Auto title loans use your vehicle as collateral, which means that your approval is based on your vehicle and not your financial history. This allows Minnesota Title Loans to offer easy, fast, and simple approvals to everyone, even if you have poor credit. Title loans are a great option for those with poor credit. As long as your car has sufficient value, you will be able to get a loan, no questions asked.
After you apply, you will be preapproved for a loan amount within 15 minutes. Once approved, you will receive the money through a direct deposit in your bank account in as little as 24 hours. To expedite the application process, we highly recommend gathering all of the necessary documents in advance.
We work hard to keep our requirements simple and easy to meet. You will find that our loans are much easier to qualify for compared to traditional lenders. In fact, we only have 5 requirements. These are:
You can either give us a call to connect with your personal loan officer. They will walk you through the process and can answer any questions that you might have. You can also save a lot of time by fill out our online application form. This 3-step form only takes 15 minutes to complete a requires very little information about you and your vehicle. Once completed, you will be preapproved for a loan amount and will have the cash in your bank account in as little as 24 hours.
We do not use your credit score as an approval factor. This means that no matter how poor your financial history is, you can still get approved for a title loan. Your approval and the amount of your loan is completely dependent on your vehicle and not on your personal finances.
Yes, we do not take your car when you are making payments on your loan. This means you can drive your vehicle just like normal. Although, while you are making loan payments, we will hold on to your vehicle’s title. Once the loan is paid in full, we will return the title back to you immediately.
The amount of your title loan is entirely dependent on the value of your vehicle. If your car’s value is $50,000, then you can get a loan for up to $50,000. Typically, if your vehicle is newer than 1999, you have a higher chance of approval.
If you have a loan on your vehicle already, you are not eligible for a title loan through Minnesota Title Loans. However, depending on your situation, we may be able to help you consolidate your loan with our services.
You do not have to be employed to get approved for a loan. However, you do need to have income of at least $1,500 per month. This can come in a variety of ways other than through a job, including social security, pension, or disability.
No, we never charge prepayment penalties on our loans. We actually encourage our customers to pay their loan off early in order to save money on interest. You can feel free to pay your loan off as early as you’d like.
When you apply for a title loan, you will need the following: