Can You Get a Fully Online Title Loan?

Colorado Сar Title Loans – Main Information

A Title Loan is a secured type of financing for people with any type of credit. The title of the car is collateral for the loan, so you must temporarily hand it over to the lender while the loan is being repaid. You will be able to get the title back when the debt with interest is fully repaid.

You should also be aware that a Title Loan is a short-term type of financing that often has to be repaid within 30 days. So make sure you can pay off the Title Loan online before applying.

The loan amount that Colorado residents can get with a Title Loan will vary depending on several factors such as car make, model, mileage, cost, condition, and more. Thus, the more expensive the car and the better its condition, the more you can get. Most Colorado lenders offer between 25% and 50% of the value of the car.

The cost of a Colorado Title Loan can vary depending on the lender, your income and many other factors. Typically, a Title Loan has an average monthly fee of 25% (about 300% APRs).

How Do Title Loans in Colorado Work?

Title Loans in Colorado work like this: you apply, you go through a physical inspection of the vehicle, and you receive funding. To get started, visit your chosen lender’s website and fill out a simple online application, providing your details. After you submit your application, the lender will contact you. You will need to bring your vehicle to the nearest Title Lender location in Colorado. Specialists will conduct a physical inspection of your vehicle. As a rule, factors such as brand, model, year of manufacture, mileage, condition, cost and others are taken into account.

After the specialists evaluate your car, the lender will offer you the loan amount. If you are satisfied with the loan offer, you can sign a loan agreement and transfer the title to the lender, after which you can receive the money. You can dispose of them as you wish and continue to drive your car.

What Are Colorado Title Loan Requirements?

In order to determine if you qualify for a Colorado Title Loan, you must study the criteria of the selected lender. They may differ, but the main ones remain the same:

• Be a US citizen or an official resident who is at least 18 years of age or older
• Have a regular monthly source of income
• Have proof of identity such as a passport, driver’s license, or government-issued ID
• Have an active bank account
• Provide a social security number
• Provide contact details such as phone and email.

Important! In order to get a loan in Colorado, you must also provide the following documents for the car: original vehicle title with solo ownership, proof of residency matching the name on the title, vehicle insurance proof, government issued identification matching the name on the title and current vehicle registration.

Colorado Title Loans Pros And Cons

If you are thinking about getting a Colorado Title Loan, pay special attention to its advantages and disadvantages. They will help you make the right decision.

Advantages :

1. Convenient online application. Instead of filling out a lot of paperwork, the borrower only needs to visit the lender’s website and fill out an online application, which does usually not take more than 10 minutes.
2. Almost instant approval. If the borrower meets the requirements of the lender, then the application is approved on the same day.
3. Fast funding. Most often, the loan amount is transferred to the borrower’s bank account within one to two business days.
4. Bad credit is accepted. Even if the borrower previously had problems with the payment of debts, now he can apply and get approved.
5. Ability to continue driving your car. Perhaps the main advantage of this loan offer is that you can continue to drive your vehicle even during the payment of the debt.

Disadvantages:

1. Possibility of losing your car. If you fail to repay the loan with interest on time, the lender will be able to take your vehicle in order to consolidate the loan debt.
2. Short payment terms. Since this loan is short-term, you will often need to pay off the entire debt with interest within one month.
3. Interest rates. Depending on the lender you choose in Colorado, you may be faced with extremely high interest rates that can be difficult to repay.

Are Colorado Title Loans Available For Bad Credit?

Borrowers with bad or poor credit most often wonder if they can get a Colorado Title Loan, and the answer is yes. Since the loan is secured, lenders in Colorado have some sort of guarantee that the debt will be paid on time. That is why they will be able to provide you with financing even if you have a bad credit history.

No Credit Check Colorado Title Loan

Often Title Lenders in Colorado do not request a traditional credit check as the loan is already secured by collateral and it is people with bad credit who apply.

What Are Colorado Title Loan Alternatives?

If the Title Loan does not meet your wants and needs, you can also explore alternative financing options that you can get if you live in Colorado:

• Payday Loan is a simple short-term type of financing that offers borrowers between $100 and $1,000 to cover any emergency needs within one month.
• Personal Loan offers Colorado borrowers $1,000 to $100,000 for any personal expenses. Payment terms are usually from 12 to 60 months.
• Installment Loans are quick loans for bad credit repaid in fixed equal payments within the time of a few months.