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: Car 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: Car 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?
Q: If my loan application gets approved, how much loan can I get?
A: We have a simple procedure, and that is why there are high chances that your loan application will get approved in a short time. Our vehicle title loans are dependent on the equity in your vehicle. Your vehicle’s equity decides for you how much money you for qualify for.
Now, you have to comprehend the fact that our title loans start with $2,500, and an increase in it can be expected, but it will be dependent on the equity in your vehicle. In other words, you can qualify for more loan than $2,500 and up to $50,000.
Q: Is there a requirement for the minimum dollar amount of the vehicle to count its worth?
A: Yes, there is a requirement. Your vehicle has to be worth more than $2000, and it can’t be below this minimum dollar amount. The rare occasions that customers come with a query regarding their auto-loan application getting rejected is usually because the vehicle is not worth $2000. This means that the application gets rejected.
At TFC Title Loans, we believe in guiding our esteemed customers in the best possible way that there is. Rest assured we will guide you through the whole process.
Q: There is no restriction on me to drive my car, right?
A: No, there are no restrictions on you to drive your car. You can drive freely!
Q: In order to acquire the loan, do I have to clear my previous loans?
A: Perhaps this is not the case. Many auto loan providing companies have this condition that you’d have to pay the existing loans before acquiring the new loan. Whereas at TFC Title Loans, we do not find this term appropriate since we believe that you are looking for an auto loan because of your financial conditions, and our auto loan can help you. That is why we do not consider this as an option. We do help you in paying off your existing loan, and there are high chances that we’ll get you a new loan without many complications.
Just give us a call if you have further queries, or you can also visit our office and get all the information that you need.
Q: Is it necessary for me to have a good credit score to get the loan?
A: Normally, it is quite difficult to get a loan with a bad credit score, and many lenders are hesitant to offer a loan to a person/family with a bad credit history. With TFC Title Loans, it is not the case. It is not compulsory for you to have a good credit score to apply for a car title loan with TFC Title Loans. It is because we comprehend the fact that our on-time assistance can play a significant role in making your life comfortable. That is why we have not included this term of “have a good credit score” in our books.
Thanks to our premier lending network, we are able to help you in providing the best suitable loan according to your needs and demands. In most cases, lenders are reluctant to give loans to people with bad credit score, but we feel blessed to have a strong sevice that helps us in getting you the most appropriate loan. You can apply for a car title loan at TFC Title Loans without any hesitation regarding bad credit scores or any other complications. Our dedicated team ensures that you go home with a loan that meets your requirements.
Q: If I am retired or on disability, will it affect my chances of securing a loan?
A: TFC Title Loans prides itself in providing the most superlative services to its respected customers, and that is why there is absolutely no problem for you in getting a loan even if you are retired or you are on disability. Nevertheless, we do have one simple requirement that you must have a monthly income of minimum $1200 to secure any one of our car title loans. This includes a retirement fund or a disability check from your local government. In case you have any queries then kindly contact us or you can also visit our office and get all the essential information that you need.
Q: Will I have to pay a pre-payment penalty on the title loan?
A: No, absolutely not! Since the penalty is based on the remaining title loan balance’s percentage, this means that you’ll have to pay interest on the loan. In most cases, a contract of a loan states that you’ll have to pay a penalty for the pre-payment of your title loan. In our case, you won’t be asked to pay any kind of penalty or you won’t be charged if you make a decision to pay off your loan earlier than the end of the loan term.
Q: How can I apply for a title car loan and what are the requirements?
A: Here are the important requirements for a title car loan:
- You’ll have to provide a title for your vehicle (also known as the Pink Slip)
- You’ll have to present your original driver’s license or other government issued identification
- We will require a proof of insurance
- Your permanent home address will be needed
- You have to be present to submit the application and no one else can submit the application under your name (family members, friends, etc.) Kindly contact us if you have any questions about this requirement
- If the titles have two names then both persons need to be present at the time of submitting the application
- You must be residing in the state in which you are applying for a car title loan
- It is important for you to provide a proof of income. Your monthly income needs to be at least $1200 or more than it
- You have to be 18 or older
It is an easy process and the best thing is that TFC Title Loans has the highest approval rates. Therefore, you can apply without any doubts in your mind. Rest assured we care about our valuable clients.
