt that you’re getting the best deal possible! We work with licensed Ohio finance companies that work with consumers online and in person. By doing you get the best of both worlds as you can apply entirely online and then pick up your loan proceeds with a neighborhood finance lender in cities such as Cincinnati or Dayton!
Applying for an auto title loan in person is another option and some lenders will ask to meet directly with their borrowers before handing over cash. If you do choose this route, we recommend calling around to different lenders in your area and asking about their requirements. You may need to bring some documents and paperwork when you apply, such as proof of income or residency, so be sure to ask about that as well!
Online Title Loans With Bad Credit Concerns In Ohio
Ohio is in the middle of all states when you compare the average credit scores of its residents. But, even with that, many people are struggling with past due bills and other issues. These credit issues can make it near impossible to get approved for loans with banks or personal loan lenders.
This is where getting a car title loan comes in. These secured are much easier to get approved for because they use your car equity as collateral instead of your credit score. So, even with bad credit or no recent credit history, you could still qualify for a collateral loan!
To get same day approval for a car title loans with bad credit, check out our guide about title loans for poor credit ratings. If you have a decent amount of untapped equity in your vehicle, you should have no trouble getting a quick loan approval. Our loan underwriters are skilled at processing your loan documents and we can get you funded instant even if you have a bad credit rating!
Hyperlend Car Title Loans: The Best Option For Ohio Residents?
If you’re looking for guaranteed approval title loans without a car or inspection requirement, look no further than Hyperlend! We are a leading broker of online title loans in the state and we will get the best possible secured loan for your needs. We work with a network of licensed lenders in Ohio who are ready to compete for your business!
When you apply with us, we’ll get you pre-qualified for a loan and then let you compare offers from different lenders. This way, you will know you’re getting the best deal possible on your loan. We also offer some of the lowest interest rates in the industry and we have a wide range of repayment options so that you can find a plan that fits your budget.
If you’re ready to get a vehicle equity loan, simply fill out our online application or give us a call today! We can help you get money for your car’s equity with a car title loan in OH!
Lending Offices & Inspection Locations In Ohio: