Few things are more stressful than being hit with a surprise bill or expense, especially if you're already short on cash. If you need a quick loan here in the great Gem State of Idaho, consider applying for a title loan. With a title loan, you can receive the cash you need today so you can handle your financial matters as quickly as possible.
What is a title loan?
A title loan is an excellent option for people who own their car to receive the money they need when they need it. If you own your vehicle and the title is in your name only, you can use it as collateral to secure a title loan. It's worth mentioning that auto title loans are a form of short-term financing and you risk losing possession of your vehicle if you don't repay your loan.
Idaho title loan requirements
To begin your application for a title loan, you will need the following:
- An Idaho driver’s license or state-issued ID
- A lien-free vehicle title
- Proof of income
- Proof of residency in Idaho
- A running vehicle
You must also verify that you are not serving in the United States military and that you are at least 18 years old.
The title loan process
You only need to complete six steps to secure a car title loan. Most borrowers can complete this process in less than an hour:
After determining if you meet the requirements, submit an application to tell us more about yourself and your vehicle.
Once you have completed the application and gathered all the necessary documents, your lender will verify your information.
During the inspection, your lender will send someone to inspect your vehicle to determine its worth, verify that it's in working condition, and that any modifications made are legal in Idaho.
During this step in the process, your lender will create a contract detailing the amount of your loan, your repayment plan, and the time you have to make those payments. All parties will sign this contract.
Upon signing, you will receive your loan as a bank transfer or a check.
Once you have received your cash, you will then have a specified amount of time to repay your title loan. Once your loan is paid off, you'll receive your title back.
How title loans are regulated in Idaho
Title loans in Idaho are currently regulated under Idaho Code § 28-42-101 et seq.
Currently, there is no cap on the interest or fees a lender is able to charge on a title loan. This regulation means lenders can charge triple-digit APRs on car title loans in Idaho.
In Idaho, if the borrower fails to pay their loan, the lender must send a written notice after the first missed payment. If the borrower cannot pay within ten days after receiving the written notice, the lender has the legal right to repossess the borrower's vehicle.
The lender will then sell the car to fulfill the borrower's debt. However, if the amount gained from the vehicle sale does not satisfy the outstanding amount, the borrower must make up the difference.
Cost considerations and title loan alternatives
The cost of a title loan in Idaho is dependent on your loan amount and your APR. Here are a few examples to help illustrate the true cost of a title loan.
- Example 1: You borrow $1,500 at an APR of 300% and pay it back in 30 days.
If you took out a $1,500 loan and paid it back in 30 days, you would pay a total of $1,875 back to your lender in 1 payment. In this example, you’re paying $375 in finance charges to borrow $1,500.
- Example 2: You borrow $1,500 at an APR of 300% and pay it back in 6 months.
If you borrowed $1,500 and paid it back in 6 months, you would pay a total of $3,049.38 back to your lender in 6 payments of $508.23. In this example, you’re paying $1,549.38 in finance charges to borrow $1,500.
Personal installment loans: A better and more affordable way to borrow money with bad credit
If you're not interested in a car title loan, there are other types of short-term loans you may apply for. For example, an installment loan is similar to a car title loan, except they usually allow the borrower a longer repayment period.
Another significant difference is that you will need to pass a credit check. However, installment loans can be a good option for those who have some credit but want to raise their credit score or those who prefer not to use their vehicle as collateral.
Frequently asked questions
Here are some of the most commonly asked questions that we get regarding Idaho title loans.
Can I qualify for a title loan with bad credit?
Yes! Having poor credit does not disqualify you from applying for a title loan.
Can I get a title loan completely online with no credit check and no inspection?
Yes! You can apply completely online with no credit checks. However, a vehicle inspection is necessary. The inspection will help your lender determine how much you can borrow.
Will I receive the funds from my title loan instantly?
Most often, borrowers will receive their money on the same day they apply if they are able to complete the application process before 2 p.m. EST.
Do you offer car title loans near me?
Yes! We offer title loans nearby through direct title loan lenders in many cities in Idaho, including:
- American Falls
- Boise City
- Coeur d'Alene
- Garden City
- Idaho Falls
- Mountain Home
- Post Falls
- Soda Springs
- St. Anthony
- Twin Falls