Are you in dire need of cash? Do you wish to get Car Title Loans Toledo, Ohio? There are many people who want to get a loan on their vehicle but are confused about what to do. The best thing is to opt for title loans as they are secured loans as compared to traditional personal loans. This allows you to use your vehicle as collateral to get the loan amount. Unlike traditional loans, there is nothing like waiting for months or weeks to get their approval. Also, auto title loans don’t involve your credit score or credit history. So, if you have bad credit score or credit history, even then, you are eligible to apply for this loan type.
However, there are some things that are required to get title loans at the right time. You need to submit some of your documents to the lender to get approved for the loan. Also, it is important to go through a car inspection so that the final amount of the loan can be decided. But the most important thing required is for you to have a lien-free car. But what if you want to get auto title loans with a mechanic’s lien on a car?
What is the meaning of a mechanic’s lien?
There is no doubt about the fact that there are sometimes when you get a mechanic bill that is beyond your expectation. This can lead to unpaid bills for car repairs. After this, the owner of the shop has the legal right to instantly keep your car until you pay the bills. If you are not paying the bills, then there are chances for you to get a mechanic’s lien against your vehicle. Also, even after this, if you don’t pay the bills for some time, then the mechanic holds the right to sell your vehicle and recuperate their losses. This can be slightly dangerous for you and your vehicle if you are aiming for secured loans.
Due to this reason, you cannot get a car loan against your vehicle with title loan lenders if it has a mechanic’s lien on it.
How can you get a title loan during such a situation?
A lot of people under such circumstances try to find out an easy way to get auto collateral loans. However, the only way to get them is by first solving your mechanic’s lien. This can be a daunting task but is a necessary one if you want to get auto loans in Toledo, Ohio.
Here are some easy steps to resolve a mechanic’s lien and get qualified for short-term loans with a loan agent:
- The customer needs to settle the mechanic bill if he or she wants to receive the car and lift off the lien.
- If you don’t settle the bill within the given deadline, then the shop owner or the mechanic will sell the car or vehicle. This is done by public auction and is given to the highest bidder.
- The shop owner will send the notarized paperwork showing all the leading communication with the customer and ensuring that the conditions are met. Plus, a copy of the repair will be given along with it.
- Also, the DMV will give the title to the new buyer of the car, and the mechanic will offset the ongoing bill. Thus, the customer will lose their vehicle or car.
Reasons to lift off mechanic’s lien to get collateral loans
If you are someone who is willing to get Car Title Loans Toledo, Ohio but is going through a mechanic’s lien, then here are some reasons to lift it off sooner:
- Save your vehicle – You can easily save your vehicle. Otherwise, it will get to the new owner, and you won’t be able to apply for title loan funds.
- Secured loans – Title loans in Ohio are known to be secured loans that can help you to get fast cash or easy funding in Toledo.
- Instant cash – This loan option can allow you to enjoy an instant cash solution which is not possible with traditional loans.
Having a mechanic’s lien on your vehicle can create a hindrance to getting auto loans in Ohio without a qualifying vehicle. Thus, it is better to clear your mechanic’s lien first and then apply for title loans. This way, things will be less complicated, and you can get loan approval.