Chat with us, powered by LiveChat
02 Jul 2019   /   0 comments

How Does A Car Title Loan Work?

Carlos
how does a car title loan work

Car title loans are for when there is a need for emergency quick money now, no matter the reason. A title loan advances cash like a payday loan or loan through a credit card but they differ in interest rates, payment plan, loan limit, and even loan term. How does a car title loan work?

How Does a Car Title Loan Work?

how does a car title loan workA car title loan, auto loan, or pink slip loan, is a secured loan using the title of your car as collateral to get cash now.  Your car’s resale value is evaluated using kbb.com awarding you a percentage as a car title loan. With a car title loan, you’ll get a significant amount of money in return for the loan. You can get up to 85% car title loans of your car value.

Typically, a car title loan is for a small amount of money and for a short duration. To get a car title loan, you give the lender the title to your car. That can be either a car, truck, or motorcycle. You can also pay the potential lender a fee to borrow the money. The repayment terms will vary by company.

Car Title Loans

Car title loans circumvent the stress of conventional bank loans. This type of loan is a secured collateral loan, meaning, that to get a car title loan, you are required to use your vehicle as collateral in exchange for a fast cash advance. The collateral is your car title! When you get a car title loan, you pay off the loan including simple vs compound interest. Whatever emergency situation – urgent medical bills, outstanding utility bills, emergency home repairs, or tuition fees, you can use a car title loan. A car title loan is easy to get using your car as collateral. To get a car title loan, you must first qualify for the loan. To qualify for an auto title cash advance, you must meet the following car title loans criteria:

  • Be at least 18 years old with ID

  • Own a car with enough equity to suffice a loan

  • Proof of steady income to pay off the car title loan – this can be in the form of a pay stub or bank statement recently issued.

Pink Slip Loan

With a pink slip loan, you are borrowing money using your vehicle’s equity, or current value. The lender goes on the title of your car as a lienholder for collateral car title loans. Similar to an auto equity loan, you are using your vehicle as collateral for equity car title loans. Your car will be evaluated with the Kelley Blue Book.

In California, the title is pink but in some states it may be blue or green. However, most should know that a pink slip loan means that you’re using your car’s title to get fast and easy cash through a lender.

Are There Risks Involved?

You do not have to pawn your car! Simply surrender your car title or pink slip! This is how a car title loan works! Failure to comply with the loan payments as agreed will end in default on your loan. When you default on your loan, your lender can seize your car and auction it to recover the debt; called repossession. Car title loans vary lender to lender – some will impound your car if you default, others might work with you to clear your debt. TFC Title Loans falls in the latter category.

What Are The Benefits of a Car Title Loan?

vehicle equity loansA car title loan car reap a number of benefits. That, of course, would result on your unique financial situation. It’s understandable and we’ve all been there, when money is tight and desperately needed, options can be limited. That’s why a car title loan might be a solid option for you. An auto title loan provides the emergency funds needed to alleviate financial stresses that can occur at the drop of a dime. We’ve all been there and we understand the need for cash when your strapped for it. Everyone can use a helping hand, and car title loan is just what that is. Here are a few of the benefits that come with a car title loan:

  • Quick cash & an easy application process online or in-person
  • Credit Doesn’t Matter in this Scenario
  • With a vehicle, you can qualify easily
  • Cheaper Than Cash Advances
  • Convenient Repayment Options based on your income levels and unique financial situation
  • Relieves Stress in times of need!

Read more about title loans from: https://en.wikipedia.org/wiki/Title_loan.

How Can You Get A Car Title Loan?

Getting an auto title loan for your vehicle and funds is easier than ever. Most lenders allow for online applications, making the process quick and simple. How can you get a car title loan? Here are few simple steps to follow when searching for a lender and applying for an auto title loan online or in-person.

  • Fill out an online car title loans application, call us, or visit us at one of our nationwide locations
  • Get quoted for car title loans
  • Submit the required car title loans documents
  • Pass vehicle inspection for car title loans
  • Sign the car title loans contract
  • Receive fast cash and spend it however you would like

Can I Get A Car Title Loan With Bad Credit?

Typically, your poor credit score can disqualify you from getting a personal loan. Nevertheless, it is different from car title loans! Most people who need emergency money (car title loans) are already in a tight spot. While a person with a perfect credit score is the ideal candidate for a loan, a person with a poor credit score can also qualify for a car title loan! It gives consumers the chance to get a car title loan in those desperate times of need or personal emergencies.

A credit score below 600 will qualify for a car title loan provided there is enough vehicle equity. Remember, when applying for a car title loan, or any type of credit, it’s highly advised you understand your finances and know what you can truly afford to pay back.

bad creditTFC Car Title Loans specializes in helping people with a bad credit score. Therefore, we do bad credit car title loans. Yes, your credit history will not bar you from instant title loan approval. The most important question is: can you repay the loan? If yes, then you qualify for car title loans! It is easy to get a car title loan with bad credit. Below is an outline of how does a car title loan, perfect credit score or no credit score at all.

Documents Required:

  • Your car title or pink slip
  • State ID or Driver’s License or Passport
  • Proof of in-state residency – Utility bills can be used for this form
  • Proof of income – This can be in the form of a pay stub or recent bank statements
  • Clear, identifiable photos of your car’s interior, exterior and mileage
  • At least two references

Why Choose TFC Title Loans?

Since 1994, TFC Title Loans has been a top car title loan lender! We provide our customers with top-notch service and the funds they need during emergencies and financial stress. Visit one of our ‘title loan places near me’ to file a car How Does A Car Title Loan Worktitle loan application, visit our website to fill out an online car title loan application, or do an over-the-phone car title loan application. Once you are qualified for the loan, you will receive an instant car title loan approval!

You must then pass a vehicle inspection, first. Afterwards, though, you’ll receive the funds requested to use how you wish. Our title loans are affordable and we work with all types of credit. There’s no need to worry about having a credit check ran on your report. This makes the process of getting a title loan much easier and tailored to your financial situation and needs. Read more about car title loans from https://www.investopedia.com/terms/c/car-title-loan.asp.

If you prefer in-person applications, we have offices situated all throughout the United States. This makes it easier for our customers to apply, ask questions and pay back their car title loans in-person at a TFC office. From the Western Coast of California to the Atlantic shores of New Jersey, we have offices in convenient areas to adhere to your needs!

Once your car is approved, you can receive cash via direct deposit, MoneyGram, or check. The beauty of how car title loans work is that you can get quick emergency cash now! Now that you know how does a car title loan work, call us at 84-242-3543. “How does a car title loan work” is brought to you by TFC Loans (c) 1994

How Much Cash Can i Get?

© TFC Title Loans
All Rights Reserved

Follow Us

Lenders Law Licence Number by DBO 6038192