If you’re looking for title loans in Carbondale, IL, you may need that money as quickly as possible. You can apply for one online right here on the Murillo Car Title Loans website, and we’ve streamlined the application so you can breeze through it with only a few pieces of information. You’ll start by heading over to the online application form. Then, simply enter the following information regarding the vehicle you plan to use as collateral for your loan:
• Year
• Make
• Model
• Approximate Mileage
With that information, we can pre approve you for a car title loan and even come up with an estimate for your maximum loan amount. Just remember that we will have to check the vehicle out before we can confirm the loan amount, to make sure that there isn’t anything detracting from its value. The loan maximum will also have to comply with the regulations Illinois has on title loans.
You may be wondering what documentation you need to bring with you when you come in to Murillo Car Title Loans. We’ll need to check your identification, as you must be 18 years of age or older to apply for Carbondale, IL car title loans. We’ll need to verify your income due to another of the state’s regulations, so you’ll have to bring a paystub or other financial records.
You’re looking for title loans in and near Carbondale, and we’re sure you don’t want to drive out to the middle of nowhere to get one. That’s why we chose a central location right here in Carbondale, IL to ensure that consumers from all over the city can get here with ease. There’s quick access to our store through both surface streets and the freeways. When you get close, keep an eye out for the Villa Car Title Loans sign. You can’t miss it. There’s plenty of convenient parking available, and when you walk in, one of our personable Carbondale loan representatives will greet you.
If you submitted an application online and were preapproved, you’ll want to mention that to the representative. Your representative can answer any questions that you have about the title loan process and go over everything you need to know. You’ll then fill out some paperwork and go with someone from our office for the vehicle inspection, which usually doesn’t take long. After that, you just provide us with your title, we’ll give you the money, and you’re good to go. If we’re not too busy when you swing by, you’ll probably be in and out within the hour.
A Carbondale, IL car title loan is a secured loan, meaning it has a form of collateral attached to it, in this case your car. Unsecured loans, such as payday loans, don’t have any collateral, which also means they have significantly higher interest rates.
The Carbondale title loan doesn’t impact your quality of life at all, because you’re hanging on to your car the entire time. That means no worrying for you about finding alternate forms of transportation. We don’t even get a copy of your keys.
The standard repayment period on a title loan is 30 days, making them short-term loans. At Murillo Car Title Loans, we’re happy to find a repayment period that fits your needs.
If you have bad credit, title loans are an excellent option, because you won’t get denied due to your credit score.
States impose their own regulations regarding title loans, which means Carbondale title loans need to comply with the regulations set by Illinois.
You may remember us mentioning that you’ll need to bring in proof of your income to obtain your title loan. That’s because Illinois is one of the few states to regulate title loan payments in comparison to the borrower’s income. Your monthly payment can be a maximum of 50 percent of your gross monthly income.
The state also has a cap on the principal (the amount you borrow) with a title loan, setting that at $4,000. There is no interest rate cap on title loans here in Illinois, but we pride ourselves on offering low interest rates, especially compared to our competition.
Let’s say that you’re unable to pay off the balance on your Carbondale title loan within the designated repayment period. When that happens, you’re able to roll over the title loan, starting a new repayment period with an additional interest charge. Illinois requires that you pay 20 percent or more of the loan principal before you roll it over.
If you default on your loan, there is the possibility of repossession. You can still make a payment at this time, and even after repossession, you’ll still have an opportunity to get your car back. You can either pay off the loan or, provided you’ve paid 30 percent of the original loan balance or more, start making payments again.
The repossession process is time consuming and costly for us and every title loan lender. We don’t want to go through that, so if you’re having trouble with your payments, contact us and we’ll figure out a solution. The vast majority of title loan borrowers keep their cars and pay off their loans without issue.
