Here are some answers to Rapid Auto Loans most frequently asked questions.
In a nutshell, an auto title loan is different from other types of debt because it uses the vehicle as collateral. Auto title loans are offered by car title lenders who offer financing options for those in need of emergency cash. The main difference between a traditional payday or installment loan and an auto title loan is the fact that we use your vehicle as collateral in exchange for the advance funds from a lender. We don't look at your income, debt, or credit score to provide this lending service.
You need your driver's license to apply for an auto title loan. We conduct a title search to verify that no liens have been filed against the vehicle before we proceed with an auto title loan. Additionally, we will need proof of insurance on your car to ensure it is adequately insured while in our possession.
You can still apply for a title loan if you own the vehicle with someone else. If you own a car with someone, then the co-owner would also need to sign off on the loan in most situations. Contact Rapid Auto Loans to learn more about how the auto loan process would work in your unique situation. We can answer any questions that you might have about the approval requirements.
The amount of money you can borrow depends on the value of your car. You should know that the value of your vehicle is how much you could potentially get as a loan from us. In most states, the limit for car title loans is $10,000.
It usually takes around 30 minutes to get approved for an auto title loan. You can start the loan process online from the comfort of your own home.
Yes, we will approve you for a loan if you are self-employed. Auto loans are based on the value of your vehicle, not your business.
Yes, we can approve you for an auto title loan if you are unemployed. Auto loans are based on the value of your vehicle, not your working status.
No, there is no prepayment penalty for auto title loans. When you pay off your loan early, we will close out your loan with no strings attached.
We accept many methods of payments including debit, bank draft, and cash at an authorized location. Payments can be made online, with a representative, at any Walmart MoneyGram Center or participating 7-11 store, or using any linked Venmo or PayPal account.
You can pay for your loan online, over the phone with a representative, or at any Walmart MoneyGram Center or participating 7-11 store. If you have any questions about payment methods, you can contact Rapid Auto Loans or discuss payment options at the time of your loan disbursement.
Yes, you can keep driving the vehicle that you are using as collateral for your auto title loan.
Rapid Auto Loans offers a convenient 12-month repayment plan for all approved car title loans.
Most loans require their first payment within 30 days after your loan is processed.
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