When you’re a resident of Alabama and you need some quick cash, you might have several loan options to turn to. There are the choices of banks or online lenders to obtain personal loans, payday loans, car title loans or other types of collateral-based loans. Some of the loan choices are easier than others, depending on your credit score. For instance, if you do not have a strong credit rating, a title loan could be your best bet. At 5 Star Car Title Loans in Alabama, we do our best to accommodate your credit score, whatever it is.
With title loans, you only need to present an asset that has good value. You can basically borrow against that asset to get the quick cash you need for any purpose. If you are stuck in a financial crisis today and don’t know where you can get the quick cash you need, a car title loan in Alabama could be just the solution you are looking for! We are here to serve you with an online loan anytime you need money. Check out our online services and then contact us for help today!
What Are Auto Title Loans in Alabama?
Car title loans are a quick way to use your car to access cash that you need urgently. In fact, they are not only faster and easier than trying to sell your car to get money, but you can still keep your car! When you use your car to request a quick loan, you are only using the equity you have built up in the car, or in other words, you are borrowing against the value of your car. The car is yours to keep, so while you have the money in your pocket to take care of your financial needs, you can still keep driving your car! You get the best of both worlds!
If you own a vehicle, or have nearly paid off your car, it has a specific amount of equity. The amount of equity in your car is based on its market value and how much you still owe on it. You can use that equity to get the financial help you need today. If you need cash urgently but your paycheck isn’t due for another two weeks, or you were suddenly hit with unexpected bills and don’t have a way to pay them, consider using your car’s value to get the money you need now.
When you need cash and you use your car for a car title loan, your title will be used as collateral. In this way, the loan approval relies more on the value of your car and other criteria than it does your credit score. If you have a poor credit score but you own a valuable car, you might be eligible for a fast, online loan today! With our flexible approval process, the residents of Alabama can have easy access to fast cash loans.
How Can I Get Online Car Title Loans in Alabama?
If you own a car and you need money, you might be wondering how to get started with car title loans. The process is simple and straight-forward. In fact, getting quick cash does not need to be a big hassle for you! Utilize our offer to get money you need to get back on your feet today. Whatever your financial emergency is, 5 Star Car Title Loans in Alabama wants to help..
We know that not everyone wants to go through the red tape of a traditional loan. If you need money now, without all the trouble, follow these 3 simple steps. Remember that we are here to help you whenever you need it!
- Submit your quick online loan inquiry form: On our website, you can fill in the inquiry form and submit it. If you need help, reach out to our customer service team. The form is short, with your time in mind! In fact, in less than 10 minutes you can fill it in and be on your way!
- Preparing your documents: We don’t require a lot of paperwork, but there are a few important documents we will need from you. If you prepare these beforehand, you can finish the simple process in a matter of minutes. The requirements are not complicated and it’s more than likely that you have them within easy reach! We will use this information to confirm your identity and your qualifications for loan approval.
- Receive a lending decision and get your money: After you have sent in your inquiry form and supporting documents, one of our staff will prepare a credit review. If your application is accepted, we will send you a lending decision. After receiving approval of a car title loan in Alabama, all that’s left is for you to sign the loan agreement. You will need to submit your vehicle’s title and then pick up your cash.
Where Do I PIck Up My Cash?
When your request for a title loan has been approved, you will have different options for picking up your cash. When your final contract has been signed and the money is arranged, you will receive instructions. The options listed below are the general methods:
- Mailing in your check – be sure that it will arrive by the payment due date
- Collect it at a MoneyGram location near you
- Receive it as an automatic, electronic deposit into your personal bank account.
When you get the cash, use it for whatever urgent needs you have.
What Is the Difference Between Secured Loans and Non-Secured Loans?
