Title Loans Are a Good Option for Those with Poor Credit

What Is a Title Loan?

A title loan uses the value of real property as collateral and doesn’t require a credit check.

If you own your car outright, you can use it as collateral for a title loan.

title loans in Boise

How Does a Title Loan Work?

When you get a car title loan in Boise, Nampa, Fruitland, Post Falls, or Twin Falls you’ll typically drive your car to a trusted car title loan provider like Ideal Lending aka Half Price Title Loans. Our process has been perfected over the thousands of loans we’ve provided to customers in Idaho, making it one of the easiest and fastest ways to get a loan in the country.

While we evaluate your vehicle, you’ll fill in a short form and provide your photo ID and proof of income. On the approval of your loan, we’ll hold on to the title of your vehicle and hand you the check. You’ll drive off in your car, check in hand.

At the end of the loan term (typically 30 days for a title loan or 12 months for an installment loan), you’ll repay the loan and get your car title back.

Why are Title Loans One of the Best Poor Credit Loan Options in Boise?

For many of our customers, the most important reason that title loans are the best choice for them is that they’re unable to get financing through traditional means. Even one’s own bank can be pretty cagey about loaning money if one has an exemplary track record with credit. Without owning your own house or having an excellent credit rating built up over a number of years, you’re unlikely to get a loan from a bank.

Even if you are a good candidate for a loan from a bank, there are a lot more hoops to jump through when it comes to getting a loan from one compared to a title loan from an Idaho title loan company. The bank will require much more documentation, proof of income, and paperwork to be completed. Importantly, they will check your credit rating to see whether your past credit choices have been handled well. This can be a sticking point for many people with poor credit.

Is It Better to Get a Car Title Loan or a Personal Loan?

Personal loans are other short-term loan options available in Idaho.

One reason to choose a car title loan over a personal loan or payday loan is the amount you’re able to borrow. Typically, you can borrow a lot more with a car title loan than with a payday loan.

Secondly, you’re usually offered a better interest rate when you choose a car title loan over a personal loan. As the loan is secured against your vehicle, there is less risk to the lender, so they are able to offer you a better interest rate. This is because they don’t need to factor in so much money to cover the risk that you and others might not repay your loans.

Can You Get an Installment Car Title Loan in Kansas?

Though loan companies have been providing car title loans for just about as long as cars have existed, a relatively recent development disrupting the industry is the installment title loan.

An installment title loan has a lot of the same features as a standard car title loan.  You can borrow money using your vehicle’s value as the collateral.  But the installment loan can go on beyond 30 days.  It is typically a fully amortizing 12 month loan with no prepayment penalty.  This makes the installment title loan a lot more flexible and more akin to a longer-term loan.

 

A More Friendly Loan Service

So if you’re sick of being turned away by banks who only see you as a number, consider a title loan in Boise, ID, Our salespersons will do everything they can to get you the cash you need as quickly as possible. All you need is a car drivable to one of the five locations, the car title in your name, no liens on the title, proof of income, and a photo ID. You must be over 18 years old to avail of a car title loan.

Even if your car is a later model, your car tags are expired, or you don’t have car insurance, you can still get a vehicle title loan. If you have any other questions about the process, fees, timescales, or requirements, please don’t hesitate to get in touch with us today. We believe you’ll find the process of getting a car title loan at Midwest Title Loans easy, fast, and much better than any other loan options in Idaho for those with poor credit.