02 Jun 2021   /   0 comments

Can you get a car title loan if you are in the military?

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car title loan for military members

Car title loans can come in handy if you find yourself in a situation that requires cash fast. Whether you have outstanding credit, poor credit, or no credit at all, you can get a car title loan since your car is used as collateral. In most instances, your reason for applying for the car title loan does not matter. It’s an excellent option for people who can’t get a loan through traditional lenders due to bad credit or someone who doesn’t have time to wait for the long process at a mainstream lender. You can acquire a car title loan quickly to help you sort out any unexpected financial emergency or boost your business.

 

Benefits of Car Title Loans

Anyone can fall into a financial crisis at any time. Unfortunately, many of us don’t have adequate savings to handle these unexpected financial emergencies. A car title loan offers a perfect way to get the cash you need fast, especially if you can’t, for one reason or another, get lending through traditional lending institutions like banks. Many car title lending companies work with consumers to tailor the loans to suit their particular situations. 

 

Overall, car title loans offer numerous benefits over regular bank loans, including:

 

  •    Fast Money: Car title loans are processed quickly, and you can get your cash in less than a day.
  •    Fewer Credit Checks: Whether you have poor credit or no credit, your car title loan application will be processed.
  •    You Get To Keep the Vehicle: After your loan is approved and disbursed, you still get to drive away in your vehicle and live your life as normal.

 

How to Get a Car Title Loan as Military Personnel

As a military member, you can easily get a car title loan by using the equity in your car. The application process is easy and fast. All you need is a free and clear car title, meaning there is no lien on it. Additionally, you need to provide a valid I.D., proof of residence, and proof of your ability to repay the loan. In many cases, you won’t even be asked personal questions about why you need the loan, and your credit score may not even be checked.

 

Federal law treats car title loans and payday loans like all other types of credit. The lender must therefore disclose the cost of the loan in writing prior to signing the loan agreement. Your lender must also tell you the finance charge (the dollar amount), as well as the APR (the interest percentage). The APR is typically based on the amount of money you borrow, how long you borrow the money, and the monthly finance charge, including document fees, processing fees, and other charges. Use the APR to determine the cost of borrowing money from lenders and see how expensive the loan is.

 

Additionally, read the loan agreement keenly to see if there are any other applicable costs or fees. These may include late or returned check fees or fees to roll over the loan. It’s also a good idea to check with your state attorney general or regulator about car title lending laws and regulations in your state. Many states protect people from high-cost car title lending with rate caps or other measures for small loans. 

 

Legal Protection for Military Borrowers

Car title loans and other types of short-term loans issued to service members and their dependents usually include special protections under the Department of Defense and federal laws. The military APR for car title loans issued since Oct. 1, 2007, with terms of 181 days or less, must not exceed 36 percent. Besides, lenders cannot require military applicants to produce a check or allow access to a bank account for the loan. Military applicants should also not be subjected to unreasonable legal notices or mandatory arbitration. 

 

Under the same law, military consumers must be given certain disclosures about the cost of the loan and their rights as borrowers. Any credit arrangements that violate these protections are void. More often, lenders that offer car title loans to military personnel may ask loan applicants to sign a statement to verify their affiliation with the military. Although very few lenders often provide payday loans to military personnel, car title loans are generally available for military staff. 

 

If you are a military member looking for a car title loan, it’s best to call the car title loan company you’re considering and ask if they provide military staff with car title loans. Some companies usually make the provisions necessary for the military personnel and their dependents to acquire a car title loan.

 

Get Your Car Title Loan from TFC Title Loans

TFC Title Loans is the premier car title loan company in Los Angeles. Our primary goal is to provide car title loans to consumers from all walks of life, including military personnel. If you ever find yourself in a financial emergency, you can count on us to have the loan processed and disbursed in a stress-free and easy manner. Since we provide car title loans based on your vehicle’s equity, there are no credit checks during the application, and the terms of the car title loan are very straightforward. 

 

Besides, you get to drive away in the same vehicle you’ve used to secure the loan. That means there is no disruption of your daily routine, and you’ll go on with your life as usual. Our loan specialists will work with you on a personal basis to ensure you get the loan quickly, something you can’t say about traditional lenders. When looking for affordable car title loans for military personnel, you need to borrow from a company you can trust. TFC Title Loans is a brand with a proven track record of rescuing people in times of financial emergencies. Whether you have a low credit score or no credit at all, you can count on us to approve your loan application fast by using the equity on your car. Contact us online or call us today at 844-242-3543 to schedule a consultation with one of our loan specialists.

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