Borrowing money for emergencies is something that some of us must do from time to time. Getting prequalified on a online auto equity loan is a way to qualify for a fast money loan. Car title loans allow you to keep driving your vehicle while you repay your loan. Utah is known for it’s beautiful desert ranges and towering mountain peaks, but if your debt is piling higher than the state’s tallest mountain (Kings Peak at 13,527), it might be time to consider taking out a car title loan.
But what exactly is a car title loan, and where can you start your search for car title lenders in Utah? Lucky for you, the answer is actually quite simple.
First, let’s break down what a car title loan is. The basics of a car title loan are really quite simple. A car title loan means you are borrowing from a lender based on the value of your car. In order to lake out a loan against your car, you need to have equity in your car. For many lenders, they’ll only consider lending to you if you have already paid off your car in full and own it outright. While some lenders do allow you to borrow on a car that you are still paying off, it is not the norm.
Once the value of your car has been established, the lender will decide how much they are willing to lend you. Car title lenders typically range between $100 and $5,500. They can, however, go much high and depending on your car, you could qualify for a loan up to $50,000.
While the amount you can borrow is based on the equity that you have in your car and the value of that car, do not expect to get a loan that is equal to the actual worth of the car. Lenders want to make it as likely as possible that they’ll be getting their money back, so they will lend you only what they can get quickly and easily in exchange for your car in the event that you default on your loan. The vast majority of lenders will offer you a loan equal to the trade-in-value of your car, that is typically between 25 percent and 50 percent of your car’s actual value.
As long as we are talking about the possibility of a default, it is important to note that some lenders will require you to give them a key to your car or install a GPS tracking device on your car so that they can easily locate and retrieve your car in the event of a default and subsequent repossession.
Now that you know how they work, let’s go over some of the best car title lenders in the great state of Utah.
The lender Loans for Less is a operation that allows prospective borrowers to apply online or in person. After you pre-qualify, you will take your car into a storefront location and get your car evaluated in person. On their website, they boast being able to get your loan to you within 20 minutes. They also boast offering 50 percent more in their loans than their competitors and charging 70 percent less. Even if that is a bit of an exaggeration, those numbers seem to make it clear that Loans For Less is worthy of your attention.
American Title Loans (UT) boasts a fast and easy application process and loans up to $5,000. They also claim that they will offer a car title loan on any car that is offered to them. They offer fast approval, but do not seemingly offer online application which is becoming increasingly popular in the car title loan market.
Paramount title is apparently one of the oldest car title lenders in the state of Utah and claims to have been in business since 1976! They offer some of the lowest rates in the state and proudly boast some of the best customer service in the industry. While they are somewhat behind the times in terms of what their website offers, they do allow customers to track and view their loan online. Other than that, you will have to go into their storefront location to apply for and collect your loan.
Discount title loans is an organization wholly confident in their ability to get you a loan regardless of the type of car or vehicle that you drive. Their team claims to have over 15 years of combined experience in the car title lending industry and are most interested in getting you the cash you need to get out the financial bind you have found yourself in. Beyond that, your car isn’t the only thing you can offer as collateral in a title loan. Discount Title Loans also offers financing on trucks, RVs, boats, motorcycles, trailers, and ATVs. They also also offer a free quote if you apply on the phone or at one of the their storefront locations.
TitleMax Title Loans has been operating in Utah since May 2014 and assures that customers will get accepted regardless of credit score and will be able to get you your cash in hand within 30 minutes. They also boast customer testimonials on their site, which is typically a good sign. Take a look at some of the testimonials and see if their service seems like the right fit for you.