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Benefits of Paying Down Debts with An Indiana Title Loan

Should You Get a Title Loan in Indiana?

You can’t plan for every unexpected expense. Almost everyone deals with an unexpected bill at some point in their lives. Regardless of why you need the extra cash, a bank loan isn’t an option. 

So then, what’s your next option? How about considering title loans in Indiana? Not sure what a title loan is or how to even go about getting on? Don’t worry, we’ll take you through the simple steps.

What is an Indiana Title Loan

Not sure what to expect from a title loan? You’re not alone. First-time borrowers often have tons of questions. You may hear a title loan referred to as a pink slip, vehicle, or auto loan, all of these names refer to the same process.

A title loan basically gives you cash to use however you want, and your vehicle acts as collateral. Essentially, you’re exchanging the car title for cash. However, before you go and start calculating Uber and taxi costs, it’s important to note that the vehicle stays in your possession. 

Yes, you get to keep your vehicle—at least as long as you’re making timely loan payments. So what happens if you stop repaying your loan? The answer is simple: the title loan company legally repossesses your vehicle, from there, it’s up to you what to do. If you pay off the loan and the assorted fees, you get your vehicle back.

Getting a Title Loan in Indiana

Before heading down to the title loan office, make sure that you’re at least 18 years of age. You’ll also need to grab a few documents, which include the vehicle’s title. You also need a valid driver’s license and proof of address, and no, a letter from a friend isn’t good enough to prove your current address, so grab a utility bill, lease, or even a bank statement instead.

Try to take a few pictures of the vehicle, and jot down the VIN (vehicle identification number) and mileage. You’ll find the mileage on the odometer, check your dashboard for this number.

Why does the title loan company need your vehicle information? Hopefully, they’ll never need to use it but the information makes it easier for them to identify your vehicle if repossession is necessary. Once you have the necessary title loan documents, it’s time to find the right place.

Choosing a Title Loan Office

Finding a title loan service in Indiana is a breeze, and a simple online search brings up a long list of places near you. Don’t be surprised if there’s one on a corner close to your address.

 

Before heading to the closest title loan office, do a little research. Look for a reputable lender, their consumer review page will give you a good idea of the company’s legitimacy—also, don’t forget to compare loan rates. These vary from service to service, there’s no reason to pay more than you have to.

Pay Off Debts with a Title Loan

While there are risks, you can lose your vehicle for non-payment, title loans are also a fast and easy way to get extra cash. Best advice: make a decision based on your financial situation. 

Though expedient in providing quick cash, title loans do carry the significant risk of vehicle loss in case of non-payment. Therefore, the best course of action is to make a decision based on a thorough financial condition assessment, ensuring that the potential benefits align with the risks involved.

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Sue

Sue Baxter

Susie Young Baxter, CEO, has published PanoramaNOW Magazine for 31 years. Her hobbies are Camping, Boating, Hiking, Nature, Gardening and Outdoor Activities. She is an Artist, Graphic Designer, an Avid Seamstress, Dabbles in Homemade Crafts and Landscaping. Since her Father was a Health Teacher, she also likes homeopathic Health Solutions. Since blogging started over 10 years ago, PanoramaNow has been added to Newsbreak – a national news affiliate.

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About The Author

Sue Baxter

Susie Young Baxter, CEO, has published PanoramaNOW Magazine for 31 years. Her hobbies are Camping, Boating, Hiking, Nature, Gardening and Outdoor Activities. She is an Artist, Graphic Designer, an Avid Seamstress, Dabbles in Homemade Crafts and Landscaping. Since her Father was a Health Teacher, she also likes homeopathic Health Solutions. Since blogging started over 10 years ago, PanoramaNow has been added to Newsbreak - a national news affiliate.