This article will explain all of the most important things that you need to know about getting car title loans in Louisiana
Everything that you need to know about car title loans in Louisiana
But, the non-traditional loans that can give you the most money in Louisiana are title loans, they will use the equity that you have in your vehicle, so you can get the quick cash that you need.
The biggest problem with non-traditional loans is that they are much more expensive than traditional loans.
But traditional loans will only lend money to people who have good credit, and if they give you the loan, it can take weeks for it to be funded.
Louisiana Title Loans
Using the equity that you have in your car to get the cash you need is straightforward, for you to qualify you will need to have a vehicle that has the required equity.
You can go to the Kelly Blue Book, to see what is the wholesale value of your vehicle, as that is what the lenders will advance on your vehicle. They typically will give you from 50% to 805 of your wholesale value.
If your vehicle has the equity in it, then you will need to be able to show that you have the monthly income to support the loan. This can be done with your bank statements or your pay stubs.
You will also need to have your name on the title of your vehicle, as your title will be used as the collateral to secure the loan. The lender will add their name to the title as the lien holder, so that they will have security on the loan.
Choosing The Right Car Title Loan Company
There are many different car title loan companies in Louisiana, and it can be difficult to know what is the right one for you.
The biggest problem with title loans is the interest rates that they charge, so it is important that you find the one with the lowest rate.
You will need to shop around and get quotes from different lenders, you will find that the rates will vary a lot from lender to lender.
Also, the amount of money that each lender will offer you, will also vary, some will not give you the maximum amount of money.
Car Title Loan Brokers
This process can be very difficult, and time consuming, but it is vital that you take your time on selecting the right company, with the right terms.
Some terms from title loan companies will have additional fees, early termination fees, and other hidden fees.
The easiest way to avoid this, can be to use a car title loan broker, they work the same way are insurance brokers, they have a list of all the lenders, and will select the right lender for you.
The title loan broker will know who is offering the best terms, and the most money, as lenders will change their guidelines from week to week.
General Guidelines For Title loans in Louisiana
Most lenders will all ask for the same items, so it is important to be ready to submit them to get the money as soon as possible.
Here is a list of the general items that you will need:
- A vehicle with the equity value.
- Your name on the car title.
- Proof of income.
- Your proof of residence.
- Photos of your vehicle.
- A photo of your odometer reading.
- Five personal references.
- Drivers license
With these basic items , you will be able to get the Louisiana car title loan that you are looking to get.