If you’re facing a situation where you need cash and have a car title in your name, then a title loan could be a good option for you. In Wisconsin, an equity lender can offer up to $25,000, depending on the value of your vehicle. Some companies specialize in lending smaller amounts of money, so if you’re only looking to borrow a few thousand dollars, that could also be an option.
GoTitleLend is a leading provider of title loans throughout the country, and we just recently added coverage in Wisconsin! This means that applicants in cities such as Milwaukee or Green Bay now have access to our exceptional customer service and knowledgeable support staff.
Auto Title Loans In Wisconsin – What’s Required
To qualify for a title loan in the State of Wisconsin, you’ll need to have a clear title in your name and show proof of income. You’ll also need to provide the company with a copy of your vehicle registration that shows you as the registered owner. Some companies may ask for verification that the vehicle is insured and other documents to prove you’re the only person listed on the car’s pink slip.
Expect to show references and prove that you’re currently employed. By doing this, you can verify that you make enough each pay period to support the expected monthly payments. Direct lenders can provide vehicle title loans with no proof of income, but there’s always a requirement to show evidence that you can make the monthly payments. Run your estimated loan amount through our online calculator before you commit to a monthly payment. A quick estimate is helpful and should tell you what you will pay each month.
Title Loan Lending Rates And Fees In Wisconsin
The interest rate on car title loans in Wisconsin can range anywhere from 12% to 300%. Most title loan companies will fall somewhere in the middle, with rates between 40% and 120%. The amount you pay for interest with a title loan in Madison, WI, will depend on your vehicle’s value, income, and the lender you choose. Ultimately, you want to choose a company that’s not only near you but also one that has favorable terms.
Other fees come with these secured loans, such as a loan origination fee or a prepayment penalty. These fees can add up quickly, so it’s important to factor them into your budget when considering vehicle equity loans. Always consult a financial consultant and read through your contract before agreeing to your loan terms. Any adjustment or increase in the monthly APR can significantly increase your lending costs!
Car Title Loans For Applicants With Bad Credit in Wisconsin
One of the great things about title loans is that they’re available to people with bad credit. That’s because title loans are secured loans, which means that your vehicle acts as collateral for the loan. This means that even if you have bad credit or no credit, you could still qualify for same day approval.
If you have bad credit and need a vehicle title loan in Wisconsin, there are multiple ways you can improve your chances of getting rapid approval. The first step is to ensure the car is in good working condition and has enough equity to qualify for funding. This means it’s completely paid off, and you don’t owe anyone money for it. Secondly, gather all your paperwork and vehicle documents so you can complete the underwriting process. The time it takes to process your paperwork can be cut in half if all the documents are sent over when you first apply! Third, don’t expect too much when working with a secured lender. Auto title loans have high interest rates, and the loan amount is based on the vehicle’s resale value in WI. If you have good credit and only need to borrow a small amount, you may be better off contacting a local unsecured lender.
Funding Amounts In Wisconsin & Can I Keep My Car With A Vehicle Title Loan
Funding amounts vary based on the lender and the condition of your vehicle. Equity loans will start at $500 and go all the way to $10,000 for newer vehicles. To determine the value of your car, the title loan company will appraise your vehicle. Then, the amount that you borrow is based on the equity in your vehicle, which is determined by subtracting the outstanding balance on your car loan from the appraised value of your vehicle.
For example, if you have a car worth $12,000 and still owe $6,000 on the original loan, you have $6,000 in equity. That means you could potentially qualify for up to $3,000. The amount you’ll be approved for depends on the lender and the WI laws governing auto title loans, which often change.
Once you’ve been approved for a title loan and signed the contract, the lender should let you keep driving the vehicle while making the payments. This is the standard procedure with secured loans, and your car’s pink slip will be used as equity instead of the actual vehicle.