Secured loans, such as car title loans, are personal loans that use the equity you have in an asset as loan collateral. Car title loans are one type of secured loan, but there are others. The important point is that you don’t have to give up your asset to get a title loan in Alabama. The loans are arranged in such a way that they only take advantage of the equity you have built up. Car title loans are one type of secured loan, and here are some others:
- Home equity loans
- Vehicle equity loans
- Home equity lines of credit
Car title loans use your car’s title as loan security. That’s how you get to keep your car. The model and condition of your car is one factor in determining how much money you can get. If you are approved and you get the money, your car title will be submitted until the loan has been repaid according to the contract.
Non-secured loans do not require an asset as collateral, but to be approved your credit score needs to be reasonable. This is why it’s easier for consumers with a bad credit score to get approval for a secured, title loan.
Are there initial requirements for getting approved for online title loans?
To find out if you can be accepted for a car title loan, there are basic requirements that need to be met. They are:
- You must be at least 18-years-old.
- Show proof of steady, adequate income.
- Own a vehicle with the title in your name.
When these requirements are confirmed, you are free to send in your online application.
What documents are needed for car title loans in Alabama?
The documents you’ll need are basic items that you probably already have at your fingertips. If anything else is needed, you’ll be notified. Begin with these:
- A government issued ID with photo
- Proof of monthly income, such as a bank statement, your salary stubs, government subsidies
- Evidence of your Alabama address, such as a utility bill in your legal name and current place of residence
- Car title, with your name
If you have these ready during the loan process, it will go even faster.
How do I know if I qualify for secured loans in Alabama?
When we check over your online inquiry form and confirm your identity, we’ll go on to evaluate the asset you want to use as collateral. In the case of 5 Star Car Title Loans, that asset is your automobile or other vehicle. To meet the credit criteria, we’ll consider the following:
- The value of your vehicle: You’ll need to show a recent vehicle inspection so that we can determine if there has been any damage and what condition the car is in. The inspection certificate should also show the details such as the model, the year, its style, the car’s make and the current mileage. These are the factors that go into determining your eligibility as well as the length of the loan term that we can offer. The amount of your loan will be relevant to the monetary value of your vehicle. This is how we determine equity to give you the most favorable loan option in Alabama.
- Your income: As with any other type of personal loan in Alabama, your current income plays a factor in loan approval. This is why you will be asked to present proof of your monthly income. We will use this information to determine your ability to pay back the loan.
- Valid title to your vehicle: Since your car title will be used to secure your car title loan, we need to see a valid and current title with your legal name listed as the owner. If you don’t have a current title to the car in your name and that is registered in Alabama, you might need to make a quick visit to the Alabama Department of Vehicles. Let us know if you have more questions about this.
How much can I get with car title loans in Alabama?
The amount can vary from person to person, according to the information listed above. When you send in your online application along with the requested documents, we can let you know how much you can get, how long the loan term will be and the amount of each monthly payment. We want to help you get through your current financial crisis with quick cash that you can use for any purpose.
Can I continue to keep my car and drive it after I get an online auto title loan in Alabama?
Most people living in Alabama need their cars to drive to work, school or errands. This makes it very important to have your car with you while paying back your online personal loan. With car title loans, you get to keep your car and use it as you normally do. Instead of us keeping your car as loan security, we only ask for your valid car title. You won’t be able to sell the car while we have your title, but you are able to keep driving it. When you get to the end of your loan’s term and you’ve repaid everything according to the contract, we’ll return your title.
Can I get a title loan with a low FICO score?
We take several factors into account when evaluating your online request for a car title loan. Our credit criteria can overlook a bad credit score if the value of your car is good with a high equity amount, if you are making a good income and you are able to repay the loan amount.
Whatever your credit score is today, you are welcome to contact us with your inquiry form. Give us a chance to determine your eligibility for an online loan for bad credit.
Are there penalties for paying off my online loan early?
At 5 Star Car Title Loans in Alabama, there are no prepayment penalties. We welcome you to pay off your loan in its entirety as soon as you can. If you suddenly find that you have the necessary funds for a complete payoff, then go ahead! You will not be penalized with additional fees.
Are you ready to get your quick, online loan now? Go ahead and send us your completed submission form and let’s get started! Go to our online request form, spend a few minutes sending it in and we’ll get back to you quickly!