If I’m Buying a Car Can I Get a Cash Loan on It?
If I’m buying a car can I get a cash loan on it?
Yes, you can. By using your car’s title as collateral, you can borrow a substantial sum of money based on the current market value of the vehicle.
In difficult economic times, it can seem nearly impossible to buy that new car that you need to get from place to place. There needs to be enough money left over to cover the basic necessities of life like rent, food, and utilities. What if you could purchase that car you need then get a cash loan on it which you could pay back in affordable monthly installments? That is exactly what we, here at TFC Title Loans, can do for you. These loans are called Car Title Loans and we have been in the auto title loan business for nearly 25 years, which makes us the oldest title loan lender in the state of California. If you are interested in learning more about how you can get a cash loan on your new car, then keep reading this resource article. We are passionate about lender transparency and consumer education which is what makes us the best in the business.
Bad Credit? No Problem!
Sadly, more traditional lending institutions don’t usually lend to individuals with sub-prime credit score because a lower score indicates a “higher-risk” borrower. These traditional banks or credit card companies usually only lend out unsecured loans, meaning loans without collateral, and this requires that the borrower have a high credit score to vouch for their ability to pay back the loan on time and in full. With TFC Title Loans, individuals can borrow money without the particular “security” of a high credit score by using the collateral of their vehicle title instead.
We do this by signing onto your car’s title as the lienholder. However, you still keep your car throughout the life of the loan, we only keep the title. This way you don’t have to give up that nice new car you just bought. We help you regardless of your credit score because, to us, you are much more than a number; you are a human being that deserves to be treated fairly. In the application process, we do check your credit report but only to ensure that you not currently in active bankruptcy or undergoing credit counseling.
Documents Needed to Apply
We make the process incredibly simple so that you are caused the least amount of stress possible. We only need a few documents from you so that we can approve you as quickly as the next business day. These documents include:
- Original vehicle title proving sole ownership
- Government-issued identification matching name on the title
- Proof of residency matching name on the title
- Current vehicle registration
- Proof of vehicle insurance
- Proof of income or ability to repay the loan
- Names and numbers of four references
- Six pictures of your vehicle from all four sides + vin plate + odometer
Financed Your Car?
Do you still have a few traditional auto loan payments left on your car with a bank or dealership? Well, we may still be able to approve you for a title loan if the situation fits. Most other title loan lenders don’t bend to fit those last few payments into your loan but TFC Title Loans make sure that your convenience is our highest priority. If your car has a high enough market value, we can usually incorporate the last few payments into the title loan. All that needs to happen for this to work is for the vehicle to qualify for double the amount that is still owed on it. So, if you still owed $5,000 on your car in loan payments then you would need to qualify for a loan of at least $10,000. And, in the event that you did qualify for that much, then you would be required to take out the full amount that you were approved for.
Therefore, if TFC is able to incorporate the last few payments on your vehicle into the title loan, it is likely that your car would need to be newer and have a substantially high equity. If you have a large portion of the car paid off already, a good amount of equity already in it, and you can provide proof that you have the ability to repay a title loan then we wouldn’t hesitate to approve your application!
If you have any more questions on this subject, please give us a call at our toll-free number 855-548-8357. We have customer service representatives standing by the phone who would be happy to answer all of your questions. If you are ready to apply for a cash loan on your new car, then fill out our fast and simple online application.