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14 Mar 2019   /   0 comments

How Do Title Loans Work in California?

Caroline Mwandawiro
How do title loans work in California?

Are you in need of money and wondering how do title loans work in California? Have you been turned down by payday loan offices and banks alike? If so, you are certainly going to want to read the below article to know all there is to know about how do title loans work in California.

In short, securing a loan is easier than you think. Simply fill out our easy-to-use online application and one of our qualified representatives will contact you. Shortly thereafter, you can determine whether or not you have qualified for an auto title loan. If so, you can receive your emergency money within 24 hrs! It is really that easy.

Additionally, when you want to get an auto title loan, there are some things you must take into consideration. The followings are the things you need to know that will help to get answers to your questions.

1. Qualifying for a Car Title Loan is Easier than You Think

The major factor that’s needed to qualify for a car title loan is that you must be the owner of the vehicle that will be used as collateral. Whether you have a motorcycle, SUV, truck, RV or car, you can qualify for an auto title loan. Because this type of loan is based on the equity of your vehicle, you’ll be required to own your car outright.

If you’re still paying off your car, then the title still belongs to the bank and you won’t be able to make use of it as collateral. Some other basic requirements you need to apply for title loans in California is that you must be at least 18 years old and reside within the state.

2. You Can Apply With Bad Credit

Unlike other types of loans, your bad credit should not affect your car title loans application. Car title loans usually do not require credit checks. They are designed for people that have bad credit from missing payments on their record.

3. It May Be Harder With Low Income

To qualify for an auto title loan, you need to have a source of income. If you have a low income, it might be hard to qualify, but you won’t be exempted because of it. Also, you must not be a debtor in a bankruptcy case and you must not intend to file for bankruptcy relief.

4. Your Vehicle is Collateral for Your Car Loan

If you decide to get a title loan, you must be ready to offer your vehicle as collateral. This means that you allow a lender to place a lien on the title of your car and provide the hard copy of your car title in exchange for a loan amount. This is the best way for a later to have an assurance that the loan they offer you will give them some return on investment. Without the title of the car being on the line, it can be hard to find a short-term loan.

5. You can get A Huge Amount of Cash to Cover Your Needs

Your car’s value is the major factor in knowing how much you can get for a title loan. The title loan company like TFC Title Loan will determine the value of your car by evaluating the condition of your vehicle, its maker, model, age and mileage. The value of your car must not be less than $2000. In California loan amount normally range from $2,500-25,000.

If you’re still asking yourself about how do title loans works in California and you need more information. Give TFC Title Loan Company a call today and get answers to your questions.

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