Starting your own business and heading into the fast and furious world of commerce takes commitment, dedication and courage. A million things can go wrong at any moment, and you need to be prepared as much as possible. Of the hundreds of thousands of startups that emerge each year, less than 30% will make it past the 5-year mark.
With those kinds of odds, business owners need to have more than one business continuity plan when things get rough. Start-up costs alone can be one of the biggest burdens for entrepreneurs, not to mention the small emergencies that seem to pop up around every corner.
As a small business owner you need to educate yourself about the best ways to get funds when you need them in a hurry. You have probably already drained your savings to get your enterprise off the ground, so what happens when you need an equipment repair or money for the endless fees that come with commerce? We are going to take you through the basics of how to get a title loan in Sacramento or anywhere in the country, so that you will know what to do if you end up needing extra financing in a hurry.
What Do You Need?
Title loans are considered secured loans, as your vehicle acts as collateral on the amount that you are borrowing. For small businesses that have yet to make any profits or establish a credit history, a car title loan is one of the easiest ways to get cash in your hand quickly.
Funding for start-ups can be tough when you are just getting started. If you need a little more capital to work with, this is a fast and convenient way to get the job done. When you visit a lender, you will need to bring:
- The original vehicle title
- Valid government-issued photo ID
- Proof of regular income
- Vehicle registration
- Proof of residency
These are the basic things that you need for obtaining car loans. Each lender is different so it’s best to be prepared before you visit a dealer. For fast cash, you should bring all the proper paperwork with you on your first visit. There is no need to bring copies, as your lender will be happy to make copies of any documents that are necessary. When you hand over your vehicle title it must be the original version and not a copy. This is the document that your loan hinges on and is of the utmost importance.
What Is The Process?
A car title loan is one of the easiest ways to borrow money for a specific purpose. There is no long application and interview process, your credit history doesn’t play a huge role in whether you will be approved, and you can often have money in your pocket the same day you apply. Taking a title loan is very similar to the pawning process. You are essentially handing over an item in return for the cash value, but you must maintain ownership until repayment is made. Unless you forfeit on your payments, the item remains yours. It’s the same with a car title loan.
You will start by filling out a simple application and then handing over the title to your vehicle. You will have to provide proper ID at the time of your application. A visual inspection will be done on your vehicle and a value estimation will be given based on the car finances, age, condition, make, model, mileage and blue book value. You can get approved in less than 30 minutes and drive away in your own vehicle with cash in your pocket.
To apply for a car title loan you will need to:
- Own your vehicle outright with no pending liens. This means that you cannot have a leased car or anything owing on your vehicle to qualify for a car title loan. Make sure that there are no additional liens that need to be taken care of before applying for your loan.
- Be 18 years of age or older. You may be able to own a vehicle at the age of 16, but to qualify for a secured title loan, you will have to be a legal adult.
- Have a reliable income. This can include disability, pension or retirement income as long as you are being paid consistently. The lender will want to see that you have some regular source of income to determine your ability to pay back the loan.