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05 Jul 2019   /   0 comments

Installment Loans for Bad Credit?

Paul
Pink Slip Loan Anaheim

Installment Loans for Bad CreditDo you need an installment loan and you have bad credit, but you’re not sure whether you can qualify for a loan? Be rest assured, a car title loan is what you need. You can get an installment loan within 24 hours , with an auto equity loan. Your previous history is not really important. If you have had a foreclosure, a bankruptcy in the past or a car repossessed, you may still qualify for a car title loan from TFC Title Loan.

How does auto title loan work in California?

The process of getting a loan with bad credit involves the following. Firstly, you must have a vehicle that qualifies for the right amount of money. Based on the California rules and regulations, the minimum loan amount is $2,510. This is the amount you can qualify for when getting a loan.

Why this price? This is because of the law of the state, except if you qualify for a low vehicle value program and you’re not able to issue a loan that’s less than that amount. Therefore, the major thing you’ll need when getting an installment loan with bad credit is to have a vehicle with enough equity in it.

Loan to Value Ratio

Installment LoanThe loan to value ratio is normally between 60-80% for a car title loan in California. Therefore, you’ll need something like $4000-4500 of equity in your vehicle, but this will vary by vehicle.

Please understand that car title loan companies are in business to make money for the employees, owners and to help clients. Therefore, it’s not possible for a lender to loan you 100% of the value of your vehicle because if you don’t make your regular payments, the lender may end up repossessing your car.

Read more about repossession via https://www.thebalance.com/repossession-when-the-bank-takes-your-car-315103.

Requirements to Get an Installment Loan

The other requirements to get an installment loan with bad credits involve the following: Although, this is not a complete list of requirements, but it serves as guidelines:

  • A free or title free of liens.
  • A vehicle that qualifies. The vehicle generally needs to have less than 200,000 miles.
  • You must be able to prove that you make at least $1,200 a month.
  • In most cases, the title must not be a salvage title, but it’s not a deal breaker if your car has been in an accident go ahead and call TFC Title Loan.
  • You must have possession of the title to get an installment loan rates  if you have bad credit.
  • Full coverage insurance on the vehicle will be required, and you must be able to show documentation that you have this.
  • Pictures of the vehicle.
  • Identification is important.
  • Professional references.
  • Personal references.
  • An accurate picture and reading of the odometer.

VIN & Vehicle Mileage

This is just the beginning of what you’ll need. When you contact TFC Title Loan, it’s ideal to have the VIN and mileage of your car available. This will help in getting a quick response from one of our customer representatives. They will also be able to tell you if you qualify for a loan. If you have any questions about what happens when you lose your car title, auto title loans or installments loan? Do not hesitate to contact us today.

Frequently Asked Questions
Can you get an installment loan with bad credit?

Getting a loan from a bank can be a challenge if you have bad credit, but there are many loan providers who specialize in installment loans for people who don't have the best credit history. Most lenders who provide installment loans focus on your ability to repay rather than your traditional credit score.

What do you need for an installment loan?

To secure an installment loan, all you need is a steady source of income, a valid checking account, and a working telephone number. Terms and regulations of installment loans will vary from lender to lender...

Do installment loans hurt your credit?

Installment loans will not negatively affect your score as long as you are paying on time. That's because when you first get a loan, credit agencies understand that the loan balance will be relatively high during the beginning of its lifetime.

How Much Cash Can i Get?

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