June 23, 2017

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15 Ways to Stretch Your Paycheck

Here are some of the best ways to stretch your paycheck:

  1. Budget closely and carefully

The best way you can stretch your paycheck is to budget very carefully for each and every month then follow through on that budget. This is a very common budget break down that average Americans use:

  • Housing – 35%pexels-photo-164527
  • Food – 15%
  • Transportation – 12%
  • Debt – 8%
  • Retirement – 7%
  • Health Care – 5%
  • Communication – 5%
  • Savings – 5%
  • Entertainment – 5%
  • Clothes – 3%

You can feel free to adjust this as need be, according to your unique financial situation.

  1. Save on electricity with just a one or two-degree difference.

By just turning your heat down one or two degrees or your air conditioning down one or two degrees, you can save between 3% and 6% on your utility bill. That may not seem like much but it really does add up over time, saving you tons of money.

  1. Save on unnecessary subscriptions.

Get rid of your landline as mobile phones are far more common now and you likely don’t even use it. Don’t sign up for an unlimited data plan on your phone and connect to wi-fi instead as that can save you tons of money every month. Wi-fi can be found nearly everywhere nowadays so why waste the money. And, finally, cut your cable or satellite bill and rely on streaming services like Netflix instead!

  1. Clip coupons

Find deals anyway you can but remember to only use coupons on things that you actually buy instead of spending more money on things you don’t need or usually buy.

  1. Brew your own coffee

We promise you that brewing your own cup of joe every morning will save you loads of money as it is a fraction of the price of your typical morning Starbucks.

  1. Track your spending with a smart phone app like Mint.

Use these great new technologies to know exactly where your money is going so you can cut expenses when you need to.

  1. Make some extra money on the side.

Sell some of your belongings online or have a garage sale. Start driving for Uber or Lyft on the weekend. Deliver pizzas on the weeknights and make a whole bunch of tips.

  1. Adjust your withholdings by filling out a new W-4.

You can simply make your paychecks larger by filling out a new W-4 since most employees actually have more taxes withheld than are necessary for income taxes.

  1. Stop buying bottled water.

Why waste money and plastic? Just use tap water instead and if you need filtered water, just get a re-usable filter like Brita. You will still be paying a fraction of the price.

  1. Buy less pre-prepared food.

Prepped food always costs almost twice as much as un-prepped food. So it is definitely necessary to stretch your culinary skills in order to stretch your paycheck.

  1. Always look for sale or deal items when shopping.

When you walk into any sort of retail store just head straight for the sale section. You can find great deals for items of just as high quality.

  1. Eat out less often.

Work on your culinary skills and cook dinner for yourself or your family more. You will not believe how big of a difference this makes in how long your paycheck will last.

  1. Use cash instead of debit or credit cards.

When you are using real money instead of little plastic cards, you are far less likely to spend as freely. When you use cash, you will think harder before making a purchase.

  1. Pay bills first.

Always try to pay your bills, especially the crucial ones, first so that you know exactly what you realistically have to spend for the rest of the month. That way you won’t come to the end of the month and realize that you don’t have enough to cover the necessary bills.

  1. Get a title loan.

Consider getting a title loan with TFC Title Loans in order to cover some expenses that your paycheck cannot stretch far enough to cover. We can get you up to $50,000 at competitive rates in as little as one business day.

June 23, 2017

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Do Title Loans Check Credit?

pexels-photo-94654Here, at TFC Title Loans, we often get asked the question do title loans check credit. And that is a very good question to ask as so many folks who are interested in title loans are worried about their credit score. We get this question from customers so often that we decided that an informational article would be helpful so we can ease our customers minds and make the entire process easier for them. Having a poor credit score can have a big impact on a person’s financial standing especially when it comes to getting loans so if you are considering a loan, it is normal to be worried about whether the lender will be judging you according to your credit score.

