Learn More About How Title Loans Work in Wisconsin!
Many different loan options are available to help you as a Wisconsin resident. When you can’t stretch your budget this month, you may be considering all of your financial options. One such option you may have found in your research is a title loan! If you’re looking for a way to make ends meet, a car title loan could be the right solution!
But how do title loans work in Wisconsin? If you have a valuable car in your name, you may qualify for an auto title loan in your state! Keep reading to learn more about car title loans and your opportunity to be eligible for one today.
How Does an Auto Title Loan Work in Wisconsin?
Car title loans can allow a qualified borrower to utilize the equity in their vehicle and turn it into cash. The more available equity you can access, the more money you could borrow through an auto title loan in Wisconsin. In terms of vehicles, equity is simply the difference between your car’s market value and what you owe on it, if anything.
A title loan is a secured loan, making the application experience different for borrowers with low credit scores. The title of a car is the collateral for the loan, which allows a borrower to access their vehicle’s equity. Since you use collateral, the risk of lending to a borrower without good credit is minimized! That can make Wisconsin title loans accessible to borrowers of all kinds of financial backgrounds.
When most residents of Wisconsin explore a car title loan, they often wonder– “Do I lose access to my car during the repayment period?” While you are using your vehicle’s title to secure cash and lenders place a lien on it, it does not mean you have to give up normal driving habits! Just make your title loan payments on time each month to avoid relying on taxis or carpools. Until then, be a responsible borrower and make your loan installments on time! It can be that simple.
Do I Need a Specific Vehicle to Qualify for a Car Title Loan in Wisconsin?
It is common knowledge that newer vehicles will have more value than most older cars in the car industry. However, you don’t need a new car to qualify for an auto title loan in Wisconsin! There is no specific list of cars that make the cut for a title loan, and since many different kinds of makes and models have equity, there can’t be!
As you may know, equity is the difference between your car’s market value and what you currently owe on it. The less of a difference there is, the more potential there is for your car to have positive equity! There are a few factors that will contribute to your vehicle’s current equity:
- The Mileage on Your Car’s Odometer
- The Condition of Your Vehicle, Such as Dents, Paint Scratches, Dinged Windshields, Etc.
- The Year a Manufacturer Released Your Car
- The Make, Model, and Style of Your Vehicle
- Any Alterations or Modifications Made to Your Car
Not sure how to calculate the equity of your vehicle? Don’t worry! You don’t have to do the hard work on your own! Different tools are available to help you find a rough estimate of your vehicle’s equity amount. If you have questions about eligibility for a car title loan or your vehicle’s equity, you could contact your local title loan lender or provider to help clarify things.
Apply for a Title Loan in Wisconsin Today!
Now that you know how title loans work in Wisconsin, the last step is determining if you qualify for money. Yet, if you inquire about a ChoiceCash title loan serviced by LoanMart, you might not have to wait long to see if your vehicle and income satisfy the requirements to borrow funding. You would only have to finish three steps to acquire a Wisconsin car title loan:
- Inquire About a Title Loan Online or Over the Phone
- Submit a Few Required Documents
- Collect Your Cash if You Qualify!
Contact a ChoiceCash title loan agent for more details.
Are you ready to obtain the funds you need for an unexpected bill or expense? No matter which title loan lender or provider you choose, you could get money in no time! Speak with your title loan lender or provider to start your approval process and see if you qualify for emergency financing.