Need Cash Now? Get Approved In Minutes!

CALL 844-242-3543
How Much Cash Can i Get?

Do Title Loans Go Against Your Credit?

Are you wondering do title loans go against your credit? We will answer that question for you. We are here to help you use a title loan to not only get the money that you need but to also have the title loan rebuild your credit.

Getting emergency funding that won’t lead to another financial crisis later on down the road. Ask us about special benefits for California and Arizona applicants, and you can check out our other title loan locations.

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan in your area, we are able to help you with our large referral network.

All of our referral partners are in compliance with the CFPB.

Do Title Loans Go On Your Credit?

You might be wondering do title loans go on your credit? The simple answer is that they do, but it all depends on the lender.

Some lenders report the credit and some do not.

Perhaps you are even considering taking out an auto title loan on your vehicle since you know it might be a little difficult to get a regular personal loan from the bank because of your credit score.

You likely already know that you can be approved for title loans regardless of credit score but you may still be wondering do title loans go against your credit once you get one.

Do Car Title Loans Report To The Credit Bureaus?

Some car title loans report to the credit bureaus, but that all depends on the policies of the title loan company and if they’re going to report or not.

Do Title Loans Check Your Credit?

You might be wondering if title loans check your credit, this will all depend on the lender, we can get you no credit check title loans, but not all lenders will do that.

Do Unpaid Title Loans Go On Your Credit?

Yes, unpaid title loans will go on your credit. So it is always best to see if you can settle the title loan if possible.

It is important to consider whether your credit score could be damaged or even possibly improved by an auto title loan.

Here, at TFC Title Loans, we want to help answer that question and any other questions that you might need to be answered before deciding on whether or not to apply for a title loan.

Less Than Perfect Credit Title Loans

Car title loans are one of the only loan options out there for individuals with a less-than-perfect credit score.

Title loans will use the equity that you have in your vehicle and not your credit score, and do this by basing the loan application approval on the current equity in your car and based on your ability to repay the loan according to monthly payments.

Do Title Loans Report To Credit Bureau

Yes, title loan companies in general, will report to the credit bureau, they will report the positive and the negative payments.

In this resource article, we will be explaining to you how title loans can help improve your credit immensely and, also, how they might potentially damage your credit if you do not handle the loan carefully.

Credit And Title Loans

We want you to have all the information before deciding since finances are not to be taken lightly.

If you’d like to learn more about improving your credit score with a title loan, then continue reading this article.

But if you are already prepared to start the process of applying then fill out our simple and convenient online title loans application today.

Your Credit Score

Your credit score is made up of five different parts, each taking up a certain percentage of the total credit calculation:

  • 35% – Your Payment History
  • 30% – Your Credit Utilization
  • 15% – Length of Your Credit History
  • 10% – Your Credit Mix
  • 10% – Your New Credit

Obtaining an auto title loan through TFC Title Loans would have the greatest effect on the payment history part of the calculation of your credit score.

This means that depending on how well you make the monthly payments, a title loan can both improve your credit score and be capable of damaging it in some ways.

How A Title Loan Might Improve Your Credit Score

If you make the scheduled payments on time every month to pay down your title loan by the time it is designated to reach maturity, then the payment history percentage in your credit score calculation will start to appear significantly better.

Since the biggest chunk of your credit score is your payment history at 35%, you will likely see a big improvement in your credit score by the time you finish making the payments.

Therefore, it would be wise to strategically budget out your payments so that you make them all on time and always have enough money to pay!

How a Title Loan Could Damage Your Credit Score

So, Do Title Loans Go Against Your Credit? Just like with any other loan option out there or any other line of credit.

If you do not make the payments on time or you default on the loan then your credit score is bound to take a substantial hit and you will likely look far less reliable to other lenders in the future.

So an unpaid title loan will go against your credit, it is important that you make your monthly payments, so your credit will not get affected by your title loan.

Monthly Payments And Title Loans

However, if you pay close attention to the payments and get them in on time every month then you won’t default on the title loan and you will have positively nothing to worry about!

If you have any more questions on the subject then simply give us a call, we would love to hear from you and look forward to working with you! Read more about the Credit Bureau.

Related Articles:

 

Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

Show more...