If you are then you might want a more straight-forward answer to how title loans on cars work!
There are still a great number of individuals who don’t know what title loans are and a great deal more who generally know what they are but are not clued into what the details of the actual lending process.
And people usually resort to something they know well when they are in need, so many people turn to banks for personal loans when they are experiencing a financial crisis.
Sometimes that can lead to individuals filling out long and difficult applications for banks that will just end up rejecting them because they have a less-than-perfect credit score.
Because of this fact, these more traditional loans are becoming less popular as more nontraditional lending has gained traction. There alternative loans are perfect for individuals who don’t want to be judged by a simple number that does not define them as a person.
Ever since we opened in 1994, our company has been very passionate about consumer education and lender transparency. For this reason, we have been working especially hard lately to expand our website to include various informational resource articles.
In this particular article, we will be explaining exactly what a title loan is and how the lending process works step by step, in great detail.
At TFC Title Loans, we make our customers our top priority and we are constantly trying to make the lending process simpler and more convenient for our loyal customers.
If you are still unsure about what title loans are exactly or what is included in the process then read this article to decide if they are the right choice for you. And then if you do decide to work with us for a title loan on your vehicle, then fill out TFC Title Loans’ online application today. We will give you a call right after we receive your submission.
Car Title Loans are a special kind of secured loan, meaning that the money lent is based on a piece of collateral. The collateral which title loans are based on is the current market trade-in value of your vehicle.
Whether you are approved for a title loan and how much you are approved for all depends on the current equity in your vehicle and your ability to repay the loan in full through regularly scheduled monthly payments.
And even though your car is used as the collateral for your title loan, there is no need for us to keep your car. You drive off with your vehicle and all we keep is the title after signing on as lien holder. Once you have fully repaid the loan, we will remove the lien we placed on the title and send your title back to you!