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23 Aug 2019   /   0 comments

How Title Loans on Cars Work


pexels-photo-235317Are you currently considering getting an Car Title Loans because you are experiencing some financial difficulties?

If you are then you might want a more straight-forward answer to how title loans on cars work!

As the oldest title loan lender in the state of California, we, at TFC Title Loans, are the best equipped to give you a detailed answer to that question. We also recently opened in Arizona.

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.

What Are Title Loans?

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!

How Title Loans on Cars Work

  • Online Application: The online application form is so quick and easy that you will be able to fill it out in a mere five minutes so you don’t waste any valuable time.
  • Call from Us: As soon as we receive your application online, we will give you a call to tell you your free quote and plan out the next steps of the lending process.
  • Documents Needed: In order for us to approve you for a title loan, we need to receive a few documents from you first including your identification, your car’s title, proof of residency, proof of income, registration, and a few other items.
  • Vehicle Inspection: When you get to the office to pick up your funding, we will verify the condition of your car in person based on the previous information you gave us.
  • Finalize the Terms: Look over the contract, read over the terms and services, then sign your contract.
  • Leave with Your Money: Leave the office with all the funding you need to get through this difficult time in your life and drive off in the car that you took the loan off on.
  • Pay Off Your Loan: We have no prepayment penalties so you can pay off your loan as fast as you would like to.
  • Get Your Title Back: When you are done repaying the loan with interest, we send your title back to you and release on lien.

How Much Cash Can i Get?

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