How Do Title Loans Work?
Are you in need of money and wondering how do title loans work? Have you been turned down by payday loan offices and banks alike?
If so, you are certainly going to want to read the below article to know all there is to know about our process in car title loans.
In doing so, you’ll further your knowledge of the title loan process, how the process works, and what it’s like to do business with us at TFC Title Loans. We’re happy to help you understand the title loan process and walk you through its entirety step by step!
How Do Title Loans Work?
How does a title loan work? Simply fill out our easy-to-use online application and one of our qualified representatives will contact you.
Shortly thereafter, you can determine whether or not you have qualified for an auto title loan. If so, you can receive your emergency money within 24 hrs! It is that easy.
Additionally, when you want to get an auto title loan, there are some things you must take into consideration. The followings are the things you need to know that will help to get answers to your questions.
Qualifying for a Car Title Loan is Easier than You Think
Whether you have a motorcycle, SUV, truck, RV, or car, you can qualify for an auto title loan.
Because this type of loan is based on the equity of your vehicle, you’ll be required to own your car outright.
If you’re still paying off your car, then the title still belongs to the bank and you won’t be able to make use of it as collateral. Some other basic requirements you need to apply for title loans in California are that you must be at least 18 years old and reside within the state.
What Items are Needed When Applying for a Car Title Loan?
What documents do I need for a title loan? There are a handful of items needed when applying for an auto title loan. It should be noted, that state laws, regulations, and auto lenders all differ and are not all the same.
The requirements and documents need for the application will vary, however, the following items are typically found at most title loan lenders.
What Is A Title Loans And How Does it Work?
A title loan will use the equity that you have in your vehicle, so you can get the money that you need. How do auto title loans work? When we use the equity in your vehicle, you will need to make your monthly payments on your auto title loan.
We have a large network of auto title loan lenders that we work with, they are all in compliance with the CFPB.
When applying for a title loan, you’ll need:
A clear vehicle title with your name on it
Valid government-issued identification card, like your driver’s license – for example.
Other documents that might be required by your state could include proof of income, proof of residency, and/or a valid car registration on hand.
You’ll need to do your research by comparing multiple title loan lenders that are near, reading title loan information related to your state of residence, and identifying where you stand with your finances.
Having the items listed above, too, will speed up the in-person or online title loan application process dramatically. It will also show the potential lender of your choice that you’re fully prepared and ready ahead of time!
You Can Apply for a Car Title Loan With Bad Credit
Unlike other types of loans, your bad credit should not affect your car title loan application. Car title loans usually do not require credit checks. They are designed for people that have bad credit from missing payments on their records.
Low-Income Title Loans
To qualify for an auto title loan, you need to have a source of income. If you have a low income, it might be hard to qualify, but you won’t be exempted because of it.
Also, you must not be a debtor in a bankruptcy case and you must not intend to file for bankruptcy relief.
Remember, low income isn’t necessarily a deterrent when it comes to our car title loan in California approval process.
Your car is a form of qualification. So, rest assured, a credit check isn’t necessary and won’t show up on your credit score.
It’s just another aspect of our business that sets us apart when you’re trying to figure out to yourself, “How do title loans Work in California?”
Collateral for Your Title Loan
If you decide to get a title loan, you must be ready to offer your vehicle as collateral. This means that you allow a lender to place a lien on the title of your car and provide the hard copy of your car title in exchange for a loan amount.
This is the best way for a later to have an assurance that the loan they offer you will give them some return on investment. Without the title of the car is on the line, it can be hard to find a short-term car equity loan.
Your car’s value is the major factor in knowing how much you can get for a title loan. TFC Title Loans will determine the value of your car.
How? By evaluating the condition of your vehicle, its maker, model, age, and mileage. The value of your car must not be less than $2000.
In California title loan amounts normally range from $2,500-25,000.
Still curious as to How do Title Loans Work?
If you’re still asking yourself how do title loans work? Do you need more information? Give TFC Title Loans a call today and get answers to your questions.
Read more about California here.
- Pawn Shops vs Car Title Loans
- A COMPLETE GUIDE TO PAYDAY LOANS
- Whats The Difference Between Title Pawns And Title Loans?
- Can You Get A Title Loan On A Salvage Car?
- Car Collateral Loans