We have been in the lending industry for nearly 25 years and have acquired tons of knowledge and experience over that long period of time. Therefore, we believe that it is our responsibility to pass on that knowledge to our customers and to all the individuals who want more information before making a commitment. Financial decisions are particularly weighty and everyone deserves to have all the necessary information before they actually make a decision. It is for this reason that we have been gradually expanding our website to include all these informational resource pages so that we might provide excellent consumer education and lender transparency to our customers.

Ever since we first came onto the scene in 1994, we have helped thousands upon thousands of customers obtain title loans regardless of what their credit score is at the time of applying. We are dedicated to not judging our customers based on a single number. In this informational article, we will be answering whether or not we do check your credit score and if we do then why we do. If you are interested in learning a little more about this subject, then please continue reading but if you are interested in obtaining a title loan right away then fill out our online application now!

 

Get a Title Loan Regardless of Credit Score

Title loans are known for their accessibility for individuals who have not-so-perfect credit histories. And this is very true. Individuals can be approved for title loans regardless of their credit score because a title loan is a type of secured loan that uses the customer’s vehicle as a kind of collateral for the loan. The determining factors for a title loan application are the trade-in value of the applicant’s car and their ability to repay the loan rather than the approval being solely based on credit score. This wider criterion allows us, at TFC, to help more people find the emergency funding they need.

 

Does TFC Title Loans Check Your Credit Score?

Even though you can be approved for a title loan through TFC regardless of what your credit score is or what your credit report says, we still do end up checking your credit score during the application and approval process. We only do this in order to make sure that you are not in active bankruptcy and are not currently undergoing credit counseling. This should not worry you because we do not judge on past bankruptcies nor previous credit counseling. We only care if the bankruptcy is currently active or if your credit counseling has not been completed. We strongly believe in second chances.

 

Get Your Title Loan with TFC Title Loans

TFC Title Loans is the best possible choice you could make for your emergency funding. There are amazing benefits that will be available to you if you choose TFC Title Loans for your title loan needs. Some of these great benefits include:

  • Locations scattered all across California, New Mexico, and Arizona
  • Competitive interest rates nation wide
  • Most money for your vehicle
  • Keep driving your car during the life of the loan
  • Customized loan terms for each customer’s unique situation
  • Get your money as fast as the next business day
  • Absolutely no prepayment penalties

If you are interested in obtaining a title loan with these awesome perks through TFC Title Loans, then fill out our quick and convenient online application today. If you have any more questions for us then give us a call at our toll free number, we would be happy to answer them.

June 19, 2017

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Title Loan on a 2008 Nissan Sentra with TFC Title Loans

pexels-photo-213508When you struggle constantly to keep up with your bills, your life can often feel like one endless stream of stress. This can drive anyone crazy after a certain amount of time. Especially in this day and age with the ever-increasing late fees and payment penalties. Not paying your bills on time can end up being way more expensive than actually paying them. When the bills stack up, it is likely that you will not be able to tackle them all at once but if you take care of them slowly the cycle will never end as bills don’t go on pause just because you get behind on them. This is the time when some extra funding in the form of a loan could really come in handy! The problem is that a lot of personal loans like those from banks can be extremely hard to obtain or take a really long time. Many banks reject you for a loan only because of your credit score which is incredibly unfair. Thankfully, there are other loan options out there such as auto title loans. These kinds of secured loans use the trade-in value in your vehicle as collateral for the loan. TFC Title Loans can approve you for an auto title loan regardless of your credit score because we use a wider variety of qualifying factors to determine your eligibility such as the current street value of your car and your ability to repay the loan. In order to help convey to you better the process and the particular benefits that TFC offers, we are sharing with you the feedback from one of our recent customers: Amanda C. She recently got a title loan on a 2008 Nissan Sentra. This is the amazing experience she had with TFC Title Loans:

