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17 Jun 2019   /   0 comments

10 Tips on Getting a Car Title Loan

Paul

Getting a Car Title Loan

Are you in need of money for a new car? In a situation where you are short of cash, borrowing money can be an option. Is borrowing money from friends or family really a good idea? It’s not recommended to mix “business” and “pleasure”. What if your credit score needs a boost? If you have a bad credit score, applying for a credit card or getting a loan from the bank may not be an option. In a situation like this, fret no more as you can easily have access to secure cash using your car title for getting a car title loan.

1. Establishing Collateral

The title of your vehicle is the best form of collateral. The amount of money you can borrow from a lender is based on the value of your car. You will get your car title back once the loan is paid off. Until then, the lender will become the lienholder of your car until the loan balance is paid off in full.

Moreover, TFC Title Loans has not restricted to cars alone, as you can make use of any other vehicles such as SUVs, motorcycles, and motor homes as collateral. If you are still paying for your car or if your vehicle is under collateral for another company you can still use the car title to borrow from TFC as long as there is enough equity in your car. In fact, TFC Title Loans is willing to accommodate you even if you have a title loan with another lender or company. TFC knows that each borrower has a unique situation and we will work out your case.

2. Understand Your Commitment

A loan that’s backed by the title of your vehicle is fast, comfortable, and convenient but does require a commitment to pay your loan back. Getting a car title loan is best for you if you need cash immediately but plan on getting more income in the near future. The main risk involved is losing your car if you fail to make your payments on time.

3. Find a Top Lender

Getting a car title loan requires doing research, and the good news is that you already started. Find out how well established a company is and if they have a strong reputation and positive consumer reports. Second, understand how the company interacts with you: automation or live person.

4. Easily Apply

The lender will make an offer based on an appraisal of your vehicle and then propose a contract. Your copy of the contract will include the loan amount and duration, interest rate, additional fees, and penalties you could receive if your loan is paid late. After approval, the lender will issue you a check, transfer the money to your bank account, or offer in-store pickup.

Customers have three different ways of getting a car title loan through TFC: via online, by calling us at 844-242-3543, or by visiting a TFC Title Loan location nearest to you. Find out more on how title loans work.

5. Interest Rates

Different auto title loan lenders have different interest rates for auto title-backed loans. At TFC Title Loans, we will give you a monthly interest rate and an APR, just like in any other type of loan. We personalize every interest rate for the needs and lifestyles of our customers.

6. Setting Loan Terms

Getting a car title loan from TFC ranges from 24 months to 36 months depending on the year, make, and model of your car. All of our title loans have no prepayment penalties so that you can pay off your title loan as early as you’d like.

7. Your Credit Score

Here at TFC Title Loans, we do require credit checks, but we only use it to ensure you aren’t actively going through bankruptcy or credit counseling. What is important to us is that you can show that you can repay your loan with us. We will not put you into a loan that your income does not support. Even if your car will qualify for a more substantial amount, but your income will not help it, we will not give you the amount that you are unable to pay to get a car title loan.

8. Receive $2,500 to $50,000!

The amount of money you can borrow will depend on the value of your car and your ability to pay back the loan. At TFC Title Loans, we will first assess your car and value it.

We will offer up to 50% of the wholesale value of your vehicle, and we can offer more or less depending on your ability to pay back the loan every month. We will try to give you the most amount for your vehicle, and we will offer you the most competitive rates. Looking at Kelley Blue Book for reference can be a great place to start in order to estimate how much money you’ll get from TFC Title Loans.

For example, if you own a vehicle with a wholesale value of $4,000 (CA Residents), $2,000 (AZ & NM Residents), you already qualify for a car title loan. All you have to do is use your vehicle’s title (pink slip) as collateral. Customers can receive funding starting from $2,500 (in CA), $1,000 (in AZ) and up to $50,000. We have flexible payback terms ranging from 24 to 36 months, which allows you enough time to pay back your loan.

9. Avoid Paying More

getting a car title loanWith no prepayment penalties, it allows you to pay off your title loan whenever you have the money. We always encourage our clients to pay off their title loan as soon as they can, or if they can make principal payments that will also lower the amount owed. It’s all in the fine print, so make sure that you read and understand the terms before signing the agreement with us. If any areas are not clear to you, don’t hesitate to clarify them with us.

10. Communicate Financial Concerns

It is strongly recommended to make your payments on time to avoid paying more interest and late fees. If you are unable to pay, the lender can make arrangements to find another lending company or to trade your car in so that you do not have to forfeit the car back to us.

If you need to make additional arrangements or need more time to make your payment, TFC is here to work with you. Repossessing a car is the last option in the book for TFC.

About TFC

TFC has been providing legendary service since 1994. We understand that getting a car title loan can be stressful. If your car has been impounded or is in the body shop, or you have an emergency debt bill, we will work with you.

Our funding process is fast and efficient, so we can get you your money in as little as one business day. We can get you approved over the phone or online instantly. We also offer you no prepayment penalties. You can get the loan today, and you can pay it off tomorrow, and you will only be charged the initial interest agreed upon signing. No gimmicks or hassles!

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