What You Should Know About Columbus Car Title Loans?

Some people may wonder: Are Columbus car title loans available, are there advantages to car title loans, and  how does a person get one? Yes, car title loans in Columbus are available and simple to get. Since a title loan is a loan given to a person based on the equity and value of his or her car, the loans can be for as little as a few hundred dollars to as much as several thousand dollars. While there are some basic requirements, most Columbus car title loan companies work with the individual to help them get the most out of their loan. The nice thing is, that with few exceptions, almost everyone qualifies.

There are many different reasons a person may need a loan. It could be because of an unplanned event or emergency. Perhaps they lost their job or had unexpected doctor bills. Maybe they need the money to pay for a home repair. Or it could be that they have just over-spent and need to cover the everyday costs of living. Whatever the reason, when people need money, they often choose a title loan over a conventional bank loan. Here's why: Getting a title loan is often more convenient than getting a conventional loan. The process for getting car title loans in Columbus is generally the same no matter which company a person uses. First, a person applies either online, over the phone, or in person. Then, a specialist meets with the applicant to complete the application and verify details. After the loan is completed, the applicant receives his or her check. Often this process is completed the same day the person applies for the loan. Compared to conventional loans, the process is simple and quick.

Another advantage is that a person does not need to prove credit worthiness when applying for Columbus car title loans. When applying for a loan at a bank, most people must prove they have good credit. If a person has bad credit or no credit, the bank will most likely deny the loan. At title loan companies, they generally do not do a credit check. Even if a person is unemployed, he or she may still qualify for a loan.  Of course, they will need to show that they will be able to make the required payments, but his or her acceptance does not hinge on the fact that they are employed or whether or not their credit score is above 700. On the other hand, most title loan companies do report to the leading credit agencies. What this means is that a person trying to build his or her credit can so so by taking out a title loan.  Understandably, he or she must be responsible and make the payments on time to benefit in this way. Otherwise he or she may end up damaging their credit even further.

Lastly, when a person gets a car title loan, he or she has the freedom to use the money for whatever it is they want. They don't have to explain why they need the money or what they are going to use it for. Maybe it's for a vacation or to pay off other bills. It doesn't matter; no questions asked.  

So the next time you need some money, do as thousands of other Columbus residents have done, consider a title loan. You may find that it's just what you need, when you need it.

How New Ohio Laws Impact You When You Take Out Columbus Car Title Loans?

Ohio became one of many states to pass laws against payday loans in 2010. These restrictive laws were designed to protect consumers, as many advocacy groups claimed these high-cost loans exploit the poor and vulnerable in the community. Lawmakers in the state also claim that Columbus car title loans are simply operating in a loophole in the 2010 lending laws, loaning cash to people under nearly identical terms.

The new laws placed strict rules on lenders, capping interest at 28% APR and requiring a minimum payback term of 31 days. That means any lender who provides payday loans or car title loans in Columbus must give you at least a full month to pay back your loan, not just two weeks. Lenders are able to use other laws that still exist to charge an effective APR of over 350%. Keep in mind this is an effective rate, not the actual rate, as it assumes the loan would last for 12 months, not one.

While you may see many similarities between payday loans and car title loans, Columbus lenders who provide title loans do have a few differences. The most noticeable difference is title loans use your vehicle's title as security, not a paycheck. This means you face possible repossession if you aren't able to repay your loan.

All of this definitely makes it easy to vilify Columbus car title loans and lenders, but it's also true that these loans do provide a very valuable service. Consider the thousands of Ohio residents who have no savings or access to available credit, as well as those with bad credit who can't turn to a bank for a loan. What else can these people do when they need to buy food, pay the rent, get their car fixed or deal with some other emergency?

If they are used responsibly, car title loans in Columbus can even help many people save money. Someone who has written checks to pay bills, but then discovers they don't have the cash in their account, will be looking at bounced check fees of over $30 per check from their bank. A title loan of $500 can cover these checks, and the total cost for the loan may be significantly less than the total fees the bank would charge. Consumers can also use title loans to avoid late fees on credit cards, mortgages, utilities, student loans and more.

It's true that there are serious consequences to defaulting on Columbus title loans, but this does not mean the service itself is bad. Borrowers should use caution and only borrow what they need and can afford to repay to take advantage of this source of emergency money and avoid avoid repossession and a cycle of debt.

