Apply For Online Title Loans In Delaware
There’s no longer a need to wait weeks on end to find out if you’re approved for a bank loan or installment loan. Now, anyone with a newer vehicle that’s completely paid off can apply for title loans in Delaware. This type of secured loan lets you borrow money that’s based on the equity value of your car. Loan amounts can reach $25,000 and you can grab your cash within 24 hours of being approved for a Delaware Title Loan!
How To Get A Title Loan In Delaware – What’s Required
To be approved for an online auto title loan in Delaware, you will need to show ownership of your vehicle and it has to be a newer model with low mileage. The car title needs to show you as the owner and you can’t still owe a lender or have someone showing as a lienholder on the title. You’ll need to provide proof of income, identification, and residency in the State of Delaware. There also may be a requirement for valid insurance on your vehicle and some companies may also want to speak with your employer to verify the amount of money you make each month.
The entire process is simple and can be completed online in minutes or in person at any handful of locations in Wilmington or Newark. Once you apply for a title loan and get approved, you could have the cash you need in hand within 24 hours!
What Are The Benefits Of A Delaware Title Loan?
There are many benefits of car title loans, including:
– Quick approval – usually just minutes for those applying online or at any financing office in Wilmington DE.
– No credit check is required. Some companies may run a soft pull on your credit to check for active bankruptcies, but most expect you to have bad or poor credit. Delaware residents can now access title loans online with no credit check.
– Cash is available within 24 hours for anyone in Delaware. This means you can have the money wired straight to your bank account or pick up the funds anywhere in the state.
– Loan amounts up to $25,000. The amount available with an auto title loan is mostly derived from the vehicle’s resale value. The more your car is worth the higher the loan amount. Expect a lender to offer a loan amount that equals 35-65% of the car’s value.
– Title loan terms from 6 to 24 months. Most title loan companies will work with you to set a realistic payoff time based on your budget.
– Fixed interest rates and no prepayment penalties. Also the ability to pay off the loan early with no penalty for pre-payment.
What Are The Negatives Of Title Loans In Delaware?
There are a few negatives to title loans, which include:
– You have to hand over the car’s title as collateral for the amount borrowed. This is of course better than having a pawn shop or lender hold your car as collateral, but you’re essentially adding a lienholder to your title.
– If you don’t repay the loan according to the terms agreed upon, the car can be seized and sold at auction. Avoid a title loan repossession at all costs. Work with your lender and negotiate or settle on an alternate payment plan.
– There is a required minimum monthly payment, so make sure you factor this into your budget before applying for a title loan. It’s important to only borrow what you can afford and make sure you can pay back the amount due each month.
– Interest rates or “APR” are very high with most online title loans. Any lender in Delaware is taking on risk by offering a secured loan to someone with poor credit and you want to get the best rate possible and also try to pay down the balance quicker.
How To Apply For A Title Loan In Delaware?
One of the best and easiest ways to apply for a title loan in Delaware is online. This can be done on any number of websites that specialize in title loans. Feel free to get started with Highway Title Loans as you can fill out an application and find out if you’re preapproved in minutes. You also have the choice of calling in and speaking to any of our customer service reps so they can walk you through the loan application over the phone.
The other alternative is to apply in person at a location in Dover or Wilmington DE. It may take longer on the front end to apply at a physical lending location, but you can get everything completed in one visit and not have to worry about an additional vehicle inspection or the need to sign further documents. Some local companies will allow people to apply for online title loans in Delaware and then you can go to their location to sign the documents and pick up the cash right then! Whichever method you choose to apply, you first should make sure a title loan is right for you and then decide on what the minimum amount is that you need.