How Amanda C. Got Her Title Loan

Amanda C. had been seriously backed up on bills for a while before realizing that her current strategy for getting a handle on it all was quite working. She had to go back to the drawing board. She knew she needed some funding to cover all these unpaid bills and she knew she needed it fast so she turned to TFC Title Loans, which she found online, to see if she could get money on her black 2008 Nissan Sentra without having to sell it. She had heard of other title loan companies, of course, but she chose TFC because our application process is extremely fast and easy. She input the necessary information about her car which had 139,854 miles on the odometer and a Kelly Blue Book value of 3,531 dollars. Shortly after submitting her application, she received approval for a loan of 2,510 dollars at a very competitive rate. In her application, she also included other documents of importance such as proof of insurance, proof of income, vehicle title and registration, identification, and four personal references. In order to pay off her loan, she plans to create a tight budget so they she will only spend money on her vital bills. In a feedback survey, she gave us an amazing five stars on both the easiness of the process and the customer service experience. We couldn’t be happier because when our customers are satisfied so are we. She has two whole years to pay back her loan so that her monthly payments will be realistic and affordable. But she can pay off the loan as early as she wishes since TFC Title Loans charges absolutely no prepayment penalties.

Why You Ought to Choose TFC Title Loans

Ever since we first opened our doors in 1994, we have helped thousands of customers obtain the emergency funding that they need regardless of their credit score or their current situation. But that is not all that we do! We also help you get amazing benefits such as these:

  • Keep driving your car during the life of the loan
  • Customized loan terms for each customer’s unique situation
  • Absolutely no prepayment penalties
  • Locations scattered all across California, New Mexico, and Arizona
  • Competitive interest rates nation wide
  • Get your money as fast as the next business day
  • Most money for your vehicle

If you have any questions left over regarding title loans or our company then please let us know straight away! We would be happy to help you and we look forward to working with you!

June 9, 2017

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Title Loan on a 2011 Lincoln Town Car with TFC Title Loans

Are you struggling with your finances right now? You might feel like you are alone in your problems but the that could not be more untrue. Everyone has been in a situation like that at one point or another in their lives. And in those moments, all you really need is compassion and a little bit of help. Unfortunately, the world we live in isn’t very giving in that area especially when it comes to finances. If you were to try to apply for a personal loan, you might go through the entire long process of filling out the application, handing over all your documentation, and waiting to hear back only to be rejected because of a poor credit score. This is an incredibly unfair system since it gives individuals no chance to improve their credit score so they can gain more opportunities in the future. Auto title loans, on the other hand, are different. Title loans are a kind of secured loan that use your vehicle as collateral so you don’t have to have a perfect credit score in order to qualify. This way we determine your application approval and the possible amount of your loan through the trade-in value of your car and your ability to repay the loan. If this sounds too good to be true, then read more about how the process worked for David J. who recently got a title loan on a 2011 Lincoln Town Car with TFC Title Loans. This is David’s experience:

 

David J. Chose TFC Title Loans for Help

5914d7b8-ddec-4f85-a6d2-7546c0a87ac9David J. recently found himself in a position where he was short on cash and he knew he needed to take some sort of action to get some funding and quickly. That’s when he learned of auto title loans as he had never gotten one before. At first, he was overwhelmed by how many lenders there were but then he settled on TFC Title Loans because of our “good customer service.” He applied with us for a title loan on his black 2011 Lincoln Town Car with a mileage of 178,082 and a Kelly Blue Book value of 6,386 dollars. David had some great feedback for us saying that our lending process and application “was very easy and simple.” He also said that he “was very satisfied with the customer experience” and is “very impressed with this company.” We could not have been happier to receive this feedback from him after he signed his contract and picked up his money from our TFC Hayward office in California. Our customers have always been our top priority so when they are happy, we are happy. David J.’s title loan is scheduled to be fully paid off by May of 2019 which will give two years to pay down the loan completely through payments every month. But if David wishes to, he can pay off his title loan as quickly as he would like since TFC Title Loans does not charge any prepayment penalties.

