Title Loans, Springfield MO
We offer SHORT TERM, affordable loans, unlike other companies that lock you into 24-month payment plans!
NO HIDDEN FEES!
NO ORIGINATION FEES!
NO LATE FEES!
Our goal is to make sure you can pay the loan back!
Because underwriting is done locally, Affordable Equity offers the following loans:
- Passenger Car and Light Truck Loans
- Trailer Loans
- Newly Purchased Vehicle Loans
- Salvage Title Car Loans
What is a Title Loan?
If you own a titled piece of personal property, and you owe nothing on the vehicle (car or truck only – no boats, scooters or motorcycles), you may be able to get a title loan. Because the title is security for the loan, we call it a title loan. Some companies make you pay off the loan every 30 days and renew.
Affordable Equity Finance Co., sets the loan up on amortized monthly payments, so the loan pays itself off. Loan terms range from 5 to 24 months and are based on the amount of the loan. If the loan is not paid on time, the security can be repossessed and sold to satisfy the loan balance.
What is a Salvage Title?
A salvage title is an automobile title with a notation that the vehicle has been damaged in excess of approximately 75% of its previous market value. This notation gets applied to a title when an insurance company pays a total-loss claim on a vehicle, but then allows the owner to retain or buy back the vehicle at its post-damage market value, which is often negligibly low. Often a vehicle is still safely drivable even if technically considered a total loss by an insurance company, particularly with older vehicles where even minor cosmetic damage would cost more to fix than the vehicle’s whole market value. (Reference www.wikipedia.org)
I have an Out of State Title? Can I get a Title Loan?
You may qualify if you are an established resident in our service area. The state requires a motor vehicle inspection to verify the VIN number and the mileage on the odometer if your title is issued outside of Missouri. This includes Cherokee Nation titles.
I Just Bought the Vehicle? Can I get a Title Loan?
If you have signed as a purchaser on the back of the title, and have completed all of the boxes including price paid and date purchased, we may be able to help. Of course, a portion, if not all of your loan will go towards paying sales tax and penalties, if any.
A notarized bill of sale may be required by the Missouri Department of Revenue, so it’s in your best interest to obtain one at the time of the sale when purchasing a vehicle.
How Much Do I Qualify For on a Title Loan?
I have never met a vehicle that made a payment, short of the day it is sold at auction, but the vehicle’s value does play a role in how much a customer will qualify for. Income is the biggest factor on how much can be borrowed against the vehicle. Distance to our location, which could lead to higher repossession charges, is also a factor. Finally, past history with like loan companies will factor into how much we can lend.
We don’t want to give you a loan you can’t possibly pay for. “Big box” loan places may offer you more, but you could find yourself in trouble if you can’t make your payments. We want to collect payments, not cars!
What should I bring for my loan application?
- The Vehicle
- The Missouri Title
- All owners MUST be present and they must fill out and sign the application.
- The title cannot have a current lien. A title with a lien release is acceptable.
- Please call if you have an out-of-state title to see if you qualify.
- Two or more of you most recent pay stubs or other verifiable, regular monthly income. You must have worked at your current job for at least 6 continuous months.
- If you are self-employed, we need the past 2 years of tax documents.
- We may require a co-singer if you do not meet income qualifications.
- Proof of Current Address (current utility or other bill, bank statement or rental agreement – no junk mail)
- A Duplicate Vehicle Key
- Valid Missouri Drivers License or State ID
- Four References (2 Family Members and 2 Friends) with address and phone number.