If you’re interested in a quick and simple way to get cash, a title loan could be a good option. Title loans are available in Washington state, and they provide you with the money you need in as little as 24 hours.
To access the equity in your car, you must have a clear title on your vehicle that shows you as the only owner. This means that you own your car outright and there are no liens or other people who can claim the car. You also have to provide specific documentation when you apply, including proof of income and residency, to verify your identity and vehicle info, as well as to show that you can make the expected monthly payments.
How Much Can I Borrow With Washington Title Loans
Once you’ve been approved for a title loan, you’ll be able to borrow up to $15,000. The full funding amount mostly depends on your vehicle’s resale value in Washington State. Every car is different and all loan amounts won’t be determined until the vehicle has been inspected and you know the title loan value of your car. As your funding amount is based on the collateral available, you can expect to access 40-55% of the vehicle’s equity. This means that if your car is worth $10,000 you could potentially qualify for a title loan in Washington of up to $5,500. Vehicle’s that are in supreme condition and those with low miles and limited damage will be worth more than what current blue book values dictate.
What Are The Lending Laws That Cover Car Title Loans In Washington?
Since title loans are regulated at the state level, each state has its own laws regarding these types of loans. In Washington, the maximum amount you can borrow is $15,000 and the minimum loan term is 12 months. There are no early payoff penalties or fees, so you can pay the loan early without any fees. There are no restrictions on the number of loans you can have out at any given time and because of the high interest rates in WA, some borrowers may be better served with an installment loan or personal loan.
Online Title Loans in WA With Bad Credit – How Can I Apply
If you have a bad credit rating or low FICO score, you may still access same day cash in Washington State with a vehicle equity loan or salvage title loan. These types of secured loans are designed for those with less than perfect credit and most lenders will look beyond a recent default or missed credit card payments. The reasons for this are understandable when you realize that a secured loan has collateral backing it up.
Unlike a personal loan, an online title loan company can fall back on the equity that’s available in your vehicle if you happen to miss a few payments. That’s why title loan lenders don’t look at credit as being the most important factor when underwriting your loan. To be sure, they will be concerned if you have a current bankruptcy or issues with repossessions from an earlier lender in WA. But all it takes is an explanation about what happened and as long as there’s enough equity backing up the loan, you should be in good shape.
How To Apply For Direct Car Title Loans In Washington
Fill out our no hassle online lending form to request cash with title loans in WA. Once we have a completed application, our customer service representatives will call you to verify your information and discuss your loan options. If you’re approved for a loan, we’ll work with you to determine the best way to borrow cash quickly. In most cases, we can deposit the funds directly into your bank account within 24 hours.
To apply for a title loan in person, simply find a local lender within the State of Washington that allows you to walk in and fill out an application. Luckily, there are dozens of companies that allow just that in Seattle and Tacoma and most will even be able to provide you with fast same day funding. You can save the hassle of waiting for money to hit your bank account and deal with a direct lender in WA that offers fast cash title loans.
What Are The Interest Rates & Other Fees With Washington Title Loans
Here in Washington, most lenders are going to charge you an APR that’s around 300%. This means that if you were to borrow $1,000 for a year, you would end up paying back $3,000 with interest. Of course, the amount of time that you have to repay your loan will also affect the total amount of interest paid. There are no prepayment penalties so if you’re able to repay your loan early, then you can save on interest. In terms of other fees, some lenders may charge origination or processing fees but these are typically rolled into the loan itself.
Will I Keep Driving My Car After I Get A Title Loan
Yes, in most cases, you’ll be able to keep driving your vehicle even after you’ve taken out a title loan. The only time this wouldn’t be the case is if your vehicle is used as collateral for another loan or if it’s impounded by the authorities. Other than that, you should have no problem continuing to drive your car while making payments on your title loan. Keep in mind, that you want to avoid a repossession at all costs. It will be difficult to get to your job if you don’t have a vehicle. Contact your lender if there’s a risk of repossession and reach out to the Washington State Office Of The Attorney General to see if they help you.
I’m Ready To Apply For A Title Loan In WA- How To Get Started
If you’re ready to apply for a title loan, simply fill out our online form or find a local lender within the State of Washington. Once you’ve been approved for a loan, we’ll work with you to determine the best way to get money for your vehicle’s title. In most cases, we can deposit funds directly into your bank account within 24 hours. Call us if you think of any questions regarding how title loans work or what’s required to apply. Thanks for choosing Hyperlend!
Secured Lending Locations in Washington: