Cash From Your Car With Auto Title Loans In Illinois

Car title loans are available to Illinois residents who need money quickly, and the best part is that the requirements are fewer than what's typical for personal loans. You don't need a lengthy credit history or a even a good credit score to qualify and most 2010 and newer vehicles can qualify.

Title loan companies offer fast funding, usually within one day if you've got your car title available. All you need is a paid off vehicle, and with that, you can typically be approved for a loan that lets you use the equity in your car as collateral. Highway Title Loans can get you approved online or over the phone at 877-433-5454. Let's break down how these loans work, the exact requirements, and what terms you can expect in Illinois.


How Do Online Title Loans Work In Illinois & What's Required?

The path to getting cash for your vehicle with a title loan in Illinois is clear and manageable for anyone with a lien free vehicle. The car has to be titled in your name only, and there can't be any liens or loans on the pink slip. You'll use that car as security for a title loan with funding up to $20,000. The repayment term is up to you, but most customers opt for a 12 to 48 months payoff. A licensed lender in IL will ask for proof of income, such as employment records, pay stubs, or bank statements. You'll likely need vehicle insurance, proof of registration, and identity verification through a driver's license, passport, or state-issued ID.


Qualify For Bad Credit Auto Title Loans In Illinois

You don't need perfect credit to qualify for a title loan. Many borrowers with poor credit use title loans to rebuild their credit history as they make on time  payments that are reported monthly to the credit bureaus. Instead of worrying about your credit score like most banks and installment lending services, auto title loan lenders want to know if your car has enough equity or value to be collateral for their loan amount. They know they can repossess the vehicle and sell it at auction if you default, and that's more important to them than your recent credit history. It's likely they won't even run a standard credit check, so don't let your past keep you from getting the cash you need now with Highway Title Loans.


The Willis Tower in Chicago IL.


Restrictions With Online Title Loans In Illinois

You'll find it is easy to apply for car title loans anywhere in Cook County with Highway Title Loans; all you need is an active checking account with direct deposit (savings accounts sometimes don't work). A couple of other essential things to remember about title loan restrictions in Illinois: the loan amount can not exceed more than 50% of your vehicle's value, and you can't have more than one loan outstanding at any given time. There are also citywide restrictions and codes that cover repossession laws and collection tactics by title loan companies and 3rd party lenders. For instance, Chicago limits the time you have until your vehicle is sold at an auction and has additional restrictions on when and where your vehicle can be repossessed. Familiarize yourself with all relevant Illinois lending restrictions before signing a contract.


How Much Money Will I Receive With A Title Loan

The amount of money you can borrow through a title loan lender in Illinois is related to the equity available in your car.  You can often access anywhere between $1,000 and $20,000 of your vehicle's equity with a title loan for cars ten years old or newer, borrowing 40 to 75% of the vehicle's resale value. Some companies in Chicago and Aurora will offer even higher amounts for well qualified vehicles as there's quite a bit more competition to win your business. For getting cash out quickly from an auto title loan lender in Illinois, you can't go wrong with affordable online title loans at Highway Title Loans.


Why Take Out A Title Loan With No Store Visit?

The main reason people apply for this form of funding is that they can't qualify for the obvious lending options like bank personal loans or payday installment loans. In other cases, a vehicle equity loan can be a better way to borrow more money, even if the interest rates are high. The approval time for a title loan with no store visit is just a few hours, while it can be ten days or more for a personal loan!


Other Benefits of Title Loans in Illinois:

- You can get funded the same day you apply, especially if you go with one of the larger title loan companies in Chicago or Rockford.

-You don't need excellent credit. Most customers who apply with Highway Title Loans have a poor credit history!

- You can use your title loan money for any purpose you like. Ideally, it will be for a financial emergency as the interest rate with a title loan in IL is often sky high, but there are no restrictions on what you can use the funds for.


Apply For An Illinois Title Loan Today

Apply now at Highway Title Loans, and we can get you a funding decision in less than one hour! Complete an application on our website or contact us at 877-433-5454 to get started.