Will An Auto Title Loan Affect My Credit in Ohio?

Daniel Joelson

Daniel Joelson

Total Posts: 344

Published Date: April 7, 2024

Daniel Joelson has been in the consumer finance space since 1994, he has helped to develop underwriting manuals for the financial sector. With a vast amount of Knowledge in consumer finance, he has been writing articles for all types of loans. With his knowledge, he is able to help many people to answer different financial problems.

Title loans in Ohio offer a quick way to access cash in times of financial need, but many wonder how these loans affect their credit scores.

Car title loan are allowed in Ohio, but the lender must have the correct consumer finance lenders license, and comply with all laws.

At TFC Title Loans, we understand that credit history is not always perfect, and we are here to explain the impact of title loans on credit scores.

Understanding  My Credit and Title Loans in Ohio

Title loans, also known as auto equity loans, use your vehicle’s title as collateral to secure a loan. Unlike traditional loans, title loans don’t hinge on your credit score for approval.

Instead, the loan amount is based on your vehicle’s value and your ability to repay.

auto title loan in Ohio affect my credit score
Auto title loan in Ohio affect my credit score

How Title Loans Impact Credit Scores

One common question is whether an Ohio title loan affects your credit score. Here’s how it can:

  1. Credit Reporting: When you get approved for a title loan, it appears as a new credit line on your credit report. Making timely payments on this loan can positively impact your payment history, which makes up 35% of your FICO credit score.
  2. Payment History: Your payment history is crucial for your credit score. By consistently making on-time payments on your title loan, you demonstrate responsible borrowing behavior.
  3. Credit Utilization: Title loans can affect the amount owed on your credit report. However, since title loans are installment loans (where you borrow a fixed amount and make regular payments), they can impact this factor positively.

Applying for a Title Loan in Ohio

If you need emergency funds and have a vehicle with equity,  you can get title loans in Ohio on older cars, and applying for an Ohio title loan is straightforward:

  1. Online Application: Start by filling out an online application on our website. Provide accurate information about yourself and your vehicle.
  2. Required Documents: Gather essential documents such as your vehicle title, proof of income, identification, and proof of residence.
  3. Vehicle Inspection: Instead of an in-person inspection, you can submit detailed photos of your vehicle to determine its value. we can also get you a no inspection auto title loan in Ohio.
  4. Loan Approval: Once approved, choose how you’d like to receive the funds—via direct deposit, check, MoneyGram, or electronic transfer.
  5. Repayment Plan: Work with us to establish a repayment plan that fits your budget.

Benefits of Title Loans with us

  • Quick Approval: With no credit required, approval is fast, and you can get funds within 24 hours.
  • Accessible to All Credit Types: Whether you have good, bad, or no credit, you can qualify for a title loan.
  • Retain Your Vehicle: Keep driving your vehicle while repaying the loan.
  • Flexible Repayment Options: We customize repayment plans to fit your financial situation.

Frequently Asked Questions About Your Credit and Ohio Title Loans

  1. Do I need a good credit score to get a title loan in Ohio? No, you do not need a good credit score to get a title loan in Ohio. Title loan lenders typically do not require a credit check because the loan is secured by your vehicle’s title. The loan amount is based on the value of your vehicle and your ability to repay.
  2. How does my credit affect a title loan in Ohio? While your credit score may not affect your eligibility for a title loan in Ohio, it can influence the loan terms offered by some lenders. However, most title loan lenders focus more on the value of your vehicle and your repayment ability rather than your credit history.
  3. What should I consider before taking a title loan in Ohio? Before taking a title loan in Ohio, consider the high interest rates and fees associated with these loans. If you cannot repay the loan, you risk losing your vehicle. Review the loan terms carefully and explore other financing options that might be more affordable and less risky.

Quote from Daniel Joelson, Consumer Finance Expert: “Title loans in Ohio can be an option for those with poor credit, but it’s crucial to understand the high costs and risks involved. Always weigh the terms carefully and consider seeking financial advice to find the best solution for your needs.”

Conclusion Your Credit And Ohio Title Loans

Do not let bad credit hold you back from accessing emergency funds in Ohio. We can get you car title loan on different types of vehicles, with us provide a reliable option, with no credit needed.

Our process is straightforward, and we have been helping people use their vehicle’s equity to secure loans since 1994. Contact us today to explore your options and get the funds you need.

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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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