You have no reason to be worried about not knowing the answer to that question as many people have never even heard of Car Title Loans.
They are less common than the traditional loans given out by banking institutions such as personal loans, auto loans, and mortgages. You can use the equity in your car, to get the money you need.
However, various loan alternatives have been growing steadily over the years for those customers who do not wish to go through the long and arduous process of loan applications that many banks force their customers to go through only to reject them in the end because of their credit score.
Here, at TFC Title Loans, we view our customers as more than just numbers so we look at a wide array of aspects being approving or rejecting a loan application. It is through this process that we are able to approve significantly more customers than other lending institutions; approving even those with poor credit history.
We believe that everyone deserves a second chance at financial peace. In this resource article, we will be explicating how we are able to lend to so many people in need and describe, in detail, what title loans are and how they function step by step.
We have retained the title of oldest auto title loan lender in California through our consistent and persistent devotion to customer service. Each year that has passed since 1994, when we opened our doors, we have continued to devote our energy to our customers and their needs.
It is for this reason that we have been consistently expanding our website to include a surplus of informational resource pages that can increase consumer education and improve upon lender transparency. So, if you have no clue what title loans on cars are, then please continue reading to learn all about them.
However, if you came across this page because you are already interested in obtaining a title loan from TFC Title Loans, then we would like to invite you to apply right away on the main page of our website.
Our online application only takes five minutes and we can get you funded and out the door in as fast as one business day!
Car Title Loans are a kind of secured loan that is based on a piece of collateral. There are many different types of secured loans that use various valuables as collateral.
Title loans use your vehicle and the value in it as collateral for a loan. The money you can receive from a title loan is almost entirely based on the current street value or trade-in value of your vehicle and your ability to repay the loan in monthly installments until it is settled completely.
Your car is used as collateral through the process of the lender, in this case, TFC Title Loans, placing a lien on the title of your car. Your certificate of title of your car is, also, sometimes referred to as a pink slip and it proves that you are the sole owner of the vehicle.
When the title lender becomes a lien holder by signing onto the title, they take on certain rights to your car. But we do not keep your car. You can drive your car as usual all throughout the life of the loan. The main right a lien holder has is the ability to repossess the car if the debt is not repaid and the loan has been defaulted on.
This may seem daunting at first, but TFC Title Loans wants to ensure your success which is why we work the loan terms around your unique situation. We give you anywhere from 24 to 36 months to repay the loan so that your monthly payments will be manageable.
Once you have repaid the loan in full, TFC Title Loans releases their status as lien holder on your title and emails it back to you. It is that simple.
Our online application is quick and easy. We guarantee that it will only take you five minutes or less.
After we receive your online application, one of our friendly title loan agents will give you a call to discuss your options and how you might move forward.
We will require several basic documents from you including vehicle title, government-issued identification, proof of residency, vehicle registration, proof of insurance, proof of income, names and phone numbers of four references, and six pictures of all four sides of your car as well as the VIN plate and the odometer.
We verify your vehicle information and condition in person to ensure there aren’t any major damages.
Verify the terms and conditions of your loan before signing the loan contract with us.
Walk out the door with a whole lot more cash than you had when walking in.
Pay off your loan month by month or all at once early, as we have absolutely no prepayment penalties.
Once the debt has been settled, we sign off on your title and send it right back to you!