Whether it’s past-due bills piling up to the point where the provider may shut down your service, or a hefty unexpected expense that you don’t know how to pay, sometimes you’re in a bind and you need money quickly. When that happens, title loans Aurora provide a way out for people who need it most. It doesn’t matter if you have good credit, because this is one of the few types of loans that doesn’t require a credit check. The application process is a breeze, and here at Miles & Baker Finance, we’ve made it even easier with our online application.
You can complete our online application for title loans in Aurora right here on our website. Just head over to that car title loans Aurora form and fill out the following information about your car:
Using solely that information, we’re able to preapprove you for a car title loan and calculate how much money we would be able to lend you. Since the estimate depends upon the value of your car, we’ll have to inspect your car to confirm it.
But what about what you need to bring with you to apply for title loans Aurora? Fortunately, we don’t require much in the way of documentation, and it’s far less than the extensive financial records a bank would require on a personal loan application. First, we’ll need to see your government-issued ID. This is just to check your date of birth, because you must be at least 18 years of old to get a title loan.
We’ll need to see paystub or another form of income verification, because state law requires that the monthly payment for your title loan can’t exceed 50 percent of your income. Finally, we’ll need to get your car title from you and keep it during the repayment period of your loan. Once you’ve repaid your loan in full, we’ll give you the car title back.
So, you’re looking for car title loans Aurora. We’re certain that you don’t want to end up driving out to some place an hour away, especially since you’ll need to go back to pick up your car title at the end of the loan. That’s not a problem with our office, which is located right here in Aurora. You can get here quickly and easily via both surface streets and freeways, and you’ll be able to spot us when you’re close by the Miles & Baker Finance sign. As far as parking goes, there are plenty of convenient options near our office.
One of our friendly Miles & Baker Finance loan representatives can help you out when you get here by providing you with information and giving you the necessary paperwork for your title loan. If you received a title loan preapproval on your website, make sure that you mention that to the representative. We’ll do a quick inspection on your vehicle to confirm its value, and then all we need is your car title to issue your loan. With title loans Aurora, it’s that easy, and you can walk out with cash in your pocket in under an hour.
Every state sets its own regulations regarding title loans, so title loans in Aurora must follow the regulations set by the state of Illinois. We’ve got you covered with all the necessary information.
When you obtain a title loan, you’re using your car as collateral to secure a loan, which gets you a lower interest rate than you would have with an unsecured loan. Even though your car is the collateral, you still get to keep it during the repayment period of the loan. But, since you’re using your car, its value determines the maximum value of your loan, and you won’t need to go through a credit check.
Illinois doesn’t have any title loan interest rate limits in place, instead allowing lenders to determine those on their own. This forces lenders to set competitive interest rates, as it’s a crowded marketplace and that’s the only way that they’ll be able to bring in and keep customers. Here at Miles & Baker Finance, we make it our mission to provide all our customers with fair and affordable interest rates.
While the standard repayment period for a title loan is 1 month, that can vary depending on your needs. No matter the length of your loan, state law requires that payments are approximately equal and don’t balloon up at the end. If you’re unable to pay off your loan by the due date, you can roll over your loan by paying only the interest and carrying the loan principal over to a new repayment period. However, Illinois state law requires that you pay off at least 20 percent of the principal before you do this.
If you default on your loan by missing your payment, that does give the lender the right to repossess your car and then sell it to recoup their losses. The law requires lenders to provide notice before repossessing vehicles, and they also need to offer to let the borrowers surrender their vehicles.
After repossession, you can still get your car back by paying off your loan. If you’ve already paid at least 30 percent of your loan balance, you can also simply catch up on your missed payments to get your car back.
The reality is that lenders don’t want to go through the repossession process, as it’s a hassle that also results in a bad customer experience. That’s why communication with your lender is key. Here at Miles & Baker Finance, we’re willing to work with you and find a resolution if you’re having payment issues. Simply let us know and we may be able to roll the loan over for you.