Important notice:
We are currently not providing car title loan services in this state. The information brought here is meant to explain in general terms what auto title loans are. You can still submit a loan request for installment loans with us.
Title Loans in Maryland
When you are short of cash and need money urgently, you look for lending companies that can aid you to tackle your sudden household and personal expenses.
And during that strapped-on stress, getting entangled in the lengthy application process of a traditional bank loan is a recipe for disaster.
In that situation, you need some short-term lending option (such as a payday loan or car title loan), that has a simplified and smooth process where you can get access to extra cash in your bank account within 24 hours.2
While the balloon payments of payday loans might annoy you, title loans allow and helps people to use their car to get additional money and cover their monthly bills.1 Let’s know more about the process of a Mayland title loan:
What is an Auto Title Loan?
In Maryland, car title loans are an easy and fast financing way where people can use their car’s title as collateral.
When you apply for this kind of personal loan, the loan lenders place a lien on your car title and claim temporary ownership to provide you with their title loan services.1
Several terms are used by different people to describe a title loan such as:1
Auto Equity Loans
Vehicle Title Loans
Pink Slip Loans
Title Pawns
How Do Title Loans in Maryland Works?
Like every other type of collateral-based loan in Maryland, title loan lenders also require a valid guarantee to secure and sanction the loan amount you need.1
To apply for a car title loan, a borrower approaches the lender with their car title and certain documents to prove that he can take the loan and pay it back on time.
The lender then assesses the car value and its equity and verifies the borrower’s repaying ability to determine the final loan amount that can be given to them.1
After that, a lien is placed by which the lender gets temporary rights of the borrower’s vehicle and the money is given to them. The great thing about these affordable title loans is that customers get to keep their car throughout the loan period.
The customers can pay back the loan in installments and once the whole amount is repaid, the lender removes himself from the lien and the applicant gets back the full ownership of their vehicle.
Can I Apply For Cash Title Loans Online?
Yes, You can!1
We at 5 Star Car Title Loans have created a simplified and user-friendly application where you can apply for auto title loans from your mobiles.
With our web portal, applicants can easily know their loan eligibility instantly in a matter of minutes.2 We also offer virtual car inspections where you can upload the photographs from your home and save the time that is wasted in an in-person car inspection.
So, If you need some instant cash, you can reach out to the 5 Star Car Title Loans team and get your loan application processed in a few minutes.2
What Is Needed To Be Approved For Title Loan?
Unlike the prolonged and hard eligibility that most banks levy in Maryland, title loan laws only need you to satisfy some basic conditions and offer some documents to apply and get approved for a vehicle title loan.1
Necessary Documents Requirement By Most Maryland Title Loan Lenders
Title of Your Car: You must show a lien-free title of the vehicle you are using to be eligible for a car title loan in Maine and other states.
Proof Of Income: Applicants can show their recent payslip, bank account statements, compensation letters, SSI, etc., and prove their loan repaying ability.
Proof Of Residence: Many lending companies do accept utility bills such as credit cards, electricity and gas, and property tax receipts as qualifying proof of address.
A Government ID: In order to verify your identity and legal age, the lender also asks for a driver’s license or passport as proof of identification.
Latest Pictures Of Your Car: For the inspection of your vehicle, you can opt to click the latest pictures of your car from multiple angles (including VID number and Odometer) and mail them to our team.
Depending on the lending company, various title loan services also ask for insurance coverage and references while determining your eligibility for a title loan.1
How Do I Apply for Car Title Loans in Maryland?
Getting title loans from 5 Star Car Title Loans is quite hassle-free and effortless can be obtained by following some simple steps mentioned below:
Fill out the Online Application
You can initiate your online title loan request in just a few minutes by filling out an online application form.2 After your application is submitted, the loan agent assesses factors such as income, car value, etc., and determines your eligibility for title loans in Maryland.1
Submit Documents
Once pre-approved, you will also have to submit a few documents including your ID proof, car-related documents, income proof, etc., to the lender using which they will calculate how much cash you can get and how much interest you’ll have to pay.
Get Final Approval
After you satisfy all the requirements and the documents check out, you’ll get a loan contract which will have every term and condition of the title loan. Make sure you read the contract before signing.
After successful final approval, people can expect to receive the loan proceeds in a business day within 24 hours of approval.2
Where I Can Use The Car Title Loan Proceeds?
While other financial organizations might have some restrictions on where you can use sanctioned loan money, title loan proceeds can be used for almost all of your personal and household needs1 including:
Travel Vacations
Home Repairs
Monthly Rents
Medical and other health bills
Funeral Expenses
Special occasions such as birthdays and weddings
Car Title Loans: How Much Cash One Can Get?
With securing the loan and impacting the money you can receive, your car plays an important role in getting you a car title loan. Interest rates, repayment plans, and minimum loan amounts all are calculated by considering 3 vital factors. Check them out below:
Your Income & Ability to Repay
Your income and expenses both decide whether you can repay the title loan on time or not. Having a more stable and higher income shows that you are a good candidate and can help you get bigger amounts.
Car’s Equity Value
The equity you have in your car does not only impact your loan eligibility but also has a role in the final loan amount you get. The more positive equity you have, the more cash you can get.1
Car’s Market Value
During the vehicle inspection, the loan agents assess your car’s condition and calculate the current market value of the car.
The lender will ask about the vehicle’s year, current condition, brand, and model, and accordingly tell you how much cash you can get with your car.1
Do You Need an Extra Pocket To Manage Your Bills?
Draining pockets are hard on a person’s mind and if you can’t find a way to cover your expenses, the suffering can increase multiple times.
And when you mix it up with bad credit, there’s only a handful of options available for you. So, if you get stuck in situations like that and can’t see a way out, call our team at (888) 309-0994 and take our help to get out of your cash crunch.