Getting Your Title Back When You Pay Off Car Title Loans in Columbus

Columbus car title loans are a great way to get the cash you need in a hurry, and these short-term loans use your car's title as security to obtain the loan, regardless of your credit history. They're really one of the few options available to consumers with bad credit.

Of course, you probably have a big question on your mind: how do I get my title back once I've applied for and receive car title loans in Columbus, Ohio? Fortunately, it's usually a very easy process that's done automatically, for the most part, once your loan is paid off. Generally, your title lender will report your loan is paid off and the lien will be removed from there. Here are the basic steps to follow to get your title back.

1. Make payments

The terms and conditions will vary with car title loans. Columbus lenders do have one thing in common, however: to get your title back, you'll need to make on-time payments on your loan and pay it off completely. Do your best to make payments early, and try to pay off the loan early by making extra payments whenever you have extra cash. This can save you money because most lenders won't charge you prepayment fees and they'll reduce your interest charges if you pay the loan earlier than planned.

2. Talk to your lender

It's a good idea to speak with your lender because they all have their own policies about their car title loans. Columbus has a few dozens lenders, and the process will vary, so ask your provider what will happen when you pay off your loan. This will help you understand what you can do to speed up the process of regaining full title.

Your title lender will usually notify the Department of Motor Vehicles and provide them with paperwork proving you have paid off the loan to get the lien removed. Don't worry if this takes some time, because the lender will first make sure your payment clears and then take time to prepare the necessary documents. You may be mailed your title once the department is notified of the final payment, but it may be necessary to visit in person to receive your new title.

3. Get proof from your lender

A reputable provider of Columbus car title loans will give you proof that your loan has been repaid, which includes important details like the final payoff date and a history of your payments. Keep this stored safely because you will need it if you run into issues getting a clear title.

4. Stop by the DMV

You may want to call the DMV to ask about the progress of updating your title and having the lien removed. They should verify when they receive documents after you've paid off the car title loans in Columbus, and give you an idea of how long the whole process will take.

5. Check your title

Don't forget to look over your title once you receive it. Make sure everything is complete and correct, and contact the issuing agency if you notice any issues so they can be corrected immediately. This will avoid any problems down the road, such as getting tags or selling your car.

The bottom line is most providers of Columbus car title loans will do this process for you and give you help to get your title back, but you should ask them ahead of time what to expect so you're better prepared.

Do I Qualify for Ohio Car Title Loans if I'm Unemployed?

It may seem like a stretch qualifying for Ohio car title loans if you don't have any money coming in, but there's a growing number of consumers who are struggling to pay back payday loan and car title loan debt while being unemployed. Joblessness has been a huge concern for a number of years, and many lenders are quick to offer you a fast cash solution, but at what cost? If you're facing high interest rates and the expectation that the loan will be paid back within a month, this leaves you very little room to catch up or get ahead.

While the economy is slowly improving, unemployment rates are still high, including in Ohio. A huge percentage of Americans are still struggling to cover day-to-day expenses like housing, food, gasoline, utilities and more. Traditional lenders like a bank will require a credit check to get the money you need, and you will be disqualified if you don't have good credit. Traditional lenders also require steady monthly income and proof of employment to get you your money.

Can you even qualify for Cincinnati car title loans?

If you're unemployed and struggling to pay for the basic necessities, there's a good chance you can obtain Ohio car title loans. These loans are designed to be short-term and you will use your vehicle as collateral. The maximum amount you can borrow is based on the equity and value of your car, but you need to be very careful.

While you may still get approved for Cincinnati car title loans despite your unemployment, you're putting yourself in a dangerous position. With payday loans, most people can only borrow a few hundred dollars at a time, but many people who are unemployed will still be paying on a previous payday loan while getting a second or third. The same is true for car title loans in Ohio, except the loan amount will probably be much larger and therefore harder to pay off.

If you're considering turning to Ohio car title loans to help you through a phase of unemployment, tread carefully because you risk losing your primary means of transportation and a valuable asset. If you don't pay back the loan, the lender has the right to repossess your car and auction it off. Even if you can afford the monthly payments, you may be saddling yourself down with a short-term debt for a very long period of time, paying a great deal in interest along the way.

