If you have a car, you can issue a title loan Ohio online. Microfinance organizations (MFOs) promptly issue such loans. The car itself remains with the owner. We have analyzed the most common terms of MFIs for a loan secured by a title.
Title loan online Ohio: requirements
You will be able to apply for a loan secured by a vehicle if:
- you have an US passport, a vehicle registration certificate and a vehicle registration certificate in your name;
- you are 18 years old / 21 years old – depending on the terms of a particular MFI;
- your car is not in the register of collateral cars. If there was a car loan, you paid it off.
How is the registration of a loan secured by a title?
You submit an application to the MFI on the website, through a mobile application or a hotline. An employee of the company contacts you and offers to assess the car. You choose: to get to the office yourself, send documents online or invite a manager to a place convenient for you.
The expert evaluates the appearance, working condition, make, mileage and year of car’s manufacture. Usually, the loan amount secured by the vehicle is no more than 70-80% of the market value of the car. You conclude a contract and transfer the title to the MFO – the document will be stored there while the contract is in effect.
Advantages of a title loan Ohio online
MFOs also issue ordinary loans without collateral. However, with a title loan online Ohio, you can count on a much larger amount – up to $2,500-$5,000, depending on the car state (according to the law, MFIs cannot issue more).
Among other advantages, there are:
- you continue to use the car (no marks will be made in the title);
- you receive money in cash or on a card (in some MFOs, the funds will be transferred on the day of the appeal) — MFOs will not require guarantors;
- they will issue a loan even with or without a bad credit history.
Title loans Ohio online are also issued by pawn shops and banks. Cons of pawn shops — they take the car to a paid parking lot, and the interest rate in them is the highest among financial organizations. Banks provide loans with the lowest rates. However, you will be asked for proof of income and the application will be considered for several days.
Reasons for refusing a title loan
Loan approval depends on the category of the car. Usually microfinance organizations work only with individuals (sometimes with sole proprietors) and do not issue a loan secured by PTS of commercial vehicles, trucks and special equipment.
- You may also be denied a loan secured by a title if you have:
- very damaged car;
- cars older than 5-10 years old;
- there are fines for traffic violations.