Online Car Title Loans in New Lexington
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Bad credit title loans in New Lexington, OH.

A title loan is a great solution for fast cash, but it is not the only option. Payday loans are often considered alongside title loans but are only offered in small amounts (usually up to $500) and require either a post-dated check or pre-authorization for a debit from your bank account. A cash advance is another quick option, but typically carries a high-interest rate and other fees.

Unlike title loans (which require your vehicle as collateral), bank loans can be secured or unsecured, meaning they may not require collateral. In the case of an unsecured loan, your credit history will be the primary factor in your approval and interest rate. Since a title loan is a secured loan, your credit history will not be the primary focus during the approval process and can be one of the best options for those with bad credit or past bankruptcies.

New Lexington car title loans made simple.

Titlelo has simplified the loan process into two clicks (or taps) on our website. No lengthy documentation, credit reports, or employment check. Submit a short application and receive your pre-approval in seconds.

Titlelo will pair you with a lender that offers the best terms and rates for you. As long as you are at least 18 years of age and have a vehicle title in your name, we can offer options to secure a loan. Titlelo has no restrictions on the age or mileage of the vehicle, and we do not require the VIN for pre-approval. The loan amount will be dependent on the value of the car, rather than credit history, and you can borrow all or some of the approved amount.

Still making payments on your car? No problem.

If your car is not yet paid off, but you still would like to take out a title loan, Titlelo can work with you to find a solution. A title loan on a vehicle with an already-active loan would be referred to as a second-lien on the vehicle. A lien is the legal right of possession over property until another party pays off a debt.

Though Titlelo does not recommend this kind of loan, as it is considered a high-risk loan, we want to empower you to make the best decision for your situation. We can discuss all of your options and provide you with our professional recommendations, but at the end of the day, we will connect you with the lender you choose. Titlelo has worked hard to build relationships with lenders that offer these special loans while still maintaining an excellent reputation.

No extra fees for early payment.

When consumers compare loans, interest rates are usually front and center. Choosing a loan with the best rate is so complicated that there are entire companies (like Titlelo) designed to solve this problem alone. On top of the interest, processing and penalty fees vary widely from lender to lender, and these charges can really add up. Titlelo strives to work with companies that have the most reasonable fees and highlights lenders that do not charge prepayment fees.

Not every lender offers flexible payment options or schedules, but Titlelo works to narrow down your search quickly. Rather than comparing each lender you can find in a web search, fill out a quick application (online or over the phone) and get instant pre-approval. Titlelo works mostly with lenders who do not charge prepayment fees, but if this is an important feature for you, let us know, and we will be sure to find you a loan without these additional charges.

No bank account required for New Lexington title loans.

Unless you receive your funds via direct deposit, there will be no reason to process your bank account information. It is not required to process your loan, and we respect that you may not want to share this information. Titlelo protects customer data, but the safest place for it is to remain with you.

To apply, you will need to provide only basic information about yourself and your vehicle to Titlelo. There may be more documentation required by the lender to process the loan and disburse funds, including a valid government-issued ID, the title to the vehicle, and proof of income. Some lenders will request proof of address, proof of registration, or proof of insurance (but not always).

We make applying for New Lexington title loans easy.

Apply.

Applying for car title loans online shouldn't be difficult. Complete our simple online application and enter basic information about yourself and your vehicle. Once you're pre-approved, one of our friendly experts will contact you.

Accept.

Titlelo will assess your needs and match you with the best lender in your area. Once you've accepted the terms and conditions of your lender, we'll help you gather everything you need to make the process simple and swift.

Done.

Visit your local title lender and bring your title, ID, and any other required documents. Review and sign your loan documents and get the cash you need instantly. Drive away with your car and get back to what matters in your life.

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Ohio title loan laws

In Ohio, the Short Term Loan Act of the state explicitly bans lenders from accepting a vehicle title as collateral for a short-term loan. However, title lenders work under the state’s Credit Service Organization Act. This particular act requires registration and connection for establishments that offer credit repair, debt counseling, and related services.

Under the CSO Act, the lender can issue a loan either in the form of a check or a money order. The lender charges a cashing fee – generally 3 to 6% for each transaction. As such, a $200 loan can reach up to 600% APR.

A lender can also get a CSO license from the state and then act as a broker to aid borrowers to get a title loan from a third party. For the services rendered, the lender can charge anywhere between $25 and $100. The third-party lender also charges fees and interest on the loan. The latter is typically 25% of the loan principal. The minimum loan amount is $1500, and the interest rate is generally 300% or higher.

Requirements:

In New Lexington, borrowers must be at least 18 years of age and must be the outright owner of the vehicle.

Loan Extensions:

Depending on the lender and the third-party agency that grants the title loan, an extension is possible. There are currently no laws or guidelines that control title loan rollovers in New Lexington, OH.

Repossessions:

The borrower typically signs a security agreement for the circumvented title loan process in Ohio. The signed agreement gives the lender the right to repossess the vehicle if the borrower fails to repay the debt on its maturity date. Due to the compound nature of the title laws in Ohio, there are a variety of legal defenses to repossessions for both the lender and the borrower.

But when the loaned vehicle is repossessed, the lender must sell the car. The lender also has to give notice to the borrower within five business days before the repossession happens. The borrower is required to pay different charges which include the past due installments, the late fees, the interest rate and other costs the lender incurred.

If the vehicle is being auctioned, the lender must send another notice to the borrower, at least ten days before the event takes place. The notice must state the time and location of the auction as well as the minimum selling price of the vehicle. Proceeds from the sale will be used to pay off the loan.

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