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 Pennsylvania
We all have some sort of major thing lined up every couple of months. It can be a place you always wanted to or a deck you wanted to change the design of. However, not every time our savings can cover the cost of our wants.
However, Pennsylvania residents can take benefit from some easy and fast short-term loan options(i.e payday loans and car title loans) for them where they can get quick cash and easily cover unanticipated expenses.
5 Star Car Title Loans offers affordable title loan services for locals of Pennsylvania where people can use their car to apply for a secured loan and get quick funding to cover a range of personal as well as household expenses.
Let’s learn more about these personal loan options can help you out in times of need.1
What Is a Title Loan?
An auto title loan is a quick funding option where you can approach a direct lender and get a lien placed on your car to avail yourself of some extra money.1
To apply for these loans, customers are required to bring in a clean and lien-free car title which the lender used to secure the loan and sanction the proceeds.
Referred by various other names such as pink slip loans, auto equity loans, and title pawns. In these loans, the lending institution takes up temporary ownership of your vehicle and you can get it back after paying back the decided installments.1
However, these bad credit loans are more prominent than the other ones as here people don’t have to submit their car to get the loan. They can take the money and pay it back in regular installments while continuing to drive their vehicle wherever they please.1
Important Documents For Getting Car Title Loans in Pennsylvania
If you reside in the beautiful state of Pennsylvania and looking to get funded by a title loan. There are certain regulations and rules you need to keep in mind and along with satisfying the requirements, you also need to present some documents to your car title loan lender. Check out the important and most common ones below:
A Clear Vehicle Title
Vehicle title is one of the most important aspects of the loan and borrowers need to make sure that the one they are using must be registered in their name and should not have any liens on it.
Income proof shows how you’ll get funds in the future to pay back the loan. Regardless of which title loan provider you choose in Pennsylvania, you’ll need to give documented proof that you receive a constant income.
Valid documents that you can show as your income proof include:
- Bank Statements
- Pension documents
- Tax returns
- SSI Statements
As every other state has a set of different title loan laws, local lenders do ask for residence proof from borrowers. Locals can include sending in their credit card bills, utility bills, or even mortgage or lease agreements to prove their address.
Latest Photos of Your Car
For the vehicle inspection, some latest pictures of your car from different angles will be demanded. Just make sure all photos are clear and cover wide angles and include VIN as well odometer readings of the vehicle.
A Valid Government-issued ID
For the verification of your identity, you will be needed to submit your driver’s license, passport, or any other government-issued ID with your photo on it.
How Much Cash Can I Get with Auto Title Loans in Pennsylvania?
In a car title loan, interest rates and loan amounts can vary according to the car a person is using or their income. Here are 3 major factors that most title loan lenders use to calculate the final loan money one can get:1
Your Ability to Repay
As a bad credit score is not used by title loan lenders, they ask for your income and debts to understand how much loan you can afford. This will also be taken into consideration while calculating the loan EMI.1
Your Car’s Equity Value
The equity you have in your car is what allows you to get the money you requested. Having more positive equity means you will be able to fetch higher loan amounts without any hassles.1
Your Car’s Market Value
As the name suggests, your car is very important to get a car title loan. Lenders will determine the final loan amount by analyzing and calculating the market value of your car. Typically, this is based on elements such as the car’s manufacturing year, color, brand, and repairs done to it.1
How To Pay Back My Car Title Loans in Pennsylvania?
With 5-Star Car Title Loans offering a conventionalized and painless application process to users, getting access to the required money within 24 hours is easily possible.2
But taking one step further, we also thought about the repayment process and created a hurdle-free way to pay back your debt on time.
As opposed to a payday loan, the repayment procedure of an auto title loan is way less hectic and doesn’t require people to get their finances in order by the next paycheck.
Here are 2 different ways by which customers can effortlessly pay their Pennsylvania title loans:
Debt can not be handled by everyone and some of us do want to take it off as soon as possible. These people can opt to repay the whole pending amount in a single balloon payment and take off the debt in one go.
People who live on tight budgets and can not take the stress of making big payments can diverge their loan into smaller installments and choose a repayment schedule to take it off by regular monthly payments.1
Who Keeps My Car While I’m Paying Back the Loan?
Throughout the loan tenure you can keep driving your car wherever you want.!1
Unlike traditional bank loans, where a credit check stresses people out and they have to submit the collateral to the bank, car title loans do it way more easily and differently.
The title loan is secured against the title of your car. However, in this loan, you won’t have to submit your vehicle to get the cash you want.1
If you are applying with 5-Star Car Title Loans, you only have to submit your car title which will be given back once you repay the loan installments. So as long as you are paying on time and not defaulting, there would be no bothering about where you can drive with your car.4
Advantages of Getting a Car Title Loan With 5 Star Car Title Loans:
While lenders might annoy you with the long list of requirements and waiting time of application, we at 5 Star Car Title Loan have a streamlined online application process where things get done faster and people can get funded without stepping out of their homes.1
Here is the list of other benefits you can get by applying with us:
- Same Day Cash2
- Flexible Loan Requirements1
- Loan For All Credit Types1
- No prepayment penalties or hidden fees
- Competitive interest rates1
So Don’t Get Stressed By Your Expenses and Call Us Today!
Till the time you are living, expenses will keep on coming! And while it might feel like panicking may bring solutions it doesn’t. So it’s better for you to plan in advance and have our contact with you.
And the next time when your pocket looks thing, just give us a call and our team will help you out with some extra cash.