 

TFC Title Loans Would Love to Work with You

We opened our doors in 1994, meaning that we are the oldest title loan lender in the state of California. This has given us nearly 25 years of experience which we have been using to perfect the lending process for our loyal customers. Auto title loans could be the perfect solution for your financial emergency because we can get you your money as fast as the next business day. If David’s experience was not enough to convince you then here are some of the other many benefits that you would enjoy if you chose TFC Title Loans for your title loan needs:

  • Locations scattered all across California, New Mexico, and Arizona
  • Competitive interest rates nation wide
  • Most money for your vehicle
  • Keep driving your car during the life of the loan
  • Customized loan terms for each customer’s unique situation
  • Get your money as fast as the next business day
  • Absolutely no prepayment penalties

If you would like to get a title loan with TFC Title Loans, then simply fill out our online application today! After we receive your application, we will give you a call to tell you a free quote and discuss the next options for getting your title loan.

June 8, 2017

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Title Loan on a 2006 Lexus ES 330 with TFC Title Loans

The precarious state of the economy has led to thousands of layoffs in major corporations as of late. These sort of sudden job losses create intense financial stress for not only the individuals who are temporarily out of work but also all the people that depend on them like children, spouses, or elderly parents. An employment gap like this could lead to serious financial crisis that requires emergency funding just to cover the normal bills or other random expenses that might pop up before you can find a suitable new job. Sure, anyone can get a temporary job delivering pizzas but it’d be best to use all your free time trying to find a job that you will love and pay the bills for a long time to come. Auto title loans could get you enough money to cover you and those you are dependent upon you until you can find a new job. TFC Title Loans could get you the money you need incredibly fast and regardless of your credit score. So many lending institutions out there judge you by a single number but not TFC, we approve you for a title loan based on the trade-in value of your car and your ability to repay the loan among other qualifying factors. But you don’t have to take our word for it either, just listen to the experience of Samantha S. who recently got a title loan on a 2006 Lexus ES 330 with TFC Title Loans. This is what Samantha had to say about getting a title loan with TFC Title Loans:

 

Samantha S.’s Story

591380e2-5adc-47ef-bb5b-3d33c0a87ac9Samantha S. recently found herself in between jobs. Soon after finding herself in that nerve-wracking situation, she realized that she could do with a little bit of help to get through the next few months until she finds the perfect job so she doesn’t have to get a temporary one. She then decided to get a title loan on her black 2006 Lexus ES 330 which had a Kelley Blue Book value of 4,575 dollars and a current mileage of 226,435. She chose TFC Title Loans out of all the companies and lenders available to her because she was referred to us by a friend of hers. If she couldn’t get a title loan, she would have needed to get a unenjoyable temporary job to hold her off but, thankfully, she didn’t have to because TFC approved her for a loan of 2,510 dollars at a very competitive rate. She said that the lending process was so easy and that the customer service was “excellent”! She picked up her money and signed her loan at the TFC Garden Grove office in California. Then before she left, she thanked us and said that she was “very satisfied with everything!” Her satisfaction is all the thanks that we could ever need. Our customers’ happiness is always our top priority. The title loan is set to be fully paid off by May of 2019 which gives Samantha two years to pay off her loan month by month. However, if she finds herself in a great new job with good pay then she can pay off the loan early as she wants since TFC doesn’t charge any prepayment penalties whatsoever!

 

TFC Title Loans Would Love to Work with You

Since we first opened our doors in 1994, TFC Title Loans has assisted thousands upon thousands of customers obtain title loans to get through difficult time of financial crisis. Hopefully Samantha’s experience has encouraged you that we have a good solution for your situation. Just in case you need more convincing, we have tons of other benefits that we offer with our title loans that don’t come with other lenders. These are just a few of the many benefits you could enjoy:

  • Locations scattered all across California, New Mexico, and Arizona
  • Competitive interest rates nation wide
  • Most money for your vehicle
  • Keep driving your car during the life of the loan
  • Customized loan terms for each customer’s unique situation
  • Get your money as fast as the next business day
  • Absolutely no prepayment penalties

If you would like to get a title loan with TFC Title Loans, then simply fill out our online application today! It will only take you five minutes and we will give you a call within a few hours’ time.

