21 Nov 2016   /   0 comments

Title Loan Requirements

Paul

Have you been considering a title loan but are still unsure what the title loan requirements are and if you meet them? Here, at TFC Title Loans, we can explain all that is necessary to receive a title loan so you can make an informed decision on whether it’s the right option for you. We have been assisting consumers with Car Title Loans for 25 years and would love to work with you next.

The requirements for a title loan tend to be a lot simpler than most other traditional lending options because we base the amount of the loan on the equity value in your vehicle. A title loan is a secured loan meaning that the money lent has collateral. A secured loan doesn’t have as many requirements in order to gain approval. You don’t even need to have a good credit score. We do check your credit but only to make sure that you aren’t currently in active bankruptcy or credit counseling. This allows us to help many people dealing with financial emergencies who aren’t eligible for traditional bank loans.

Ever since we opened our doors in 1994, we have been very passionate about friendly customer service. We have always made our customers our number one priority which is why we make sure that you understand our lending process in its entirety. To learn more please continue reading. If you conclude that you can fulfill the requirements explained and are ready to get started, then fill out our online application or call us today.

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What Needs to Be Done First

The first thing that needs to be done if you have decided to apply for an auto title loan with TFC Title Loans is to fill out the online loan application on our secure website. This application is a requirement because it gives us some basic information about you and the vehicle you are looking to get a title loan on. After you fill that out, one of our friendly customer representatives will give you a call to discuss the next steps. In order to receive a title loan in the states that we service, you must be 18 years of age or older and have a government-issued form of identification. In addition to these things we require a few documents from you so that we can confirm your eligibility for approval. Below are listed the documents that you will need to get to us before we can grant you the loan.

Documents Needed for a Title Loan

  • Original vehicle title showing sole ownership
  • Government-issued identification matching the name on the title
  • Proof of residency matching the name on the title
  • Current vehicle registration
  • Proof of vehicle insurance
  • Proof of income or ability to repay the loan
  • Four references

The title of the vehicle usually needs to be free and clear meaning that there are no current liens placed on it and it is completely paid off. However, if you are interested in refinancing a title loan that you have with another lender we would be happy to do so. You can read more about our refinancing offers here. The vehicle will still need to be mostly paid off but if you have a few payments left on the car, don’t let that stop you from applying because we may still be able to lend you the money you need.

It will be necessary to provide proof of income but that income does not necessarily need to be employment. All we need to see is that money is being deposited into your bank account on a regular basis. That income can be from a job, unemployment, disability, retirement, inheritance, or any other form of steady income.

Additionally, there is no need to worry about your situation being shared with your references if you don’t want it to be. We understand that many people don’t want their friends to know that they are struggling financially so we make a point not to disclose any information when we call references. We only ask if they know you so that we can confirm your identity.

Getting Your Money

After we receive the necessary documents, we have you bring in your car so we can verify the condition of it in person. Then we keep the title of your vehicle, place a lien on it, and hand you your money so you can be on your way. All of this can be done quickly; sometimes as fast as the very next business day.

Are still wondering how much money you could receive through a title loan? Well, loan limits are usually dependent on the restrictions of the state so they range from 25% to 50% of the actual value of the car. You can get an idea of what your car is worth by checking out Kelley Blue Book.

If, after reading this, you are left with any questions regarding the requirements for a title loan then give us a call and we would be happy to answer them. However, if you are ready to get started with your title loan application then fill out the online form today!

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