Are you ready to make an investment in power tools such as large table saws, power drills, painting equipment, compressors or big construction tools? Maybe you want to do remodeling work on your home to add even more resale value to it, or maybe you're looking to start your own contractor business. Getting all the equipment you need usually requires you to have a lot of cash upfront, and to get that you'll usually need some form of business financing. But there actually is a better way for Chicago residents that doesn't require them to fill out piles of paperwork about their business, and it's through applying for vehicle title loans in Bolingbrook and the greater Chicago area.
Because vehicle title loans in Bolingbrook, IL are not issued through banks and are made against a vehicle you own, they aren't subject to the same regulations that most bank loans are subject to. They do have laws governing them that include how much you can borrow, and the ability to repay them by having monthly income. But they're usually not difficult to apply or be approved for as long as you own a vehicle and have a clear title for it. The title has to be clear because your vehicle will be used as collateral in a title loan, and the lender will need to place a lien on it before they can release your funds.
Basically, a number of factors in your vehicle are used to appraise it that include its make, model, style, year and mileage. Our online estimate tool gives you an idea of what your title loan amount will be, but usually the lender will want to conduct an inspection on the vehicle to make sure it doesn't have hidden defects, or any serious wear and tear that would affect its overall value. Typically, you can borrow about 25℅ of the equity of a vehicle after it's been inspected, though in some cases you may be able to borrow as much as 50℅. Illinois law caps the total amount you can borrow with vehicle title loans in Bolingbrook at $4,000.
The main thing you'll need to do to make sure you are approved for one of our vehicle title loans in Aurora is make sure you owe no payments or fees on your vehicle. Usually the DMV will mail you an updated clear title once liens have been cleared, but if you haven't received one yet, you may need to visit your local DMV to pay a fee. But along with your clear title, you should make sure you have a couple other documents with you when you visit the title loan store:
All you need to do first is just fill in our title loans calculator form, and then arrange a time to visit one of our affiliate title loan stores. Usually it only takes about 30 minutes or so to complete the title loan paperwork there and be approved for the financing, and you'll usually be given a period of 24 hours if you decide not to take out a title loan. There is also no penalty if you repay it early.