June 6, 2017

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How Much Are Title Loans?

pexels-photo-164661If you are in a position where you are thinking of applying for a title loan, you may have already tried figuring out the answer to the question of how much are title loans for. And perhaps you’ve never really been able to get a straight answer from other lenders you have asked. Honestly, the answer can be complicated though since the rules and regulations surrounding title loans can change quite often. Here, at TFC Title Loans, we will do our best to answer that question and any others you may have as simply as possible.

At TFC, we are passionate about consumer education, lender transparency, and customer support. We are determined to help you understand each step of the process so that you can make a fully informed decision on whether or not you would like to get a title loan with TFC Title Loans. When applying for approval for a title loan, the amount is based on several different determining factors. These determining factors include the restrictions of the state in which you live, the value of your vehicle, and the particular lender’s calculations.

Ever since we first opened our doors in 1994, we have helped thousands of customers obtain title loans for their emergency funding at extremely competitive interest rates. We are the oldest title loan lender in the state of California and that has given us nearly 25 years of experience to perfect the lending process so that we can get you the most money out of your title loan. If you would like to learn more on how much you can get from a title loan, then continue reading. If you have already decided that you wish to apply for a title loan, then simply fill out our online application today!

Trade-In Value of Your Car

One of the largest determining factors in the approval of your application and the amount you can be granted for your title loan is dependent on the value of your car. This is because a title loan is a form of secured loan which uses the market trade-in value found in your car as collateral for your loan. You can find out a general estimate on what your car’s trade-in value is before applying by using Kelley Blue Book. Just input the age, make, and model of your vehicle and you will get a ball-park estimate of what your car is valued at.

Here, at TFC Title Loans, we use a more exact estimator which we input your cars information into so that we find a value based on the year, make, model, style, mileage, and condition. And we try to determine the trade-in value as that is what most dealerships would value you it at.

State Regulations

Every state in the Unites States has different requirements and regulations when it comes to title loans. The three main states that we service are California, New Mexico, and Arizona. California’s regulations surrounding title loans tend to be significantly stricter than both New Mexico and Arizona. The lowest amount you can get with a title loan in California is $2,600 and the highest title loan you can get is $50,000. Both Arizona and New Mexico’s lowest loan amount is $1,000. This means that to obtain a title loan in California, your car ought to be valued at $4,000 at the lowest whereas to obtain a title loan in New Mexico or Arizona, your car ought to have a value of at least $2,000.

How Much We Can Give You

What we can actually lend you is different from what your car is actually valued at. TFC Title Loans can usually lend you around 50% of your vehicle’s total trade-in value although there are exceptions where we can approve you for more or for less. Getting more or less than 50% of your vehicle’s trade-in value is usually determined by your proof of income. Although, this proof of income does not need to be steady employment. As long as you can prove that you have a steady influx of money enough to repay the loan and afford the monthly payment, you could be approved. Both the trade-in value of your car and your ability to repay the loan in full through affordable monthly payments are of equal importance in your approval.

June 2, 2017

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How Title Loans on Cars Work

pexels-photo-235317Are you currently considering getting an auto title loans because you are experiencing some financial difficulties? If you are then you might want a more straight-forward answer to how title loans on cars work! As the oldest title loan lender in the state of California, we, at TFC Title Loans, are the best equipped to give you a detailed answer to that question. There are still a great number of individuals who don’t know what title loans are and a great deal more who generally know what they are but are not clued into what the details of the actual lending process. And people usually resort to something they know well when they are in need, so many people turn to banks for personal loans when they are experiencing a financial crisis. Sometimes that can lead to individuals filling out long and difficult applications for banks that will just end up rejecting them because they have a less-than-perfect credit score. Because of this fact, these more traditional loans are becoming less popular as more nontraditional lending has gained traction. There alternative loans are perfect for individuals who don’t want to be judged by a simple number that does not define them as a person.

