Title Loans in Louisiana
Many American residents don’t have emergency funds and when trouble comes, they are forced to look for an option to borrow money.
While getting a traditional bank loan seems a reasonable option, most people don’t have the required credit score and satisfy the strict condition required to get funded. Hence they turn to other options such as payday loans and car title loans.
Now, a payday loan is a fine for the short-term but these ones come with over-the-top interest rates hence out of the two, applying for a car title loan becomes a better option.
Car title loans in Louisiana are faster, easier, and more affordable than other lending options and can easily help you get through the hard months
Therefore, 5 Star Car Title Loans presents completely online car title loans in Louisiana. Find out more about the title loan process, requirements, and payments.1
Auto Title Loans: What Are They?
Car title loans are secured loans that allow the borrowers to get money by using their car title as collateral.
When an applicant requests a title loan, the lender assesses their vehicle and if the car qualifies, they put a lien on the title and in exchange, lends them fast cash.2
The benefit of title loans is that the customers can acquire the money they need and keep driving the car while repaying the car title loan amount.
After the personal loan is completely paid, the loan provider removes himself from the lien and the borrower gets a clear title back in his name.1
Here are some popular names people use for car title loans:
- Auto Collateral Loans
- Vehicle Title Loans
- Auto Equity Loans
- Pink Slip Loans
What Do I Need To Be Approved For Auto Title Loans in Louisiana?
To be pre-approved for a personal loan in the states, applicants need to keep in mind that they fall in a category that satisfies the below conditions:
Particulars To Qualify For A Louisiana Title Loan
- Candidates must have a clean and lien-free title of the vehicle they are using.
- Applicants must have a Louisiana or government-issued ID(such as a driver’s license or passport) by their side.
- They should have a dependable earning source to show that they can slowly pay back the amount they are taking
- Applicants must be 18 years old or above.
What Documents Are Needed To Qualify For Louisiana Title Loans?
Typically when you apply for online title loans with any lender, there are some documents that they need to attach with your application and clear your loan request.
Here are some of the basic documents that most lenders require to approve title loan applications in Louisiana:
To qualify as an eligible candidate for a title loan in Louisiana, borrowers must present a valid and lien-free registered car title to their name.
Proof Of Income
Consumers can use their pay stubs, bank statements, income tax statements, etc. to apply and get approved for a title loan.
Proof of Louisiana Residency
Citizens need to have proper proof of address while applying for a title loan in the cities of Louisiana. The document can be a lease agreement, property tax receipt, or even a gas bill.
To provide you with title loan services, lenders will also you to present a valid government or state ID such as a driver’s license, passport, etc.
Photos of the Car
To easily get a title loan online, applicants can mail the latest photographs of their vehicle (including VIN and odometer reading) to the lending company and get an estimate of how much cash they can get.
Depending on the place and lender, various title loan companies require additional information in the form of professional/ personal references, etc.
Can I Keep Driving My Car Even While Repaying Car Title Loans in Louisiana?
Yes, you can keep driving your car even while you are repaying the title loan.
This is one of the great benefits of applying for a title loan with 5-Star Car Title Loans. During the time of application, our team will only ask for a clean and valid car title and some supporting documents to sanction the loan.
You don’t need to submit your car keys or car. Just come in with valid documents, get instant cash, and drive back home in your car.1
Do You Need Proof of Income for an Auto Title Loan?
Unlike traditional bank loans (where your credit history is used to know your financials), car title loans in Louisiana require you to show that you can afford to take the loan and will pay it back on time.
For that, they need to know how much you earn and what are your regular earning sources. As long as you demonstrate that you’ll get money in the future and will not default on the loan, you can easily qualify for a Louisiana title loan.1
What’s Considered Proof of Income for a Title Loan in Louisiana?
Income proof documents are not just limited to payslips these days. To be approved for online title loans, all you need to have is a steady source of income irrespective of whether it’s a job or other sources. In the state of Louisiana, you can show the following documents like income proof:
- Social Security statements
- Bank statements
- Workers’ compensation letter
- Tax returns
- Disability payments
Frequently Asked Questions
Does Paying Off an Auto Title Loan Early Hurt Credit?
No, It doesn’t! Louisiana residents can take benefit from these collateral-based short-term loans without worrying about their credit scores.1
Most title loan companies do not report the loan proceeding to the credit bureau. And if you decide to get title loans from 5 Star Car Title Loans, there won’t be any prepayment penalties or hidden fees.4
Can I Get a Title Loan if I Still Owe On the Car?
Yes, you can be approved for a title loan despite owing on your car.1
Car title loans require you to have some positive equity that can be used to secure the loan and provide you with the amount you need. Even if you don’t have fully paid off your car, you can have a qualifying amount of equity, and using that you can be approved for a car title loan.
How To Pay Back My Title Loan?
You can call your title loan lender and discuss the repayment mode and plan during the application process. Applicants of 5 Star Car Title Loans can opt to repay the whole loan in one go or divide it into smaller monthly payments for more convenience.1
Can I Get a Title Loan If The Title is Not in My Name?
Sadly, no. Having a clean and lien title is one of the prerequisites to qualify for a title loan.1 But, you can reach out to your local DMV and fill in a title transfer application to first transfer the title to your name to get yourself a title loan.
Call Now And Get Help For Your Household Needs!
If you have been going through a financial crisis and are lacking to pay the bills on time, you can contact the 5-Star team and take their help with a wide range of personal and bad credit loans to fund yourself in Louisiana.