Q: How fast is the loan approval time?
A: At TFC Title Loans, we believe in making it as convenient as we can for our respected clients. This means that we try to make sure that the approval time is as less as possible. In normal cases, each individual loan is given the utmost importance and this means that the loan can take less than 24 hours to get the final approval. Sometimes, due to some document submission or information complications, the approval time can take more than 24 hours. You can receive your funds in as little as one business day.
Another important factor that’ll increase the approval time of your loan depends on how fast you submit all the necessary paperwork. Our dedicated team is always prepared and they make sure that your loan is approved as soon as possible. In order to give a surge to the approval process, kindly make sure that you submit all the essential documents on time. We guarantee you that we will make it certain that your loan application gets approved in the shortest time possible.
Why should I choose your services?
A: Here is why TFC Title loans are the best option for you:
- We have a dedicated team of experts and they are highly knowledgeable
- We never compromise on our services and we always thrive to provide the best that we have
- We have an extensive network that enables us to deliver your auto title loan at a swift rate
- There are absolutely no hidden fees or prepayment penalties
Q: Is there anything else that I need to know?
A: Here is what you need to know if you live in:
We have been offering our reliable and result-oriented services in the state of Arizona for many years now. Our auto title loan services are highly recognized in the area and considered among the best. Our procedure of application approval is swift, without any complications and clear-cut. In case you need quick cash then TFC Title Loans is your ultimate one-stop destination. We have the experts that can unlock the hidden equity of your vehicle. There is no need to worry even if you have a poor credit history or absolutely no credit at all, you’ll still qualify for the loans – it is as simple as that!
Another plus point of contacting us is that there won’t be many requirements to fulfill or any other additional complications. You’ll get fast cash without having to go through the tormenting waiting period or taking care of huge documents files.
We have a dependable customer service that ensures that you get any kind of vehicle collateral loans. Our workers are fully trained and they know how to take care of various queries that come their way on daily basis. You can contact any of our auto loan agents in states of Arizona at 844-242-3543.
Inarguably, we are the best pink slip loan provider in the area and that is all because of our dedicated team and our constant efforts to thrive for the best. We just recommend you to use our dependable title loans if you are in need of some financial help. We assure you that our title loans are the best in the market because they do not come with lots of restrictions and they are highly regarded as best customer-friendly loans.
There are chances that you have been very careful in handling your financial condition over the past few years, but there are chances that you might see a time in which you’ll need some kind of financial help. This is where we step in with our expertise. We assure you that TFC Title Loans is the best financial assistance that you can get and that too without having to go through the much time-consuming process.
The reason why we are the most recommended company is that we make sure that you get the auto title loan even with just your vehicle title. This means that we don’t require hefty paperwork to start a process that can take days. Your loan funds can be ready in as little as one business day. You can acquire the loan without having to go through much fuss at all, and this is what makes us unique.
We offer our highly recognized services in states of New Mexico. If you have never applied for car title loan and you are wondering about which place is best for you then TFC Title Loans is the best option for you. We have a fast processing system that enables us to approve your application in the shortest time possible. We’ll make sure that you are provided all the essential information before accepting your application. Just like getting the loan, repayment is also not an issue and you can repay the loan without going through much hassle. Our friendly knowledgeable staff will make a plan for you that will enable you to pay the loan without going through much trouble. It is our utmost priority to make the whole procedure convenient for you, and that is why we take the most minimal time to process and approve your auto title loan application.
Q: Is there any complications that I need to know beforehand?
A: No, there are absolutely zero complications in our auto title loans. We assure you that obtaining a loan from us and repaying it as easy as taking out money from an ATM. It is hassle-free, convenient, and without any complications at all.