Ever since we opened in 1994, our company has been very passionate about consumer education and lender transparency. For this reason, we have been working especially hard lately to expand our website to include various informational resource articles. In this particular article, we will be explaining exactly what a title loan is and how the lending process works step by step, in great detail.

At TFC Title Loans, we make our customers our top priority and we are constantly trying to make the lending process simpler and more convenient for our loyal customers. If you are still unsure about what title loans are exactly or what is included in the process then read this article to decide if they are the right choice for you. And then if you do decide to work with us for a title loan on your vehicle, then fill out TFC Title Loans’ online application today. We will give you a call right after we receive your submission.

What Are Title Loans?

Auto title loans are a special kind of secured loan, meaning that the money lent is based on a piece of collateral. The collateral which title loans are based on is the current market trade-in value of your vehicle. Whether you are approved for a title loan and how much you are approved for all depends on the current equity in your vehicle and your ability to repay the loan in full through regularly scheduled monthly payments. And even though your car is used as the collateral for your title loan, there is no need for us to keep your car. You drive off with your vehicle and all we keep is the title after signing on as lienholder. Once you have fully repaid the loan, we will remove the lien we placed on the title and send your title back to you!

How Title Loans on Cars Work

  • Online Application: The online application form is so quick and easy that you will be able to fill it out in a mere five minutes so you don’t waste any valuable time.
  • Call from Us: As soon as we receive your application online, we will give you a call to tell you your free quote and plan out the next steps of the lending process.
  • Documents Needed: In order for us to approve you for a title loan, we need to receive a few documents from you first including your identification, your car’s title, proof of residency, proof of income, registration, and a few other items.
  • Vehicle Inspection: When you get to the office to pick up your funding, we will verify the condition of your car in person based on the previous information you gave us.
  • Finalize the Terms: Look over the contract, read over the terms and services, then sign your contract.
  • Leave with Your Money: Leave the office with all the funding you need to get through this difficult time in your life and drive off in the car that you took the loan off on.
  • Pay Off Your Loan: We have no prepayment penalties so you can pay off your loan as fast as you would like to.
  • Get Your Title Back: When you are done repaying the loan with interest, we send your title back to you and release on lien.

June 1, 2017

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Why Are Title Loans Bad?

pexels-photo-57645Do you feel like you are stuck between a rock and a hard place when it comes to your money situation? If that’s the case for you, then some extra money may be exactly what could help you get through that tough spot. Are you currently considering an auto title loan because you don’t want to have to go through the strenuous process of applying for a personal loan from a bank only to be turned down because of your credit score? If you are considering a title loan, you may have some reservations in your mind because of certain things you have heard about them and how they could be harmful to your finances. You might want to know the answer to the question of why are title loans bad? Well, we at TFC Title Loans, have been in the alternative lending industry for nearly 25 years, making us the oldest title loan lender in the state of California. With all that experience, there is no one else more qualified to answer that question than we are! Additionally, we strongly believe it is our responsibility to ensure adequate consumer education and lender transparency so as to make you clearly aware of both the advantages and disadvantages of title loans so you know you are making the right decision!

For these very reasons, we have been expanding upon our website extensively to include resource articles just like this one to answer every one of your questions regarding title loans. This resource article will address the risks and disadvantages associated with taking out a title loan and the ways in which TFC Title Loans tries their absolute best to minimize the risks for their customers. For all loan options out there, there are risks involved. However, it is true that some of the risks that go along with title loans are atypical of other lending options. You can be approved for auto title loans regardless of your credit score which means that the lender is taking on more risk themselves by lending to someone with a less-than-perfect credit score. Since they take on more risk, there needs to be higher interest rates on auto title loans.

Ever since we first started in 1994, we have assisted thousands upon thousands of customers in obtaining title loans at lower risk and competitive interest rates. If you would like to learn a little bit more about title loans before making a decision, then please continue reading!

