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All You Need to Know About the Laws Regulating Auto Title Loans, California

Auto title loans have become a very good option for a lot of individuals seeking for ways to get emergency funds for their daily financial needs. As these loans are becoming much more popular and a lot of individuals are also seeking to be a part of it. It is pertinent to let people understand the laws that regulate the activities of auto title loans.

In this article, we shall be looking at the laws guiding the activities of auto title loans in California and answering some other frequently asked questions.

What are the laws that regulate the activities of auto title loans?

When it comes to auto title loans, there are quite a number of laws regulating the activities. These laws may be uniform sometimes or vary from state to state. For the purpose of this article, we shall be looking at the generic laws and a few others that are synonymous to California. Listed below are the laws guiding the activities of auto title loans in California.

  • The least amount that any applicant can get as auto title loan is $2510.
  • The maximum amount anyone can get as auto loan is $50,000.
  • Every applicant must be able to provide a lien free title of their automobiles.
  • Every applicant must be able to show a proof of income generation (must not be less than $1200 per month).
  • All automobiles to be used as collateral must have a comprehensive insurance cover.
  • All applicants must provide a means of identification (federal means are preferable).
  • All applicants must be 18 and above.
  • All applicants must reside in California during the time of application.
  • Applicants must provide the full registration of their automobiles.
  • All applicants must provide either a professional or personal referee.

The above laws and a few others are what usually regulate the activities of auto title loans in California.

What if I’m not in corporate employment, would I still be able to get the auto loans?

Yes, you would. At TFC Title Loans, we are concerned about your ability to generate a genuine means of income that is equal to or above the $1200 stipulated by the law. We know that you can generate this even if you are not in employment. We are also aware that you could be a self employed person, so that wouldn’t be an issue.

What if I have bad credit scores?

Bad credit scores are not an issue when applying for our auto title loans. We are willing to work with you with your bad credit scores so long you have fulfilled the stipulations of the laws regulating the activities of auto title loans in California.

At TFC Title Loans, we are concerned about the welfare of our clients and we pay a great deal of attention to the laws guiding the activities of auto title loans in California. With us, you can’t go wrong as you would be working with a firm that truly understands the business of auto title loans and have a perfect track record of doing well at it.

 

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