Title loans have been a popular way to borrow cash in Wisconsin for years. These secured loans allow borrowers to bypass the tricky credit requirements, leading to most people being denied personal loans. Also, you can borrow a larger amount of cash with title loans, as the lender uses your car’s equity as collateral. Compare that to an unsecured loan where a finance company relies on your credit history, and you’ll see that when you put up collateral, you can borrow a more significant amount of cash.
Requirements For Car Title Loans In Wisconsin
Your vehicle’s title is the main requirement for any secured equity loan. Any licensed lender in WI will ask for your car’s title as collateral and they will want to verify that you’re the sole owner and that there are no other liens or holds on the vehicle. You’ll need to have a clear title with no outstanding balances. In Wisconsin, you can obtain a title loan with any vehicle, including motorcycles, trucks, SUVs, and cars. The good news is that any of those types of motor vehicles will qualify.
Other standard lending requirements can include proof that the car is insured up to the full replacement value. You may need proof that you’re presently employed with a job that brings in enough monthly money to afford the minimum payments.
How Much Can I Borrow With Same Day Title Loans In Wisconsin?
The amount that you’re able to borrow will be based on the value of your car. A lender will appraise your vehicle and offer you a loan for a percentage of the total worth. The more money your car is worth, the more cash you can qualify for with title loans in Wisconsin. Most lenders offer up to $25,000 for equity loans, but some may offer more depending on the make and model of your vehicle as well as its condition.
Some larger companies in Milwaukee can likely offer higher funding amounts for those who walk in and meet in person. This is because they have fewer overhead costs and can justify loaning a higher amount. Also, it’s sometimes preferable for a lender to meet with an applicant in person as they know they’re not being scammed by someone who’s possibly out of state.
Can I Keep My Car When I Take Out A Title Loan in WI
You can keep your vehicle when you take out title loans in Wisconsin. You’ll simply sign the title over to the lender as collateral for the loan and then once you repay the loan in full, they’ll return your title to you quickly.
Keep in mind that some lenders offering title loans in Milwaukee may require that you install a GPS on your car so they can track it if you default on the loan. A lender doesn’t always require this, but some title loan companies may ask for it as an extra layer of protection. If you’re uncomfortable with this, you can usually find another company that doesn’t have this requirement, as most firms are just fine using your pink slip for collateral.
Repayment Terms For Secured Loans
The repayment terms for title loans in Wisconsin are pretty standard across the board. Most lenders will give you 30 days to repay your loan in full, but some may work with you to extend the loan if necessary. Keep in mind that if you do extend your title loan, you will likely have to pay additional fees.
Also, it’s important to note that title loans are considered short-term loans and are not meant to be a long-term solution for financial woes. Suppose you find yourself taking borrowing cash regularly. In that case, it’s probably time to seek professional help to get your finances back on track and avoid the costly high interest rates associated with bad credit title loans.
Apply Online With Car Title Loans Lenders USA For Title Loans In Wisconsin
The process to get an online title loan in Wisconsin is pretty straightforward. You’ll start by finding a title loan lender licensed to operate in the state. After that, you’ll fill out a short application online or in person and provide basic information about your vehicle, like the make, model, and mileage. Once the lender has appraised your car, they’ll offer you how much cash they’re willing to lend you. You’ll sign the contract and get your cash if you accept the loan terms. It’s that easy, and some companies can offer same day cash wired straight to your bank account. Do you live in Madison or Green Bay? If so, you may be able to pick up your loan proceeds that same day immediately after the vehicle inspection.
Why Choose An Auto Title Loan In Wisconsin?
When compared to other types of personal loans, it’s obvious why people choose auto title loans. The first reason is that there’s far less of an emphasis on credit. Whereas a payday lender or installment loan company will want to see your recent credit history, secured lenders are more concerned with the value of your vehicle.
Another advantage of Wisconsin title loans is that you can get a larger amount of cash compared to unsecured lending options. These loans are secured, meaning the lender can offer more money since your car is used as collateral. They know they can always sell the vehicle to recoup their losses if you default on the loan payments.
The last reason title loans are so popular is that they’re quick and easy to obtain. You can apply online and complete the underwriting process within 24 hours or less! So, if you’re ever in a pinch and need cash then get started with our fast and hassle free online application. We have agents standing by ready to help answer any questions about our lending terms and rates you can also call us toll free at 866-515-9866 to complete and verify the information over the phone.