Many providers of Columbus car title loans are very understanding and work with borrowers to set up an affordable repayment plan during times of difficulty, but you need to make sure you can afford the monthly payment and have the means to pay off the loan quickly. Because title loans are usually for more money than payday loans, don't forget to borrow only what you can pay back. Don't be tempted into borrowing the maximum amount the lender will allow, but instead determine just how much you absolutely need to minimize interest charges.

This responsibility rests on you, so read all of the terms and conditions of any loan before you sign the paperwork and ask the lender about their policy to find out what you can do if you run into trouble later.

The Convenience of Car Title Loans

Needing some spare cash on hand to give yourself a breather isn't a bad choice. Especially now in today's economy. Relieving some of the stress from every day expenses to holiday spending money can be at the tip of your fingers with Columbus car title loans. These loans are easy to achieve with little to no credit at all.

Car title loans in Columbus will work with you if you have a vehicle and the title to that vehicle. They will crunch some numbers to see how much your vehicle is worth, how low of an interest rate they are able to lock down for you and how much they are willing to loan you based upon these numbers. The Columbus car title loans company has many options to offer you because they will have your vehicle as collateral and get you the best deal to relieve some of your worries. No questions asked about what the money is for but will get you the money that your car is worth.

Car title loans in Columbus can keep their interest rates fairly low compared to regular banks because they will keep your vehicle's title and a spare set of keys. If you are unable to pay your loan pack within the allotted time then they will come repossess you vehicle. They help you by keeping the interest rate low so that you are able to make your payments and make them on time to ensure that you will be receiving your car's title loan back.

There is no need to worry about credit checks because these companies don't need to work with your credit score by any means. They figure that having your vehicle on a leash will mean that their money is secured to be paid back. The answer to your application can be ready is as little as a few minutes or even a few hours. No biting your nails for a few days to get your answer or your money.

There are many reasons why you will need this extra money. Having money on hand for anything that might come up, a family vacation for a few days or making sure your family has a nice Christmas and the kids get the gifts that they asked Santa for. It will be quick, easy and painless and you will still be able to use your vehicle to get around town. You can always pay the loan off in less days then what you have originally set up for and that will make things easier day by day as well.

Keep your vehicle in tip top shape and do some research to find the best deal around.

How are Home Loans and Columbus Car Title Loans Alike?

You probably don't think there's much in common between home loans and Columbus car title loans, but these two loans share one big thing in common: an inspection. When you buy a new home, you'll need to have the home inspected before you buy it. The information provided by the realtor is usually a couple of pages long and repeated again in the broker's agreement. Information in a binding agreement is typically provided in more than one document when you enter into a agreement to buy a new home or obtain car title loans in Columbus. 

When you buy a home, you cannot close escrow until your home is inspected first. Home inspections are designed to reveal defects or potential issues concerning this large purchase and your inspection report will also tell you which problems are very severe and which are just minor defects. You also need to be careful during this process because not all states require home inspectors to be licensed, and typical unlicensed inspections do not include a check for asbestos, mold or mildew. 

Prepare a Checklist for Columbus Car Title Loans

A home inspection is actually very similar to the inspection required prior to car title loans. Columbus lenders will want to look at your car to determine it's value and make sure it's in good condition, just like a home inspector makes sure there are no serious problems with a home you want to buy. 

A home inspector will run through a checklist that includes structural features like the foundation and roof, then an exterior check of landscaping, driveways, drainage, and windows. The home's roof and attic are checked for construction, framing and ventilation, and the plumbing is checking. Home inspectors also check the water heater, furnace, exhaust fans and appliances and, when they finish their inspection, they will give you a report describing serious problems like inferior roofs, furnace or AC malfunctions, moisture issues and foundation problems. The seller will then need to fix these problems or you can fix them yourself. 

Repairs can be a deal-breaker for many homebuyers, and you may try to work it out with the seller if you really love the home and the repairs are minor. In some areas, many violations cannot exist when purchasing a home so the entire transaction can fall through that quickly. The inspection itself will also cost you money. 

This is where home loans and car title loans in Columbus are similar. When you apply for car title loans, Columbus lenders will need to inspect your truck or car before they can provide the loan. They want to make sure your vehicle is in good condition, which affects its value and equity, and thus the amount you receive. Just as with a home inspector, it's important to make sure the lender is licensed so you know you will receive your car's title back once you pay off your loan. Take the time to get your car looking as great as possible and clear up any title issues before you try to get a loan against its value.