Belleville Title Finance Inc

Belleville Title Finance Inc

Are you a passionate musician who loves playing at certain gigs in bars, restaurants, theaters or other venues? Do you have a band or have stage assistants who you travel around with that help you prepare to perform? The right sound equipment such as microphones, amplifiers, and effects can give your music great sound and allow larger audiences to hear you. Maybe you even are looking to add props for your instruments or buy new ones. There are ways to upgrade music equipment such as trading it in or selling it and putting down the proceeds towards new musical gear; but there is another way to do it through vehicle title loans Belleville, IL that are offered at our company, Belleville Title Finance Inc.

What Your Vehicle Title Has To Do With Title Loans

You probably already know what a vehicle title is if you've paid off your vehicle in full already. It's the document that shows that you own the vehicle, and whenever you have paid full price for a vehicle, or completed paying off an auto loan, the DMV will transfer the title to your name. But it's also the most important document you will need to apply for vehicle title loans Belleville, IL.

What title loans are is a kind of secured loan like home mortgages and equity loans, pawn and jewelry loans, and even some business loans. Your vehicle is used as collateral in the loan, and to do that the lender needs to keep your title and put a lien on it. This doesn't mean that you have to hand over the vehicle itself. Vehicle title loans Belleville, IL are intended to let you keep driving it and use it as normal. But you do need to pay off your title loan in full to get the title back and the lien removed.

How Much You Can Borrow

The amount a customer can borrow here at Belleville Title Finance Inc varies, but it's based on two main factors:

1. The appraised blue book value of the vehicle

2. The monthly total of your income

The appraised blue book value is a tool that many auto sales companies use which looks at the vehicle's make, model, mileage and year first. And then they look for any visible or hidden defects that could affect its sales value, and then adjust it accordingly. Illinois title loans will usually allow you to borrow up to about half of that estimated value depending on your income.

Illinois law does state that the borrower has to show the ability to pay off a title loan in order to get one, so your income will be checked. The higher it is, the more you'll be able to borrow. If you're self-employed, make sure you have the proper documentation such as tax forms and registration to confirm your income.

 

Other Laws And Your Ability To Use Illin

Other Laws And Your Ability To Use Illinois Title Loans

There are a few laws and policies you should be aware of as a borrower before you sign any title loan contracts. The first basic law is you must prove your at least 18 in order to apply. Once you've taken out a title loan, you'll usually have until the close of the lender's store the next day to cancel out the loan by returning them their funds. You are not charged any penalties or interest to do this. After that, all applicable fees and interest will kick in, and you'll have to meet the payment due date.

Illinois law does give you the option to extend your title loan due date by paying off the interest due instead of the entire principal. But each subsequent time you do this, the principal must be reduced by 10℅ to amortize the loan. The other thing you need to be aware of is that when you finish paying off any title loan or payday loan, you need to wait at least 15 days from the day you made the final payment until you can apply for either a payday or title loan.
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Find Our Store

Find Our Store And Bring The Right Documents

Our location at Belleville Title Finance Inc is not hard to find in the greater Chicago area, and you don't have to make an appointment to come by. However, if you do complete our online application first, you'll be able to get a quote for your title loan and make your trip to our agency even quicker. You do need to provide the following as proof of age, Illinois residency and income:

1. Photo ID either driver's license or passport

2. Paycheck stubs from your employer, bank account statements or W2 forms

Don't forget to have your title with you either. Generally, it will be less than an hour to complete all the steps prior to approving you at our store, but be sure to give us a call if you have any questions about our title loan service.