Documents You May Need to Provide When Taking Auto Title Loans in Wisconsin
Below is a list of the important documents for an auto title loan in Wisconsin.
- A lien-free vehicle title with the official name of the borrower.
- Valid car insurance and registration documents.
- Clear photos of the vehicle and make the car available for inspection.
- Proof of employment or a stable source of income.
- Government-issued photo ID bearing the name of the borrower.
- Utility bill or bank statement showing valid Wisconsin residence.
Can You Get Wisconsin Title Loans with Bad Credit?
Having bad credit is not a limitation to getting title loans in Wisconsin. Many lenders are generally open to offering loans for bad credit borrowers.
While lenders will still perform a soft pull on your credit, the most decisive factor in getting funding is your ability to repay. Besides, there is equity in your car, and lenders may repossess it to cover your loan if you default. All of these factors make title loans accessible to bad credit borrowers in Wisconsin.
Title Loan Regulations in Wisconsin
Interestingly, there are no regulations stipulating interest rates on title loans in Wisconsin. Despite this, you can expect that most lenders will offer you loans with an interest rate of 25%. In turn, the APR would amount to a total of 300%, a considerably high rate.
When it comes to loan amounts in Wisconsin, the maximum principal you can take out is $25,000. Additionally, the maximum repayment term on a Wisconsin title loan is 6 months. Typically though, payment terms are usually pegged around one month with most lenders.
If you default on payment, lenders can only repossess your car after giving you a 20-day notice. After this window, the lender can sell your car to cover the losses.
If the proceeds are not enough to cover the loan amount and interest, the lender cannot claim the rest of the money from you. However, if the value of the car exceeds the loan amount, you are entitled to the excess.
How Do You Apply for Online Title Loans in Wisconsin?
Applying for an online title loan involves reaching out directly to lenders or going through reputable brokers like WeLoans.
To apply for an online title loan, most lenders will require you to first fill out a form indicating details about your car. Afterward, the lender will inspect your car and its title documents at a physical location. Once this step is complete, sign an agreement, and you’ll get the funds in your account within a few days.
Why Should You Consider WeLoans?
WeLoans is one of the most reliable brokers connecting borrowers to reputable title loan lenders in Wisconsin. Here are some of the perks you stand to gain when you apply through WeLoans.
Affordable Interest Rates
The interest rate and charges from our partner lenders are quite competitive compared to most loan offers in the state.
Convenience
There's no need to visit any physical loan stores. If you have been approved, our lenders will get to you and conduct a thorough inspection of your vehicle.
Bad Credit Borrowers Considered
Even if you have a bad credit score, you can still apply for title loans. Besides credit scores, most of our partner lenders focus more on your ability to repay.
