Your credit score is often a determining factor when you apply for a loan, and if it's been hurt by previous failed payments and other defaults, you might have trouble getting money when you need it the most. But you don't have to lose hope because there are bad credit loans in Texas including title loans that you can use to get money when your finances are a bit tight. Vehicle title loans are not new and are a simple way to turn property you own into cash for your needs and this is how you can do it.
When you take out one of our title loans in Waco, you pledge your vehicle title up as collateral and the loan amount you're granted is based on the total value of your vehicle. Unlike bank or credit union loans where you have to discuss with your loan officer what you're going to use the loan for, you don't have to do so with title loans. You can spend the loan amount either to pay off bills or upcoming debts such as traffic tickets or college loans, or you could use it to send a friend a special gift for a special occasion.
Applying For Title Loans Waco
Filling out a Waco or Temple title loan application doesn't usually take long; you just need to have basic information about your car. It can be done right from your own home, though when you go to get your title loan you will need to have your car inspected and final papers signed. To get started with our application process, you'll fill out fields about the vehicle that include the following:
Once you've completed all the applicable fields, you'll receive a quote for how much you could be eligible for in a loan. And we'll contact you and help you find the nearest lender for title loans in Waco.
What Local Laws Say About Title Loans Waco
While title loans are fairly easy to get, you do still have to follow laws that come with them. First, you have to be at least 18 years old to get Texas title loans. Second, you have to completely own your vehicle and can't have any outstanding payments to any banks or loan agencies. So when you visit the offices of one of our lenders, you'll need the following documents:
- State photo ID
- Your vehicle title clear
If there are still liens showing on your vehicle title that have already been paid, you can have the DMV eliminate them. Also be aware that while you have a title loan out, your title will have a lien on it, so if you plan to sell your vehicle before the payment date you'll need to contact the lender and possibly legal experts to make sure you've followed all applicable laws.
Other Things To Know About Title Loans
Vehicle title loans are very convenient because not only can you find office locations in the Waco area, but you don't have to stop driving your vehicle or have it stored anywhere to use your title loan. You just need to keep up with the payments and follow all the schedule of fees and interest associated with your loan. Here are five shocking facts about Texas title loans you probably didn't know.
1. Credit history plays no role in whether you're approved for a title loan.
2. You can get a title loan in as little as one business day in Texas.
3. A study by Vanderbilt University actually showed that less than 10 percent of vehicles with title loans are repossessed.
4. You should have a source of income to point to the lenders so they can verify they will get paid.
5. Despite there being laws in most states, title loans are still one of the least-regulated industries and are widely available.