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26 Mar 2019   /   0 comments

What are Car Title Loan Qualifications?

Paul

checklistWhen financial problems start to take a toll on us, we try to find a solution for the problem.

Traditional lenders require all these stipulations in order to qualify for a personal loan: you need to fill out paper work, you need good credit, you need to wait, etc.

Car title loans qualifications are a lot simpler than traditional loans, especially when you come to TFC Title Loans.

About TFC Title Loans

For the last 20 years, TFC Title Loans has been helping customers acquire the money they need without making them donate an arm and a leg to get it.

We believe that you shouldn’t be penalized for past mistakes, and that you shouldn’t have to jump through hoops to get what you need. We want to make the process stress-free, so we streamline our application process and require very little of you in order to approve you for a loan.

In fact, one of the benefits of TFC Title Loans is that we have higher approval rates than our competitors. We want to help you get rid of those financial worries!

Car Title Loan Qualifications

So, what do you need to qualify for a car title loan? You’re probably thinking there is some type of catch that we’re not telling you, when in reality it’s pretty simple. Below are some of the qualifications in order to be approved by TFC Title Loans.

You Need Quick Money

If you need extra cash and fast, then you are the perfect candidate for a car title loan and are already one step to being approved. TFC Title Loans doesn’t bother you for the reason you need a car title loan. Our customers have used their car title loan funds for a variety of different reasons, and we hear new financial difficulties every day. Our customers use them for:

  • Medical emergencies
  • Car/home repairs
  • Credit card bills
  • Rent
  • School
  • Vacations

What You DON’T Need: Time

If you are a busy person and have a lot of other things to take care of in your life, we understand! That’s why we’ve streamlined our application process and made it available in different methods.

You can apply online, over the phone, or in person. You don’t have to come into our office and sit there for hours to apply like traditional lenders. In fact, you could have your fund in as little as one business day! We work around you.

You Need a Clear-and-Free Vehicle Title

In order to apply for a car title loan, you need a car for obvious reasons. With car title loans, TFC uses your vehicle’s title as collateral for the loan. You give your title to us, and we give you your money. Once the loan is payed off, you get your title back. While TFC has your title, you’ll be able to drive your car so you won’t have to worry about it being stored anywhere. It’ll stay with you, just like paying off a regular car loan.

What You DON’T Need: A Paid-Off Car

If you still owe money on your car but need a car title loan, we’ve got great news for you. With a few loan payments left on your car with your finance company, bank, dealership, or other loan company, we may be able to approve you for a title loan! If there is enough equity in your vehicle, TFC may be able to pay off the other loan and you will get the additional money you need.

You Need a Source of Income

TFC Title Loans wants to make sure their customers aren’t putting themselves in a potentially financially dangerous situation by getting a car title loan. We make sure that our customers have the ability to pay back their car title loan each month once their payments start.

What You DON’T Need: A Job

You may be wondering how you can have a source of income without a job? At TFC Title Loans, as long as you have proof that money is coming in from somewhere at a consistent or scheduled pace, you’ll be able to qualify for a car title loan. These sources of income could include:

  • Unemployment benefits
  • Social security
  • Annuity
  • Worker’s compensations
  • Settlements/Court-ordered awards
  • Inheritances
  • Severance pays

You Need to Have These Important Documents

During the TFC Title Loan application process, a TFC agent will ask you to provide important documentation to prove that you are yourself and your vehicle title belongs to you. These documents are the last items you need to qualify for a car title loan with TFC, and if you have your title and a vehicle, you already have most of these items:

  • Vehicle’s title
  • Proof of auto insurance
  • Identification
    • Driver’s license
    • Government-issued ID
  • Proof of residency
    • Utility bill
    • Cable bill
    • Statement
  • Proof of income
    • Paystub
    • Account statement
  • Pictures of the vehicle
  • List of 6 references
    • 1 being a family relative

What You DON’T Need: Good Credit

One of the top reasons people get car title loans is because they’re concerned their credit score will inhibit them from getting the money they need. Banks put a lot of pressure on people to have the perfect credit to get exactly what they need, and sometimes that isn’t the case. Everyone makes mistakes with money, and that shouldn’t keep you from trying to prevent your credit from worsening by not being able to cover a financial difficulty.

That’s why TFC Title Loans offer car title loans. Instead of your credit determining your amount, we base the loan amount off the equity of your vehicle and your ability to pay back the loan. We only check your credit to make sure you aren’t actively going through bankruptcy and/or credit counseling.

How to Apply for Car Title Loans

TFC Title Loans is ready to offer you funds if you qualify for a car title loan! We want to help you rid of any financial difficulties that may be causing more stress in your life. We’ve streamlined our application process to make it easier on you when applying with us.

Apply

The first step is the fastest and easiest. By applying on our website, on the phone, or in person, you fill out your name, phone number, email, and basic information about your car. This process usually takes less than 5 minutes. A TFC agent will receive this information and get to work to provide you with a free car title loan quote. You could receive anywhere from $2,500 to $50,000 in funds with TFC.

Documents

All the documents that we pointed out early will be asked in the second step of our process. Once the TFC agent gets your quote together and contacts you, they’ll ask for those documents. In order to get your loan faster, we suggest having all those documents ready to send over to your agent. That way, you’ll be able to get your funds as soon as possible!

Inspection and Contract Signing

After you’ve submitted the required documentation, you’ll head over to your nearest TFC Title Loan location to have your car inspected. This inspection takes just a few minutes. The TFC agent will look at the car to make sure it’s the right one and the car with the title you’ll be using. Then, they’ll also make sure there isn’t any major damage that would affect the overall value of the car.

Once the inspection is complete, your TFC agent will go over your contract terms with you. They’ll explain your interest rate and payments, and make sure you understand the responsibilities. Each customer has unique terms that fit their needs and funding amount, so it’s important to TFC that we go over those terms with our customers. You’ll receive a loan length of anywhere from 24 to 36 months.

Get Your Money!

After all the work has been completed, you will receive your funds. You’ll walk out of your location with the money in your hand and ready to go! It’s unbelievable to think that all this can be completed in as little as one business day, but TFC Title Loans assures it’s possible. As long as you are prepared and ready for all the car title loan qualifications and necessities, you’ll have the money you need in no time!

Contact TFC Title Loans today with any questions or apply on our website to get started with your process.

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