Missouri Car Title Loans Online in Minutes
A car title loan is a type of financial obligation in Missouri that is secured by your vehicle. Thanks to this, the creditor (i.e. the lender) has greater certainty that even in the absence of timely repayment of the liability, his claim will be fully satisfied. The funds obtained from the sale of the car are intended to cover the amount of the debt together with the interest due.
Where to apply for a car title loan in Missouri?
A car title loan is an offer of many loan companies in Missouri. It is enough to choose a specific proposal and fill in the form on the website. The entire process (from applying, through verification, ending with the withdrawal of funds) takes place online, without leaving your home.
What to remember when completing the loan application?
When completing the application for a car title loan, you must provide your personal and contact details. The lender will also be interested in information about the vehicle, which in this case is to be used as security for the loan.
Most often you should enter: car model, year of production, current mileage and date of first registration. Based on these data, it will be possible to estimate the maximum loan amount.
Although, as a rule, private loan companies operate much faster than banks, and customer verification takes much less time, in the case of secured loans, it is worth being patient. A loan company employee should contact you within 24 hours, after which (if a positive decision is obtained) the loan agreement will be signed and the funds will be withdrawn.
Title loans law in Missouri
With title loans in Missouri, you can apply for an amount of up to $5,000 with a minimum loan term – 30 days. To apply, yo need to:
- Visit lender’s website.
- Fill out the application form and provide all the necessary information.
- Verify your identity.
- Get a positive response.
- Get the money transferred to your account in 1 business day.
What does the car title loan agreement look like?
In addition to the standard contract, you will receive two other documents to sign. One of them concerns the appropriation of 51% of the car’s value by the loan company (an agreement for the transfer of ownership of the car is signed).
In this document, the lender also undertakes to transfer all ownership after the full repayment of the liability (thanks to which you will become the sole owner of the vehicle again).
The second letter is a power of attorney that allows you to enter the lender as a co-owner of the vehicle. The lender will enter this information in the registration certificate.
Documents needed to obtain a title loan in Missouri
The great advantage of loan companies is that they limit all formalities to the absolute minimum. Thanks to this, every adult American citizen from Missouri who has a valid identity document can apply for funding. In the case of loans secured against the vehicle you drive on a daily basis, the company may also require additional letters and certificates.
Most often, you can come across a situation when it is required to attach the valuation of the subject of the pledge (i.e. in this case the car) made by a property appraiser.
How much does a car title loan in Missouri cost?
The parameters of the offer you have chosen determine how much you will finally have to pay for the loan. Before applying for financing, therefore pay close attention to the APR (Annual Percentage Rate), which shows the total cost of the loan or credit facility.
Additional fees are also important. Lenders charge very high rates, for example for sending notifications with a reminder to pay an installment or for performing other administrative activities.
What happens to the car if the loan is not repaid?
If the loan repayment time has passed and we will not be able to return the borrowed funds to a non-bank company, it will start selling our car. Thanks to this, the lender will get his money back. This is the natural course of affairs in the case of collateralised liabilities. It is similar, for example, with mortgage loans, when a bank sells a house or apartment if we are unable to pay off our liability.
Of course, the sale of the car will not take place on the first day of delay. The vehicle owner may try to negotiate with the company and get a few extra days or weeks to pay off. If the prospect of losing our favorite car is unbearable for us, it’s worth:
- take out loans with collateral only when we are sure that we will pay them back,
- not to use pledged liabilities,
- work on creditworthiness. When it is better, the lender may no longer ask us for security in the form of a car.
Advantages of a car title loan
These types of loans in Missouri have many advantages, but whether they will be profitable in a particular case depends largely on your current financial situation. The big advantage compared to other services of this type is the ability to quickly borrow a large amount, regardless of whether you have previously cooperated with a given loan institution or not.
A huge advantage is also the reduction of formalities to the absolute minimum. Lenders are not in the habit of asking their clients for a certificate of income or account statement, so the entire process is very quick.
What else distinguishes vehicle loans? By deciding on a pledge, you minimize the lender’s risk, thanks to which he can offer you a larger loan amount.
It is worth remembering that after signing the loan agreement, the car is still at your disposal. So you can use it freely, without having to return it until the end of the repayment period.
Missouri Title Loan Alternatives
If a Car Title Loan doesn’t suit you, consider alternative options to get quick financing:
- Bad Credit Personal Loans up to $35,000
- Online Installment Loans up to $5,000
- Short-term Payday Loans
Choose the best loan option and start a quick online application now.
Missouri Title Loans Near me – Choose your city
- Kansas City
- St. Louis
- Lees Summit
- St. Joseph
- St. Charles
- St. Peters
- Blue Springs
- Jefferson City
- Cape Girardeau
- University City
- Maryland Heights
- Webster Groves
- Old Jamestown
- Spanish Lake
- Creve Coeur
- Poplar Bluff
- Fort Leonard Wood
- Lake St. Louis
- Grain Valley
- Dardenne Prairie
- St. Ann
- West Plains