Title loans are available in many states, but there’s a big advantage to getting one in Texas, and that’s Texas title loan interest rates.
You see, Texas is the only state that offers 0% title loans, which means that you can get a loan without paying any interest, provided you pay it back within the designated time period.
We’re going to show you how you benefit from these 0% Texas title loans and how you can make sure you get the best Texas car title loan deals.
Why a 0% Texas Title Loan Is the Best Option on the Market
The main benefit of 0% Texas title loans is right there in the name – the interest rate is 0%, at least for the introductory time period.
As you’d probably expect, the interest rate won’t stay that way forever, but this is true of any lender that offers no interest. For example, there are plenty of credit cards on the market that advertise 0% annual percentage rates (APRs), and that is true for a set amount of time. After that, it will go up to a higher interest rate.
0% Texas title loans are the same way. You borrow the loan, and as long as you pay it back within a set amount of time, which will be clearly noted in your loan agreement, you only need to pay back the original loan amount without a cent of interest. It doesn’t get any better than that when you need money right away.
What Happens If You Can’t Pay Back Your 0% Texas Title Loan on Time?
Let’s say that you reach the end of that introductory period and you don’t have the money you need to pay off the title loan.
In this case, you’ll need to go to the title loan company and ask about your refinancing options. There will be refinancing options available, but you can expect them to cost you in fees and interest.
Making the Most Out of Your Title Loan
The benefit of 0% Texas title loans over your standard title loan is that you’ll have that initial period without getting charged any interest. This can be very helpful if you take advantage of it. How can you make sure that you come out ahead? There are a couple simple rules to follow regarding your title loan.
1. Remember That It’s a Short-Term Loan
The regulations in Texas limit title loan contracts to 180 days, but you won’t find many title loan companies that set up terms this long. In fact, most of them set up 30-day terms, which is true both in Texas and most other states, besides those that have laws requiring terms of different lengths.
With these short terms, title loans are most useful when you get them as a quick financial boost in situations where you need money right away. Maybe you’re short on cash and you need to finance a home or car repair. Title loans can put money in your wallet to pay those expenses. Perhaps you’re waiting for scholarship money to come in but you need to pay your college course registration fees. Title loans help with college payments.
The key is that you look at your 0% Texas title loan as a short-term solution to financial issues, not a long-term option.
2. Have a Plan to Pay Off the Loan
The reason people get into trouble with any type of loan is that they don’t plan ahead. They simply consider their immediate needs and focus on getting the money to cover those needs, without having any idea how they’ll pay back what they borrowed.
You don’t want to take out a title loan at 0% interest, only to completely blow it with that great offer by not having the money to pay it off on the due date. Before you apply for the loan, figure out how you’re going to have that much money ready within the month, or however long your title loan term ends up being.
Perhaps you decide that you’ll pick up a few extra shifts at work. Maybe you’re just getting the title loan to bridge the gap while you wait for your new job to start. Just make sure that you know where the money will come from to pay your loan.
How to Get Your 0% Texas Title Loan
So, you understand how title loans work and you want to take advantage of the low interest rates to snag one at 0%. Finding a title loan company is quick and easy, especially when you fill out the form under our Apply heading.
We’ll just need the following information about your car when you fill out the form:
• Approximate Mileage
After that, we’ll get some basic contact information and have one of our friendly title loan representatives follow up with you by phone. The representative can answer all your questions and connect you with a title loan company in your area where you can get a 0% Texas title loan.
When you go to the lender, you just need to bring your government-issued ID, your car and your car title. The lender will verify that you’re 18 years of age or older by checking your ID. They will use a vehicle value guide and a quick inspection of your car to confirm its value, which determines the amount that they can lend you. Fortunately, the state doesn’t put any limit on title loan amounts. If your car is worth enough, you could get a loan for thousands of dollars.
While you pay off the loan, the lender will keep your car title. Upon repayment, you get that title back.
Benefits of Title Loans
You know the benefit of 0% Texas title loans compared to normal title loans, but what makes these loans better than the other options out there?
For one, the application process is as simple as it gets. Many borrowers find themselves at the title loan company’s office for under an hour, and they leave with the money from their loan.
You’ll notice that there has been no mention of your credit to this point. That’s because there is no credit check to get a title loan, even a 0% loan. Where else can you score a 0% interest rate without needing to authorize a credit check?
Finally, title loans don’t inconvenience you in any way. You get to continue driving your car during the term of the loan, meaning you’ll still get around town just fine.
If you’re looking for the fastest, most convenient loan option, then a title loan is the way to go. And if you want that loan at the lowest possible interest rate, then there’s no better choice than a 0% Texas title loan. When time is of the essence and you don’t have the time to wait for a lengthy application process, fill out our application form. We’ll get back to you shortly and set you up with a lender in your area.
Auto Title Loan Requirements in Texas
Car title loans are a great borrowing option for people with damaged credit. Why? Because vehicle title loans in Texas don't involve credit checks. Instead of running your credit, lenders like us take collateral to secure your loan. The only collateral we accept is the title to a car, truck, motorcycle, boat or RV (recreational vehicle) you own. In return, we loan you an amount of money that is determined by what your vehicle is worth.
Qualifying for a Vehicle Title Loan in Texas
In order to qualify for one of our loans, you must meet the following criteria:
- You must be a U.S. resident who is at least 18 years old. This is state law and we can't bypass it.
- You must have income. We can only loan money to people who can demonstrate the ability to repay it.
- You must own a vehicle and the title must be in your name. Your vehicle must be fully paid off and you must have the title in your possession.
You can start your application online and we can accept much of your documents through email correspondence. However, we can't provide title loan no vehicle inspection. We must look at your vehicle to determine its condition and value. Stop by our nearest office to let us look at it or let us visit you if you can't move the vehicle.