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15 Nov 2019   /   0 comments

How Do Car Title Loans Work?

Carlos
how do car title loans work

So, you want to know how a car title loan works? Not surprising, as many people have often never heard of car title loans. Fortunately, car title loans are quite simple. In short, a car title loan is an agreement where the owner of a vehicle leverages the equity to qualify for a loan. This arrangement differs from traditional loans as the stipulations for car title loans are centered around vehicle equity rather than qualifying credit scores and proof of steady, substantial income. Many potential borrowers are turned down by banks and traditional loan agencies like payday loan lenders and cash advance stores due to bad credit. TFC Title Loans is here to fix that problem for those in need of emergency funding.

How Do Car Title Loans Work?

how does a car title loan workCar title loans will work for anyone who owns a car with adequate vehicle equity value as determined by the Kelley Blue Book. Auto title loans are considered secured loans because your title loan lender – namely, TFC Title Loans – becomes a lienholder on your car title until you pay back the loan in full with interest. Therefore the loan is secured with what lenders refer to as collateral.

Title Loans Explained:

Auto title loans are short-term loans designed to help people in need of quick cash. They are not to be abused in the sense that one takes out a loan and fails to pay it back, accruing massive amounts of debt and eventually going upside down on the loan.  Therefore, borrow from TFC Title Loans! Our loans are custom-tailored to your needs while our customer service representatives do everything in their power to underwrite a loan that works for you! Typically, our loans range from 24 months to 48 months, enough time for you to handle your emergency financial situation and get back to business as usual. There are no prepayment penalties and our compassionate, customer service representatives work with you through every step of the loan process. TFC Title Loans wants to provide you with the best auto title loans with affordable interest rates and clear, easy-to-understand terms and conditions.

How to Get Car Title Loans

You might have asked yourself if there is a loan place near me? We can help you in multiple states. A loan is easy to get using your car as collateral. This type of loan is a secured collateral loan, meaning, that to get a loan, you are required to use your vehicle as collateral in exchange for a fast cash advance. The collateral is your car title! To qualify for an auto title cash advance, you must meet the following 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

What is a Pink Slip Loan?

With a pink slip loan, you are borrowing money using your vehicle’s equity value. The lender goes on your title as a lienholder for collateral loans. Similar to an auto equity loan, you are using your vehicle equity as collateral for loans. Your car will be evaluated with the Kelley Blue Book. Most should know that a pink slip loan means that you’re using your title to get fast and easy cash through a lender.

What are the Benefits of a Car Title Loan?

Everyone can use a helping hand, and a loan is just what that is. Here are a few of the benefits that come with a loan:

  • Quick cash & an easy application process online
  • All credit scores welcome
  • Convenient Repayment Options based on your income
  • You can continue to drive your vehicle as needed while paying off your title loan

vehicle equity loans

Can I Get A Car Title Loan With Bad Credit?

Typically, your poor credit score can disqualify you from getting a personal loan. Most people who need emergency money are already in a tight spot. And in today’s economy, it’s completely understandable if you’re in a tight financial bind! 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! It gives consumers the chance to get a loan in those desperate times of need or personal emergencies. Title cash loans for bad credit are easy-to-use! Read more about title loans from https://tfcmoussa.wixsite.com/cartitleloans/post/when-does-refinancing-a-car-or-motorcycle-loan-make-sense-in-texas.

Furthermore, a credit score below 600 will qualify for a loan provided there is enough vehicle equity value. Remember, when applying for a car title loan, it’s highly advised you understand your finances and know what you can truly afford to pay back. TFC specializes in helping people with a bad credit score. The most important question is: can you repay the loan online? If yes, then you qualify for car title loans! It is easy to get a loan with bad credit. Below is an outline of how does a car title loan, perfect credit score or no credit score at all.

bad credit

Title Loan Requirements

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

Why Choose TFC Title Loans?

Since 1994, TFC has been a top 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 loan application, or do an over-the-phone loan application. Once you are qualified for the title loan, you will receive an instant loan approval! Contact us today and get the funds you need! Read more about loans from https://medium.com/@jamesdonrichards123/10-things-you-should-never-buy-used-97f97d1f9ea1.

Once you are approved for a loan, 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! Our vehicle title loans will help you get the most money today!

Frequently Asked Questions
How do title loans work?

In exchange for cash, you give TFC Title Loans the title to your car until the loan is paid off. Title loans can be appealing because they are fast and easy to get. The application process can take as little as 15 minutes, and you can continue to drive your car!

How much can I get for a title loan on my car?

The amount you can borrow is based on the value of your car or the equity you have in the vehicle. The greater the value, the more cash you can receive. TFC Title Loans will award you the highest monetary value on your vehicle's title.

Are car title loans worth it?

Car title loans are an excellent option for those who need money now. If you can show that you have a reliable source of income and a car worth more than the loan you are requesting, the lender will typically approve your loan application.

How Much Cash Can i Get?

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