How to Get a Motorcycle Title Loan?
We all fall prey to unwanted financial crisis and generally look for a medium that can provide quick exit from the problematic situation. But the irony is that most people don’t know that there are numerous mediums other than the traditional banking and financial institutions that are helping people to get quick loans since decades and one such medium is car title loan. But the irony is that many of the people hesitate to take benefit from such a good medium because they have heard bad things about car or motorcycle title loans. But like every other service one or two bad incidences with people doesn’t make the whole service bad and full of malpractice.
So if you are the one who is going through financial crunch and looking for a medium to get out of the dilemmatic situation then vehicle title loan is your best bet because the benefits that come along with it are far better than payday loans, cash advances, pawn outlets etc. So if you have made your mind to opt for the motorcycle title loan then read below about the complete process that will help you get the much needed money to the financial crunch.
How to apply for motorcycle title loan in the easiest way possible:
Before heading straight to the points regarding how to apply for the vehicle title loan you have to be ready with few documents which are mentioned below:
- Title of the Motorcycle
- Insurance Proof
- Driver’s license/Government ID
- Proof of residency
- Ability to pay the loan*
- Vehicle Pictures
- List of 6 references, 1 being a family member
Now that you have all the papers in place it’s now time to know about the process to apply for the loan. Most of the vehicle title loan providers accept online application through their website. But if you don’t find website you can fix an appointment with the motorcycle loan executive and ask him about the formalities but applying for the loan online is a more convenient way. Nevertheless once you apply for the loan online the executive will call you at the earliest. You can text or chat with the representative to help you with the complete process.
Now that you know about the formalities that needs to be fulfilled its time to visit the motorcycle loan provider with your vehicle. Your vehicle will get inspected by the lender to check if it has damages that can lower down the value of the vehicle which will directly affect the loan amount that can be sanctioned to you. Once the lender inspect your vehicle and document and find everything in proper order you can get the funds in as less as one business day. You can keep the motorcycle and continue driving it like you were before opting for the loan.
Remember that even if you have bad credit score you can get the loan because the loan is based on the value of your vehicle and not on your credit history. So the more well maintained your vehicle is the more loan amount you can get which is typically $2500 to $50,000.