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23 Apr 2019   /   0 comments

What are the Terms of Car Title Loans?

Fernando Castaneda
Terms of Use

For folks who are interested in knowing the Terms of Use associated with car title loans, this is the article for you. In this write-up, we would be looking into the terms associated with car title loans and answering some frequently asked questions as it relates to them.

Terms of Use

The terms associated with title loans could be very complex at times. However, we are going to try our best to clearly spell them out for you. Listed below are the terms that truly guide car title loans.

 

  •    The availability of a car or a vehicle’s title.
  •    The availability of comprehensive car insurance.
  •    The equity value of the vehicle whose title is to be used as collateral must not be less than $2500.
  • Terms of Use
  •    The least amount that can be borrowed is $2500 and the maximum is $25,000.
  •    They are usually short-term loans which must be repaid in or around 90 days.
  •    An applicant must be making at least $1200 monthly before his/her application can be considered. 

The terms listed above are some of the clearly stipulated Terms of Use that guide the operations of car title loans. There are certain interest rates to be paid too, but that could not be listed above as the interest rates involved with car title loans are not clearly spelled out. In most places, they vary greatly as every lender is responsible for setting the interest rates they deemed fit without any form of supervision.

 

How long does the process of getting a car title loan take?

It depends on the lender. With us at TFC, the process usually takes less than a day. Once you have given us your total cooperation in providing all the documents we require, the whole thing should be done in a day or less.

I am retired, can I still apply?

Yes, you can. We meant it when we said we have rooms enough for all. The fact that you are retired doesn’t stop you from enjoying the benefits of our car title loans. You only need to prove to us that you have enough resources to finance the repayment of the loan and we would gladly work with you.

What other vehicles’ title can be used apart from cars?

At TFC, we accept other vehicles’ titles for our title loans. Aside from cars, we accept the titles of vans, motorcycles, trucks, etc. Once you can present the title of such vehicles and it is in your name, we would be happy to work with you.

More Terms of Use

What if I wish to increase my title loan?

This is possible, but it depends on some factors. The first factor is the equity value of your car. If your car has an equity value of $7000 and you have only taken $2500 as title loan before, we can allow you to increase your title loan to say $5000 since the equity value of your car can still cover that.

If not, we would not be increasing it. Another factor to consider is the maximum amount that can be gotten from title loans. If you have received the maximum amount you can get from a title loan at a time, then it can never be increased again.

If you are interested in securing favorable terms for your car title loans, look for a TFC office near you or our website, come in and let us help you with the best car title deals.

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