19 Apr 2017   /   0 comments

What Are Title Loans?

Paul

what are title loansAre you dealing with some financial struggles and in need of emergency funding? In your search for a loan, you may have come across title loans and thought to yourself “ What are title loans? ” There is no company better equipped to inform you as to what title loans are than we are here, at TFC Title Loans since we are the oldest title loan lender in the state of California. There are many people, just like you, who don’t know what title loans actually are since they are not as common as more tradition loans which are usually handled by banking institutions. These traditional loans include mortgages, personal loans, and auto loans. Nevertheless, less traditional loan alternatives such as Car Title Loans have been slowly becoming more common over the past two decades. These loan alternatives are perfect for those individuals who want to avoid the arduous loan application process typical with banks and for those who have credit scores that aren’t high enough for bank approval rates.

 

Ever since we first opened our doors in 1994, we have viewed our customers as more than just their credit scores. We always look at a wide array of qualifications before either approving or rejecting them. Because of this, we are able to accept a great deal more customers than other lending institutions. We believe everyone with a less-than-perfect credit score deserves a second chance to improve their credit history and find the help they need in the process. In this informational article, we will be describing in detail what a title loan is and what the lending/repayment process looks like.

 

AT TFC, our customers are our top priority and we constantly devote our energy to them and their needs. For this reason, we have been working hard to expand our website to include educational resources that provide valuable information and lender transparency. If you are still unsure what title loans are then read this article so you can determine whether a title loan might be a good option for you. If you came across this article because you are already interested in obtaining a title loan, then you ought to consider applying with TFC Title Loans today by filling out our online application. It only takes five minute out of your day!

 

What Are Title Loans?

Title loans are a particular kind of secured loan. The term “secured” in this case refers to loan which is based on a piece of collateral. The collateral used for title loans in your car and the market trade-in value in it. The amount you qualify for with a title loan is almost completely based on the trade-in value of your car and your ability to repay the loan through regularly scheduled monthly payments. Even though your car is used as collateral for the loan, you don’t need to give up your car during the life of the loan. As long as you make the monthly payments, you get to keep driving your car as you usually would. The lender only signs onto the title as lienholder and once you have fully paid off the loan, the lender removes themselves as lienholder and release your title back to you.

 

Getting a Title Loan

  1. Online Application: Our online application is incredibly quick and incredibly simple. We promise it will likely take you five minutes or less to complete.
  2. Call from Us: Once we get your online application, we will call you with a free quote and options for how to move forward.
  3. Documents Needed: To officially approve you, we will need a few documents including your car’s title, proof of residency and income, identification, registration, and a few other items.
  4. Vehicle Inspection: When you come in to pick up your money, we verify the condition of your vehicle based on the original information you gave us.
  5. Finalize the Terms: Read over the terms and conditions of your title loan and then sign the contract.
  6. Leave with Your Money: Walk out of our office with your money and drive away in your car that you don’t need to give up. The only thing you need to leave behind is the title of your car.
  7. Pay Off Your Loan: We have absolutely no prepayment penalties which means you can pay off your loan as early as you’d like.
  8. Get Your Title Back: Once you have paid back the loan in full with interest then we release the lien we placed on your title and send it back to you.

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