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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

The major factor that’s needed to qualify for a car title loan is that you must be the owner of the vehicle that will be used as collateral.

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.

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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.

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