A Kansas City online car title loan can help you get the cash you need quickly, even when you can’t obtain a loan from a traditional lender. Car title loans are available to Kansas City consumers with bad credit or no credit history, as well as those who are self-employed and have trouble meeting the stringent requirements of a traditional loan.
Title loans are secured loans that use your vehicle’s title as collateral. Also known as a pink slip loan, this type of short-term loan uses the clear title on your vehicle rather than your credit score to make your loan. You keep driving your vehicle and typically provide a second set of keys to the lender until the loan is paid in full.
Consumers who have more than one vehicle may be left with an important question:
Which vehicle should I use to get a Kansas City car title loan?
To decide which vehicle to use, it’s important to understand first how a car title loan provider decides the maximum loan amount.
The amount of money you can borrow with a Kansas City car title loan depends on the lender’s assessment of the vehicle’s market value, as the vehicle itself is collateral for the loan, much like a mortgage on a home. Generally the car with the highest value will be the best one to use to get the title loan as you can borrow a larger amount of money.
Your car’s value isn’t the only important factor, however. In most cases, you must have a clean title with no outstanding liens on the vehicle, although some lenders do make title loans on vehicles that still have a small remaining loan balance with equity. This may affect your decision.
Finally, if the amount of money you need to borrow is less than the value of either car, which car you use to secure the loan is less important. After all, you will retain possession of any car you use to get a title loan.
Consumers who have questions about car title loans can contact Waldo Financial, a Kansas City car title loan provider, to speak with a representative. Waldo Financial strives to offer the best in customer service to help borrowers make an informed decision that works best for their situation. Call (816) 333-6800 now for a Waldo Financial car title loan or apply online for your Kansas City car title loan.