The Disadvantages and Risks of Title Loans

  1. Higher Interest Rates: Because of the higher risk in lending to borrowers with sub-prime credit scores, title loans are always likely to have substantially higher interest rates to cover that margin. Higher interest rates are a disadvantage of title loans because you may end up need to pay back quite a bit more than you would with a typical personal loan from a bank.
  2. Potential for Repossession: Since your car is used as collateral for the loan, it is a possibility that if you were to default on your loan your vehicle could be repossessed to cover the extenuating expenses. However, repossession can be avoided by covering your payments once you’ve been notified of the default.
  3. Shorter Pay Off Schedule: There are many auto title loans that have very short pay back times of only a few months and some as little as thirty days. This can make the monthly payments unaffordable!
  4. Random and Unexpected Fees: Making your payments late can cause fees to build up over time costing you even more money. There are some lender who even charge you prepayment penalties so that you can never avoid interest even if you are capable of paying back early.

How TFC Minimizes Both of Those Risks

  1. Long Loan Terms: Our loan terms are far longer than our competitors. We give our customers between 24 and 36 months to finish paying off their loans, enabling their loans to be far more affordable.
  2. Sliding Interest Scales: TFC has a special product which can lower interest rates for our customers by tailoring the rates of each loan so that they are unique to each customer.
  3. Excellent Customer Service: If you can’t make payments, then simply give us a call and we can figure out a way to help you through the process. All we want is to see you succeed!
  4. No Prepayment Penalties: TFC Title Loans does not charge any prepayment penalties on our title loans so you can feel free to pay down your loan as soon as you would like to avoid any extra interest!

May 31, 2017

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Do Title Loans Go Against Your Credit?

pexels-photo-164571Are you currently in the middle of a financial emergency? If you are, then you are likely weighing all your various options carefully so that you can make the best decision for getting emergency funding that won’t lead to another financial crisis later on down the road. Perhaps you are even considering taking out an auto title loan on your vehicle since you know it might be a little difficult to get a regular personal loan from the bank because of your credit score. You likely already know that you can be approved for title loans regardless of credit score but you may still be wondering do title loans go against your credit once you actually get one. It is something important to consider whether your credit score could be damaged or even possibly improved by an auto title loan. Here, at TFC Title Loans, we want to help answer that question and any other questions that you might need answered before making the decision on whether or not to apply for an auto title loan.

Auto title loans are one of the only loan options out there for individuals with a less than perfect credit score. Title loans do this by basing the loan application approval and the amount of the loan on the current equity found in your car and based on your ability to repay the loan according to monthly payments. Many people would like to improve their credit score with a loan or a new line of credit but they are given absolutely no opportunities. But we, at TFC, want to give them an opportunity to improve their credit score so they can have a brighter financial future! In this resource article, we will be explaining to you how title loans can help improve your credit immensely and, also, how it might potentially damage your credit if you do not handle the loan carefully. We want you to have all the information before making a decision since finances are not to be taken lightly.

If you’d like to learn more about improving your credit score with a title loan, then continue reading this article. But if you are already prepared to start the process of applying then fill out our simple and convenient online application today. You will hear from us shortly after submitting it!

Your Credit Score

Your credit score is made up of five different parts, each taking up a certain percentage of the total credit calculation:

  • 35% – Your Payment History
  • 30% – Your Credit Utilization
  • 15% – Length of Your Credit History
  • 10% – Your Credit Mix
  • 10% – Your New Credit

Obtaining an auto title loan through TFC Title Loans would have the greatest effect on the payment history part of the calculation in your credit score. This means that depending on how well you make the monthly payments, a title loan can both improve your credit score but also be capable of damaging it in some ways.

How A Title Loan Might Improve Your Credit Score

If you make the scheduled payments on time each and every month to pay down your title loan by the time it is designated to reach maturity, then the payment history percentage in your credit score calculation will start to appear significantly better. Since the biggest chunk of your credit score is actually your payment history at 35%, you will likely see a big improvement in your credit score by the time you finish making the payments. Therefore, it would be wise to strategically budget out your payments so that you make them all on time and always have enough money to pay!

