Wondering how to get a personal loan or where to get a pink slip loan? If you have poor credit or no credit, you’re probably wondering what your loan options are at this point. A car title loan is a short-term loan in which your vehicle is used as collateral against the loan. Car title loans are traditionally sought out by consumers who can’t qualify for other traditional financing options.
Generally, the basics that you need to apply for a title loan is ID proving you’re an adult, proof that you own your vehicle, car insurance, and usually that there is not a lien on your title (it is paid off). There may not be any outstanding leases or loans on the title because the lender will hold the car title until the loan is paid off.
You can apply online, visit a TFC store, or call 844-242-3543.
Keep in mind that some states don’t permit car title loans. However, if you are able to apply for a title loan, you will need to bring your car and necessary paperwork to the lender. While some applications are available online, your lender will still need to verify the completeness of the paperwork as well as the condition of your car prior to releasing the funds. The lender will maintain physical possession of the title, place a lien on it, and give you your money.
It’s uncommon, but some lenders might require the installation of a GPS tracking device on the car in case you default on the loan and the lender must then repossess the vehicle.
Although car title loans are generally more expensive than traditional loans given out by banks, you don’t need to have good credit or any credit history to obtain a car title loan. In many cases, lenders won’t check your credit at all since the loan solely depends on your car’s resale value. A good reference to help determine your vehicle’s equity is www.kelleybluebook.com
A great candidate for a car title loan is someone who understands the interest cost of the loan, owns a vehicle outright, and has a commitment to repay the loan before the due date expires. While there are several factors to keep in mind such as interest rates and terms, the most critical consideration will be your ability to pay off the loan on or before its due date.