Car title loans are a secured borrowing option, which makes them a fast and simple way to get cash fast. The car title loan process is much easier than the traditional bank loan process, and we’ve developed this walkthrough in order to demonstrate just how convenient it truly is.
There are certain requirements you’ll need to meet in order to navigate the car title loan process and finalize a loan. Texas law requires that you be 18 years old, of which you’ll need proof. It’s also necessary that you possess the title for a vehicle legally. That means that there can’t be any liens on the title from a bank, the IRS or any other entity. It also helps to have all of your personal information ready to go including details about the car, such as:
• Trim designation
Complete an Online Application
The next step in the car title loan process is to fill out an application. While you can do this in person, online Texas title loans are the best way to avoid overpaying for title loans. Don’t let the term application worry you. Title loan applications are nothing like traditional loan applications. All we need is some basic information about you and your car, truck or motorcycle. Once you’ve provided these details by filling out the form, click submit to have your application automatically processed. In addition to the vehicle details you listed above, you’ll need to provide a:
• Full name
• Physical address
• Telephone number
• Email address
Receive a Quote
Once you click submit, it only takes a few seconds for the system to process your loan, perform a quick estimation and provide you that information. This lets you know that approval is likely and gives you a ballpark idea of what that maximum loan amount available to you is. Now, you can choose to continue, at which point you’ll be contacted by a loan representative who can guide you the rest of the way.
Receive a Call from Us
The loan representative who contacts you will be able to answer any questions that you may have. Curious about co signed car title loans? He can tell you if that’s an option to get a larger amount that would otherwise be possible. She can also point you to any resources about title loan options that you may need. This is also the point where you can get more exact details regarding the loan amount, term, interest and so forth. Often, loans can be finalized online, but if you’re navigating the car title loan process for the first time, you’ll likely to need to visit a lender in person to complete the loan.
The Documents You’ll Need
Before you arrive to claim your loan, make sure you have all necessary documents:
• Original vehicle title
• Driver’s license or other government-issued ID
• Proof of residence, such as a bill
• Proof of income or repayment ability
If you’ve misplaced your title, we may be able to help you apply for a new title. If you don’t have the vehicle with you or are finalizing the loan online, you’ll need photos of the vehicle: all four sides plus the odometer and VIN plate.
Visit Lender for a Vehicle Inspection
You may or may not need to visit the lender for a vehicle inspection. It depends. If this is the first time you’re getting a title loan, then you likely will. If you’ve taken out title loans before, regardless of the lender, we may be able to skip this step. The inspection itself is fast and simple and just a formality needed to ensure that the estimate of the vehicle’s value is accurate, and it may allow you a larger loan.
Finalize the Terms of the Loan
Loan terms are unique for each borrower because everyone has unique needs. Perhaps you only want to borrow $500 despite being eligible for $5,000. Perhaps you want a loan for 30 days, 60 or longer. We’ll discuss all of these terms with you and ensure that you understand what interest you’ll pay and so forth.
Receive Your Money
Once you sign on the dotted line, the money is yours. The lender can give you the loan in cash and will hand it to you right then and there. If you’re finalizing the loan online or prefer an electronic method, the money can be deposited to a checking or PayPal account or transferred through some other means.
A Plan to Repay Your Loan
Even if you live paycheck to paycheck, there’s no reason you can’t live comfortably. As soon as the car title loan process is complete, know how much you have to pay each week to avoid defaulting. Be mindful that you can repay a loan early and save money. The minimum payment is just a guideline, and if you have a little extra disposable cash in a given week, we strongly recommend you use it to avoid paying more later.
Get Your Title Back
If you need more time, it often is possible to extend a loan or roll it over into a new loan. Throughout the loan process, you’ll maintain access to your vehicle, but the lender will have the title. Once you make the final payment that eliminates the debt, the lender will return the title to you. You’ll once again have full rights, such as the option to sell the vehicle to a car dealer or another person.