How a Title Loan Could Damage Your Credit Score

Just like with any other loan option out there or any other life of credit, if you do not make the payments on time or you default on the loan then your credit score is bound to take a substantial hit and you will likely look far less reliable to other lenders in the future. However, if you pay close attention to the payments and get them in on time every month then you won’t default on the loan and you will have positively nothing to worry about!

If you have any more questions on the subject then simply give us a call, we would love to hear from you and look forward to working with you!

May 25, 2017

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What Are the Pros and Cons of Title Loans?

pexels-photo-141674Every single financial decision that we make in our lives has both pros and cons which go along with it. And if you are considering the option of a title loan for your current financial crisis, you may be wondering exactly what are the pros and cons of title loans. We plan to use this information article to answer that exact question for you along with how we, TFC Title Loans, tries our hardest to minimize the risks/cons associated with title loans. Over the past 25 years, we have been consistently passionate about making our customers our number one priority which has led us to spend a substantial amount of time and resources on consumer education and lender transparency. As the oldest title loan lender in California, we strongly believe that title loans can be an amazing way to obtain emergency funding but we also acknowledge that our customers ought to fully understand every aspect before making an important financial decision.

So many title loan lenders don’t believe that it is their responsibility to inform their customers on every aspect of the commitment they are making, especially the negative aspects. Ever since we first opened our doors in 1994, we have been constantly perfecting our lending process and sharing that ever-evolving process with our customers every step along the way. If you end up deciding that title loans are the right solution for you, after reading about all the pros and cons of them, then you ought to fill out our online application straight away!

 

Pros of Auto Title Loans

  • Easy Application: Unlike the application processes for personal loans at traditional banks, title loan applications are exceedingly simple and quick so that you can get the money you need far faster. With TFC Title Loans, our online application only takes about five minutes to complete and turn in. We call you up soon after to tell you the next step you don’t need to worry.
  • Current Employment Not Necessary: Even though it is required that you provide proof of income, it is NOT required that you need to provide proof of employment. A regular income or an ability to repay the loan can be proven by a wide range of things such as employment, unemployment benefits, disability, retirement, inheritance, and/or pension.
  • Perfect Credit Not Required: Since title loans are a secured loan that uses your car as collateral, there is no need for you to have an absolutely perfect credit score. We do check your credit but only to ensure that you aren’t currently undergoing credit counseling or in active bankruptcy.
  • Quick Cash: When everything moves smoothly, we will be able you your funding as fast as the very next business day after you are approved. This is one of the best benefits of a title loan since financial emergencies usually require money very quickly.
  • Keep Driving: We don’t take your form of transportation from you so there is no need for you to worry about that! We only place a lien on your car title and keep that then you drive off in your car with the money.

 

Cons of Auto Title Loans

  • Higher Interest Rates: Since there is a higher risk for lenders, there are usually higher interest rates for title loans compared to unsecured loans.
  • Possibility of Repossession: There is a lien placed on your car title which means that if you were to default the loan and be unable to pay it off at all, your vehicle could possibly be repossessed.
  • Short Repayment Schedules: Some title loan lenders require that customers pay off the loan in a period as short as 30 days.

 

TFC Title Loans Minimizes Cons

  • Sliding Interest Scale: TFC Title Loans has a special product meant to decrease the interest rates for title loans as much as possible. It is a sliding scale interest rate so each loan’s interest can be unique to the customer.
  • Longer Repayment Schedules: TFC also has far longer repayment schedules so that your monthly payments are low enough to be affordable, somewhere between 24 and 36 months.
  • No Prepayment Penalties: We charge absolutely no prepayment penalties here at TFC Title Loans. So, you can pay off your loan as early as you would like to in order to avoid the accruement of interest.

 

If you have any remaining questions about the pros and cons of title loans then please give us a call and we will happily each and every question you have. But if you have already decided that you would like to obtain an auto title loan with us then fill out our online application today!