For those with bad credit scores, getting approved for a traditional loan is often an unreachable goal. However, since a car title loan takes more into account the value of your vehicle and whether you’ll have the means to pay it off rather than your financial history, it’s a great option for those who might have had some financial troubles in the past that resulted in their less than perfect credit.
How Do Title Loans in New Jersey Work
The process of getting a title loan in New Jersey is actually really simple. The first thing you need to do is to fill out our application form - it contains basic information that will allow us to better understand your situation and, therefore, find the best lender to connect you with.
Once we find the right match, the lender will take a look at your application and decide, based on the value of your vehicle, how much money they can lend you. Each lender might have their own requirements when it comes to the documentation you need to submit, but once all the paperwork is done, you should receive your money as quickly as within one business day.
Qualifications Required for Auto Title Loans in New Jersey
In order to be eligible for a car title loan in New Jersey, you have to:
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Be at least 18 years old.
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Have a lien-free vehicle title in your name.
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Have proof of income.
If you are sure you meet all the above criteria, let’s look at the documents you need to apply for car title loans in New Jersey .
Documents Needed to Apply for a Title Loan in New Jersey
The documents you will need to submit in order to receive a car title loan in New Jersey typically include:
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A government-issued ID - it doesn’t have to be an ID per se, it can also be your passport or your driver’s license.
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A vehicle title in your name - the vehicle has to be lien-free.
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Proof of income - a document that shows you have a stable source of income, such as your bank statements or pay stubs.
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Proof of residence - for example, your lease agreement or utility bills.
Keep in mind that a specific lender might require less/more documentation, as they usually have their own requirements.
What If the Car’s Title Is Not in Your Name?
If the car you’re trying to use as collateral is not in your name, then you will likely not be approved, since you have to be the owner of the vehicle you’re trying to put a lien on.
The best solution in that case would be to contact the owner of the vehicle and ask them to transfer the title to you - although you have to be prepared that transferring NJ car titles requires additional paperwork.
Bad Credit New Jersey Car Title Loan
How Much Cash You Can Expect from a Car Title Loan
The amount you will be able to borrow from a lender depends on the value of your vehicle - however, usually, you can expect to be offered anywhere between 15 to 50 percent of the total value of your car. So, for a car worth $5,000, you can expect to receive anywhere from $750 to $2,500.
Why Choose An Auto Title Loan In New Jersey Over Traditional Bank Loans?
There are several reasons why, when facing a decision about which loan to choose - a car title loan or a traditional bank loan - the auto loan might be the better option. First of all, in most cases, there’s no credit check involved, which means that even those who have no credit history or who have a poor credit score can be approved for it. Often, the whole procedure takes just a few days, and the same cannot be said for a bank loan, which usually requires excessive paperwork and can take as long as a few weeks or months.
Secondly, the only thing you have to give up temporarily while paying off the loan is the title to your car - there’s no need to offer any other assets you might have, like real estate, as the way to secure the repayment. The vehicle itself stays in your possession until your debt is paid off, which means that you don’t have to change your day-to-day life.
Title Loan Interest Rates in New Jersey
There isn’t one specific interest rate that lenders in New Jersey have to follow. In fact, title loan interest rates can vary significantly from lender to lender, as the state does not have a specific state-wide interest rate cap.
How to Choose the Right Car Title Loan Lender in New Jersey
Picking the right lender to help you with your financial struggles can be a frustrating decision to make, considering how many there are available. You also need to be very careful because, while there are several good lenders out there, there are also plenty of questionable ones.
At Titlelo, we do the hard work for you - we only work with reputable lenders that can provide our customers with competitive rates and flexible repayment options. We don’t work with any lender that doesn’t meet our standards, so you can be sure that the one you will be connected with is a trustworthy choice. Fill out our application form today, and let us help you in your financial distress. Take advantage of car title loans in NJ and save yourself some stress.