Columbia Car Title Loans
Not everyone in Columbia is particularly knowledgeable about how to go about handling title loans. So we’re here to help jumpstart the loan process with a few things you’ll probably be curious about.
What Is Auto Equity and What Can It Do For People in Columbia, MO?
Equity is the estimated monetary worth of a piece of property. The equity of your vehicle can vary depending on a number of factors, including:
- Manufacture year
- Make
- Model
- Estimated mileage
- Condition
- Popularity
If you want to know a more specific estimation as to how much the equity of your vehicle is worth, you can use our free online title loan calculator to get a quote.
How auto equity is changing the lending industry in Columbia:
Before title loans rose to popularity in Missouri, a borrower had to prove their “loan worthiness” by having a pristine financial background and a near-perfect credit score. If they didn’t meet the lengthy list of requirements set forth by the lender, then they were rejected and turned away empty-handed. Auto equity allows Columbia borrowers to use their cars to secure a loan when their credit score alone isn’t enough.
Understanding the Basics About Columbia Car Title Loans
The concept is pretty simple: you hand the title of your car over to a trusted title loan provider in your neighborhoods of St. Louis, Kansas City, and Columbia. They hand you the cash value of the equity of your vehicle. Once the loan is paid off in full, they return the title to you.
The consequences of not paying off your title loan within the allotted period time include…
- A legally mandated number of warnings (typically at least two)
- Increased amount of interest owed on the loan
- Eventual repossession of the vehicle
To learn more about what has to happen before a lender can legally repossess your vehicle if you default on the loan, the finance section at Missouri’s government website will help.
Local Columbia, MO Contact Info for First-Time Title Loan Applicants
The Missouri Division of Finance offers a comprehensive breakdown of the state regulations that govern title loans, and protect the borrowers who apply for them. (Missouri Division of Finance
Truman State Office Building
Room 630
Jefferson City, MO 65102
(573) 751-3242
(573) 751-9192 (fax)
E-mail: finance@dof.mo.gov)
What’s the Verdict on Title Loans?
There are a wealth of expert reports on the advantages and disadvantages of title loans in Missouri. But more financial editors recommend title loans than most other types of loans for borrowers who need immediate access to funds.
People who are well-versed in the goings-on of the Missouri loan industry have given car title loans their stamp of approval. But our applicants love our services, too! Find out for yourself how a Columbia title loan can help you today; give us a call.