Frequently Asked Questions on Title Loans
Search through the frequently asked questions on title loans and on TFC below to find the answers you need. If you don’t see an answer to your particular questions, don’t hesitate to contact us by giving us a call at our toll-free number or starting an online chat with us.
What documents do I need for a title loan?
We will need to see your vehicle title, full coverage insurance, government-issued identification, vehicle registration, proof of income, six pictures of your vehicle, proof of residency, and four references including at least one family member in order to approve you.
Check out this article to learn more: What documents do I need for a title loan?
Can you get a title loan if you are still paying on your car?
Yes. Your vehicle does not have to be paid off for you to qualify. If you have a few loan payments left on your car with a finance company, traditional bank, dealership, credit union or another title loan company, we may still be able to approve you for a title loan. If there is enough equity in your vehicle, and you are able to provide proof that you are able to pay for a new loan, we may pay off the other loan and you will get the additional money you need.
Check out this article to learn more: Can you get a title loan if you are still paying on your car?
How long will it take for me to be able to qualify for a title loan from TFC Title Loans?
The process is extremely quick and easy. Qualifying for your car equity loan only takes a few short minutes, and money can be issued to you in as little as one business day.
Can I do whatever I want with the money that I borrow from TFC Title Loans?
Yes, of course you can. It is your money and you can spend it however you want! Our customers have used it for many things such as paying overdue bills, for an unexpected medical emergency, to make repairs or improvements to your home or vehicle, to take a nice vacation, and for many other things. There are no restrictions or limits on how you choose to use the loan or what you can do with the funds you borrow. We always suggest you use the money you borrow from TFC Title Loans responsibly since you do need to pay the loan back.
How are title loans calculated?
Title loans are calculated using the equity found in your vehicle. Equity is the current market value of your vehicle minus any outstanding principal loan balance. Depending on your ability to repay the loan amount, the higher your vehicle’s worth or equity, the more funds TFC Title Loans will be able to let you borrow.
Check out this article to learn more: How are title loans calculated?
How long does it take to get a title loan?
Here at TFC Title Loans we are extremely quick to get you the emergency funding that you need. The application process and pre-approval will take you only about 2 minutes. Loan verifications and underwriting can be finalized in under 60 minutes and then you tell us how and where you would like to get your loan funds and we will be able to get it to you in as little as one business day.
How do title loans work?
Basically, you are borrowing money against the equity in your paid-off or nearly paid-off vehicle. We will assess your ability to pay the loan back, and the amount of equity in the car, and that will determine how much you may borrow from us. Getting a title loan is simple and easy! A title loan can be easier to qualify for versus traditional financing because you are using your vehicle as collateral to secure the loan and not just your credit score.
Check out this article to learn more: How do title loans work?
What are title loans on cars?
A car title loan is a quick and efficient type of loan that determines the amount a person can borrow on the equity in their vehicle (or its wholesale value) and their ability to pay back the loan. It’s easy to apply for a car title loan with TFC Title Loans and you can get your money as fast as the very next business day. Bad credit won’t stop you from getting approved and you will be able to keep use of your car while you meet your payments.
Check out this article to learn more: What are title loans on cars?
Where can I get a title loan?
We have locations in every major city and surrounding areas in California, as well as in Arizona and New Mexico. Apply online or over the phone for a car title loan and pick up your funds at an office near you.
How much can you get on a car title loan?
We offer amounts ranging from $2,600 to $50,000 depending on what state you reside in.
The amount you are able to borrow depends on the wholesale value of your vehicle and on your ability to repay the loan. The more equity in your vehicle, the more you are able to borrow. Generally, you are able to borrow up to 50% of the vehicle’s wholesale value.
Check out this article to learn more: How much can you get on a car title loan?
If I get a car title loan, can I still use my car?
Yes, with a car title loan from TFC Title Loans you keep your car throughout the duration of the loan while you make your payments. This way your daily routine is not interrupted.
What is the best loan guaranteed with bad credit?
We can still approve you for a loan even if you have a bad credit history. It’s still a factor in securing your loan but it isn’t the only one. Our primary concern with lending is the wholesale value of your vehicle and on your ability to repay the loan.
Check out this article to learn more: What is the best loan guaranteed with bad credit?
How to get a title loan with no proof of income?
You do not have to be employed at the time of applying. You only need to show us that you have some other source of income such as a pension, unemployment benefits, Social Security, disability, and retirement.
Check out this article to learn more: How to get a title loan with no proof of income?
Why get a title loan?
Getting a title loan may be the best option for you if you need money quickly and if you have a less-than-perfect credit score because you can receive funding in as fast as one business day from the time of approval and you can be approved for a title loan regardless of your credit score.
Check out this article to learn more: Why get a title loan?
