Two of the main features of title loans that attract Salt Lake City residents are quicker processing time and the need for fewer requirements. Many lenders only need as few as three types of documents.
Before heading out and applying for a title loan, prepare the following for your own convenience:
The title of your vehicle
The term “title loan” is pretty explanatory. This is the most important piece of document you need to obtain. Your name needs to be on the paperwork, indicating that you own the vehicle. Bring the registration to assure the lender and make the approval process faster. Presenting the insurance will help speed things up, too.
You have to prove that you’re the person whose name appears on the car title, so don’t forget to bring any form of valid identification. Your driver’s license will suffice, but you may also want to bring your Social Security Card with you.
Proof of repayment ability
There are reasons you are required to present pay slips or wage stubs. You need to show the lender evidence you can repay the money you’re borrowing. Although your vehicle already serves as a guarantee for the loan, the law still mandates lenders to verify a borrower’s repayment ability.
Some lending institutions also determine the loan amount based on their client’s income. The higher your salary is, the bigger amount you can take out.
The most reliable lenders in Salt Lake City understand their clients may be in dire need of financial assistance, so as much as possible, they try to make the process easier. As long as you have these documents with you, the process will only take a short time.