Getting a loan can be difficult if you don’t have a credit history, and it can be even more challenging when you have bad credit. After all, big credit lenders like banks have strict requirements to qualify for a loan. But all hope is not lost is you have a less-than-stellar credit score — you might be able to get a title loan from 1st Choice Money Center in Utah.
Also referred to as auto equity or car equity loans, this is a short-term loan that relies on your vehicle’s value. Just like payday loans in Utah, this type of loan usually has a term of 30 days. But the conditions may differ from one lending institution to another, as they are subject to the lender’s discretion.
What Do You Need to Get an Auto Equity Loan?
You need to bring your vehicle, title showing that you are its rightful owner, your driver’s license, and proof of income. Take note that the title must be lien-free, which means the car must be fully paid for. Otherwise, your application may be denied.
You do not need to have a good credit score to apply for a loan at 1st Choice Money Center. However, you do have to make sure that your requirements are complete and free from any issues. For instance, you must have a steady job. This demonstrates your ability to pay back the loan and interest.
Can You be Denied a Car Equity Loan?
The short answer is yes. If, upon assessment, we find that your car’s value is not high enough to be considered collateral, we may not be able to approve your application.
This usually happens to people looking to borrow an amount considerably higher than their vehicle’s equity. Other grounds for getting denied include not having a steady source of income or a problematic title.
Are Title Loans Legal in Utah?
Car title loans are legal in Utah, but both the borrower and the lender still must abide by the state rules and regulations that govern them. You can look into the Title Lending Registration Act in Chapter 24 of the Utah Code to learn more about these laws.
If you are new to auto equity loans or lending products in general, going to a reputable lender will take the guesswork out of choosing the best one for you. At 1st Choice Money, we have a wide range of low-interest loan offerings to cater to every need. We have branches all over Utah and Idaho, making it convenient to visit whenever you need cash fast. Check out the one nearest you!