How do title loans affect your credit?
If you make the monthly payments on time and repay the loan in full then your credit score will increase. However, if you miss payments or default on the loan then your credit score might decrease.
Check out this article to learn more: How do title loans affect your credit?
What is a lien on a car title?
A lien can be very generally defined as the legal right that a lender has on a piece of property used as collateral which someone else owns.
Check out this article to learn more: What is a lien on a car title?
Can you have two title loans at the same time?
It is impossible to have two title loans on the same car but you can have two title loans on two different cars that you own.
Check out this article to learn more: Can you have two title loans at the same time?
What to do if car is repossessed after title loans?
Talk through your situation with your title loan lender to see if there are ways to work out the rest of your payments without losing your car. Or you can refinance your loan with a new lender through a title loan buyout.
Check out this article to learn more: What to do if car is repossessed after title loans?
How to pay off a title loan quickly?
The key to paying off a title loan quickly is to strategize a plan and then budget every month accordingly. Other helpful tips include making some extra income on the side and paying more than the minimum required payment every month.
Check out this article to learn more: How to pay off a title loan quickly?
What is a title loan buyout?
A title loan buyout is when a new lender pays the remaining balance on your current title loan and gives you a new title loan with a different rate or payment plan. A title loan buyout is the same thing as refinancing.
Check out this article to learn more: What is a title loan buyout?
How to get your car title back?
First, request the removal of the lien by the lender and the return of the title. After you receive the title back, take it to the DMV and fill out the appropriate form for a clean title. They will shortly send you a new title with no lien whatsoever.
Check out this article to learn more: How to get your car title back?
What year does your car have to be to get a title loan?
There is no definitive answer to this question since it all depends on the trade-in value of the car which can still be very high even if the car is old such as a classic or vintage car. The year is not important as long as the car has a high enough trade-in value to be approved.
Check out this article to learn more: What year does your car have to be to get a title loan?
Are title loans safe?
Title loans have risks just like any other lending option out there. However, it is true that they can have more risks than some more traditional loans but TFC Title Loans does everything within their power to minimize those risks.
Check out this article to learn more: Are title loans safe?
Who uses title loans?
Every single title loan customer is unique but many of them need funding quickly and have trouble finding assistance elsewhere like from a bank. Our customers apply for a loan for all manner of reasons such as family emergencies, an employment gap, medical bills, or simply to cover the rent/mortgage.
Check out this article to learn more: Who uses title loans?
How are title loans paid back?
There are numerous convenient ways for you to make payments on your title loan. These are the available options we have:
- Mail in your payments just like you do with your rent check or your utility check. That way you won’t forget.
- Online single or automatic payment through ACH.
- Pay over the phone with a card by talking with one of our friendly loan agents.
- You can make your loan payment in person at one of our numerous locations with cash, card, or check!
- You can pay at a local MoneyGram center or use MoneyGram online. The standard fee for making a payment through MoneyGram is $9.95 and MoneyGram’s online service has a $600 limit per transaction.
- We also accept payments via Western Union to make it as convenient for you as possible.
Check out this article to learn more: How are title loans paid back?
Do title loans require a credit check?
TFC Title Loans does not reject you based on your credit score. We use a wider range of criteria when we make our decision on your loan application approval. Nevertheless, we do usually perform a credit check only to ensure that you are not currently undergoing credit counseling or in active bankruptcy.
Check out this article to learn more: Do title loans require a credit check?
How long are title loans for?
TFC’s title loans are customized for each customer’s unique situation between 24 and 36 months so that the monthly payments are more affordable. However, our customers can pay off their loans early since there are no prepayment penalties.
Check out this article to learn more: How long are title loans for?
In what states are title loans legal?
The states that TFC Title Loans services currently include New Mexico, Arizona, and California and these are the regulations for those states:
- California: Auto title loans are legal but customers must borrow at least $2,500. The loan terms and APR caps are different depending on the amount of the loan.
- New Mexico: Car title loans are legal in the state of New Mexico but loans cannot be higher than $2,500. There aren’t any regulations on loan terms or interest rates.
- Arizona: Auto title loans are legal and there isn’t any regulation on the amount that customers can borrow. Loan terms are not allowed to be less than 6 days and the interest rate is variable.
Check out this article to learn more about other states: In what states are title loans legal?
What are the pros and cons of title loans?
Pros of title loans:
- Easy application process
- Current employment not necessary
- Perfect credit is not required
- Quick funding
- Keep driving your car
Cons of title loans:
- Higher interest rates
- The possibility of repossession
- Short repayment schedules
How TFC minimizes those cons:
- A sliding interest scale
- There are longer repayment schedules
- No prepayment penalties
Check out this article to learn more: What are the pros and cons of title loans?