Frequently Asked Questions On Title Loans
Search through the frequently asked questions on title loans below to find the answers you need. If you don’t see an answer to your particular questions, don’t hesitate to contact us.
What Documents Do I Need for a Title Loan?
Click here for a full list and a detailed explanation.
Does my vehicle need to be paid off?
No. Your vehicle does not have to be paid of 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.
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 60 minutes.
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.
What does “equity” mean and how does it affect me when applying for a title loan with TFC Title Loans?
Equity is the current market value of your vehicle minus any outstanding principal loan balance. The equity is simply the value of your vehicle if it is paid off. 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.
How long does it take to get a title loan?
Here at TFC Title Loans we are extremely quick. The application process and pre-approval will take 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.
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.
What is a Car Title Loan?
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 later on that same 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.
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 Long Does the Car Title Loan Process Take?
Not long at all! Give us a call or apply online and we can approve you within minutes and provide same day funding. In some cases, we are also able to offer funds in as little as one hour!
What’s The Amount of Money I Can Qualify For?
We offer amounts ranging from $2,600 to $50,000.
The amount you are able to borrow depends on the wholesale value of your vehicle. 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
If I get a Car Title Loan, can I Still Use my Car?
Yes, with a car title loan in Carlsbad you keep your car throughout the duration of the loan while you make your payments.
Can I Apply for a Loan if My Credit History is Bad?
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.
I don’t Currently Have a job. Can I Still Get a Loan?
You must show us that you have some other source of income such as a pension, unemployment benefits, Social Security, disability, and retirement. Call us at (844) 242-3543 for more information.
What if I’m not Done Making Payments on My Car?
In order to qualify for a loan you must have the pink slip in your possession, which means you own your car outright. So it must be paid off completely with a wholesale value of $4,000 or more.
Do I Need to Bring Personal Paperwork to Get a Loan?
We will need to see your vehicle title, full coverage insurance, proof of income, proof of residency, and six references including at least one family member in order to approve you.