Instant Approval Title Loans In Columbus Ohio
Columbus, Ohio, can be an expensive city to live in, especially if you can't get approved for an unsecured loan. The living standards are high, and residents often need emergency cash. One way to borrow money involves using a vehicle as collateral. You won't need a perfect credit history to get approved, and some borrowers can get pre-qualified for up to $25,000 with just their car as security for the loan.
Highway Title Loans has offered access to these pink slip loans in Columbus for over six years, and it's now easier than ever to apply online or over the phone at 877-433-5454. We'll get you a lending estimate within an hour, and there's a good chance you can complete the underwriting and get your funds that same day if you apply before 2 pm CST! First, review what you need for these secured loans and other important details you can't ignore.
How Car Title Loans Work In Columbus, Ohio
Title loans are loans that use any paid off vehicle as collateral. Eligible residents of Columbus can borrow money using the available equity in their car or truck, with lenders offering around 50% of the vehicle's value as a funding amount. Your lender will provide you with a cash loan based on that collateral, and the best part is you won't need to hand over the vehicle as security. Instead, your pink slip is the collateral and you pay down the balance with set monthly payments. Title loans in Ohio often have higher interest rates than other types of short term loans, so they should only be used as a last resort.
Are you ready to see how much you qualify for with an auto title loan? Contact Highway Title Loans at 877-433-5454 to get an exact lending quote for the equity in your vehicle!
Loan Amounts With A Car Title Loan In Columbus?
Loan amounts with an online title loan in Columbus are based on the vehicle's current value and your ability to repay the loan. Most lenders in Ohio offer loans of between 40% and 60% of the resale value. Some will offer higher percentages if you bring the vehicle in for an inspection and commit to a credit check, but even in these cases, you're limited to a loan that won't exceed the resale value of your car or truck. So, if your vehicle is worth $10,000, you could borrow between $4,000 and $6,000.
Of course, these final funding amounts are based on other factors, such as your income verification and vehicle inspection results. The more money you take home each month, the more you can borrow from a lender in Columbus.
Are you only looking to borrow $2,500 or less? At Highway Title Loans, we've got you covered even if you don't need to borrow that much money. Title loans at these amounts are easier to underwrite, and you may be able to qualify with just video or photo proof of the vehicle; no inspection is required!
What Do I Need To Apply For An Online Car Title Loan In Columbus?
To apply with Highway Title Loans, you need a clear or lien-free car title in your name, proof of residency (a utility bill or other document showing you reside in Ohio), and your driver's license or state-issued photo ID. Some finance companies will also ask for proof that the vehicle is registered in Ohio, and they may need documentation of comprehensive insurance coverage.
You'll need to have the vehicle inspected before you sign off on the loan and add your lender as a lienholder to the car's title. This inspection takes less than 15 minutes and helps the lender properly assess the value of your car and subsequently determine your funding amount. Most companies in Columbus will inspect the vehicle for any significant damage and may take it on a test drive. They'll also confirm the VIN and mileage and check for mechanical issues.
What Is The APR On A Vehicle Title Loan In Columbus, OH?
The interest rate for instant title loans in Columbus varies depending on your lender, the resale value of your vehicle, and your monthly income. Based on those factors, you can expect an APR between 50% and 300% for a typical title loan in Ohio. Yes that's a wide range, but most direct lenders will offer a title loan with high rates and you can expect a payment term of 24 to 36 months. It's entirely up to you on your loan repayment term, but the longer it takes to repay the loan, the more you will pay in finance charges based on a high APR.
Auto Title Loans In Columbus, Ohio With Bad Credit
Applicants with bad credit can still qualify for a car title loan in Columbus. Most people who apply for a car collateral loan have poor credit and are likely already denied a personal loan from an unsecured lender! Even with a low FICO score, you can borrow up to $20,000 when applying with Highway Title Loans, and we may not even check your credit report!
There's no need for an excellent credit score when using a lien-free vehicle as collateral for a loan! Apply online with Highway Title Loans for a bad credit title loan and pick up your cash that same day from a direct lender in Franklin County, Ohio.
Apply Now For A Secured Title Loan
Call Highway Title Loans at 877-433-5454 or apply online, and we'll get you a quick estimate for a car title loan in Columbus. We offer a fast, no-obligation quote, and most customers can be approved in Ohio using the collateral from a vehicle worth $2,000 or more. Apply today!
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