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Are you in a bind from an unexpected financial hardship? Or are past-due bills piling up that could result in a shutdown of services that you need? Consumers in those same positions have found title loans Decatur to be a great way of dealing with their financial problems. The application process is fast and convenient, so you can get money right away, and there’s no credit check involved. Here at Benton Car Title Loans, we’ve made the process even easier by setting up an online title loans Decatur application.
You can apply for a title loan right here on our website. Just head over to the title loan application form and fill out the following information about the car that you plan to put up as collateral for your title loan:

  • Year
  • Make
  • Model
  • Approximate Mileage

By obtaining that information, we’re able to pre approve you for a car title loan and also determine how much money we could lend you. That amount is contingent on your car’s current market value, which means we’ll need to perform a quick vehicle inspection to confirm that there aren’t any glaring issues that could detract from its value.

What kind of documentation do you need to have to obtain a title loan? Nothing that you wouldn’t already have any time you went for a drive. Unlike banks, which typically require all kinds of financial records and also will want to run a credit check, the title loan application process only requires that you bring in your government-issued ID and your car title. We take a quick look at your ID to verify that you’re at least 18 years old, as that’s the minimum to get a car title loan. We also hang on to your car title during the term of your title loan, and then return it to you immediately after you pay off the loan.

To check that you make enough money to pay back your loan, we’ll also ask you about your income. If you can bring us income verification, such as a paystub, that’s helpful, but if not, we can go off your own estimate of your income.

When you’re in search of title loans Decatur, you definitely don’t want to end up driving out to the middle of nowhere to get your money and then to get your car title when you repay the loan. You won’t need to do that with Benton Car Title Loans, as we have our office right here in Decatur. You can get here quickly taking either the freeway or surface streets, and you’ll know you’re getting close when you see our Benton Car Title Loans sign. There’s also plenty of convenient parking nearby.

How It Works

While the federal government has certain laws regarding title loans, for the most part it allows each individual state to set its own rules and regulations. This means that title loans Decatur fall under Alabama’s title loan regulations, but the state doesn’t impose too many restrictions.

If you’re wondering how exactly a title loan works, it’s a secured loan where you put up your car as collateral on the loan. That doesn’t mean you need to give us your car though, as you’ll be hanging on to that throughout the loan’s repayment period. All we keep is your car title until the loan is paid off. We determine the maximum amount we can lend you using the current market value of your car. Because the title loan process is all about your car, there won’t be any credit check during the application process, which means title loans Decatur are an outstanding option for those with bad credit.

The maximum interest rate on a title loan in Alabama is 25 percent per month, and the standard repayment period is 30 days. What if you’re unable to pay off your loan on the payment due date? You are able to rollover a title loan, and that means that you only pay off the interest charges, not the loan principal. The loan principal gets carried over to a new repayment period with another interest charge. You end up paying a little more, but this is a convenient way to extend your loan if you need more time to pay it back.

If you don’t make a payment on the due date, then you’ve defaulted on your title loan, which means your car legally becomes the lender’s property and the lender can repossess it. However, the process of repossessing and selling a car is time-consuming and expensive, so lenders want to avoid it whenever possible. We’d much rather have you able to pay what you owe so everyone is happy.

Here at Benton Car Title Loans, we pride ourselves on helping our customers find a suitable payment solution, so just contact us if you’re having trouble making your payment. We can likely rollover your loan to give you more time. The vast majority of title loan borrowers, both in Alabama and across the United States, keep their vehicles throughout the entire title loan process, so repossession isn’t something to worry about.

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