A title loan is a short-term loan that uses your vehicle title as collateral. These loans work well for those whose credit does not enable them to secure bank loans, because there is no credit check involved! Since you’re temporarily handing over your vehicle title to the lender, there is no need. If you don’t pay back the loan, he or she is entitled to repossess your vehicle and sell it to recoup the outstanding loan balance. That doesn’t happen often; lenders don’t want to spend time and money repossessing and selling a vehicle any more than borrowers want them to! It is important that when you take out a title loan you negotiate the terms with the lender and get them to an amount you can really afford; this way, your title loan experience will be painless!
First, you have to find a reputable lender, which you can do online. Do a search for title loan lenders in Elyria, Ohio, and you’ll get a lot of hits. Research each lender’s website and find out all you can; also, search for borrower reviews of the lender to find out how other people’s experience went.
Once you find a lender, you may be able to fill out the application online. All you need is your contact info and some details about your vehicle, such as make, model, year, and mileage. You can also fill out the application at the lender’s office, because you will need to visit a location for a visual assessment of your vehicle by the lender to determine its worth. Once you fill out the application, you simply have to show your ID, prove some sort of income (unemployment and disability payments will count as income), and sign on the dotted line. The lender then holds onto your title, and gives you your cash. Once you pay off the loan, you drive off in your vehicle, leaving your financial problem in the dust.
Elyria Repo Rules
Since lenders of title loans can repossess vehicles and sell them if the borrower defaults on payments, it’s important to know the following about repossession in Elyria:
For more information on Elyria, Ohio, repo laws, click here.