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26 Mar 2019   /   0 comments

Are Car Title Loans Reported to Credit Bureaus?

Paul

reportWhen you are looking for a quick way to get the cash you need that will cover some sort of financial emergency or unexpected financial obligation, car title loans may pop up in your searching.

If you’re familiar with loans or credit cards, you might be asking yourself: are car title loans reported to credit bureaus? With TFC Title Loans, your car title loan is not reported to credit bureaus.

About TFC Title Loans

If you’ve come across TFC Title Loans in a search for more information about car title loans, you’ve been directed to the right place.

TFC Title Loan is a lender that has been open since 1994 and helps customers with car title loans in California, New Mexico, and Arizona. We offer funds for those who need it the most and cannot acquire them through other means.

TFC Title Loans believes that their customers are the priority when it comes to lending car title loans. Not only do we want to offer them the best service possible, but we also want to make sure our customers know all the ins-and-outs about a car title loan before they dedicate themselves to one. With TFC Title Loans, we’ll let you know the truth about car title loans.

No Credit Check with Car Title Loans?

If you are worried about your credit score or don’t want a car title loan to negatively impact your credit, then getting a car title loan might be the option you need if you’re trying to get a loan for a situation that needs to be paid. We do credit checks, because we want to make sure you are able to repay the title loan.

A car title loan is a type of secured loan, which uses an item as collateral for the loan instead of relying on your credit score. A car title loan is pretty self -explanatory: it uses your car as collateral for the loan.

By using the car as collateral for the loan you don’t need to worry about TFC Title Loans reporting it to the credit bureau. The only reason we even check your credit score through our entire application process is just to make sure you aren’t going through bankruptcy or credit counseling.

Otherwise, we base all the information we need from you by using the title of your vehicle, your monthly income, and the value of your car.

Using Your Title as Collateral

When choosing car title loans with TFC, we use the title of your vehicle as collateral. Then, the value of your car helps determine the amount of money you’ll be able to receive from us.

With traditional lenders, they use your credit score to find out how much debt you already have and how much more you’d be able to handle in order to determine how much you’ll be able to afford.

TFC Title Loans uses the Kelley Blue Book to determine the market value of your car. We take the market value and, using 50% of that value, we give you a loan in that amount.

For example, if your car is worth $5,000, you can qualify for a loan of $2,500. Based on your monthly income, we can either adjust that amount to less or more money. With TFC Title Loans, you can qualify for a loan between $2,500 and $50,000 depending on the value of your vehicle and income.

If you don’t have a job, no worries! TFC Title Loans accepts a variety of different sources as your steady monthly income.

Applying with TFC Title Loans

During our application process, we don’t need to know your credit score. The only time we need it is to make sure you aren’t actively going through bankruptcy or credit counseling. Otherwise, qualifying for a car title loan with TFC is simple. We have some of the highest approval rates for our customers because we want to make sure we’re able to help those in need.

Application

The first thing you’ll do to qualify for a car title loan is fill out the initial application. You’ll put in your name, number, email, and the information about your car. Once you submit it, you could know in just a few hours whether or not you qualify. That’s the only information we initially need to give you your first quote for your car title loan.

Documents

After you submit your application through our website, a TFC agent will receive it immediately and go over that information. Once they decide on a quote, they’ll contact you to discuss it briefly before requesting more important documentation.

Don’t worry about the documents being something that could take a long time. In fact, with articles and other resources that we provide on our website, you’ll be able to prepare the documents even before your application submission so you can receive your money in as little as one business day. You TFC agent will ask for information regarding your vehicle and identification like:

  • Vehicle’s title (pink slip)
  • Insurance proof for vehicle
  • Driver’s license/government issued ID
  • Proof of residency
  • Pictures of the vehicle
  • List of 6 references

Sign and Collect

After you’ve submitted all the necessary documents to your agent, they will input all the information and continue with the creation of your contract. We create an individual and unique car title loan contract for every customer. We make sure it adheres to their needs and lifestyle.

You can head to the nearest car title loan location which you can find on our website through all our areas or by calling us at 844-242-3543. You can head over to your nearest location where we will inspect your car. This only takes a few minutes because we just want to make sure there is no major damage that could negatively impact the value of the car.

You and your agent will go over your loan terms and the contract. They will inform you of your car title loan term which could be between 24 to 36 months! You’ll have plenty of time to pay off the loan, and a benefit of TFC Title Loans is that we don’t charge any hidden fees or penalties for paying off your loan early. If you run into some extra funds, you can pay off your loan as early as you want!

You’ll sign your contract and be on your way! You’ll walk out of your TFC location with your cash and funds in hand. It’s a quick and easy process that you’ll find when you choose TFC to help you with your emergency.

Car Title Loan in the Long Run

Some people may be concerned that, once they have a car title loan, it could negatively impact their credit score just because they have the loan. In reality, that’s not true at all! As long as you make your monthly payments for your loan, a car title loan could potentially help your credit score!

Paying Off Your Car Title Loan

There’s no need to stress about paying off your car title loan when you get it with TFC. We offer many ways for you to pay off your title loan, as well as many resources. TFC has an online payment site which allows you to make payments online. We also allow payments through the mail, MoneyGram, Western Union, and more! We allow you to choose whichever method is more comfortable for you.

If you’re concerned about learning to budget or learning how to work the monthly payment into your schedule, we’ve got just the help you need! We’ve compiled many different ways that you could learn how to budget or even find ways to make some extra side cash!

TFC Title Loans and Car Title Loans

Choosing the right lender to get car title loans with is a crucial choice. The lender should be attentive, fast, and respectful. At TFC, we offer all that and more! We allow our customers to take advantage of all the benefits TFC has to offer that other lenders don’t. We’ve been in the car title loan business since 1994, so we like to think we know quite a bit about car title loans. Give us a call today or fill out your application, and be just as little as one business day away from your funding.

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