Tell us about yourself and why you need a car title loan. We'll need to know your current vehicle information, employment history, and how much cash you need.
We'll need an updated copy of your vehicle title and we may need to conduct a vehicle inspection. The title loan underwriting process can be done in less than a day.
Pick up your money upon approval at any location in Dallas TX. Or have it wired straight to your bank account! Most borrowers have cash in one business day or less.
To qualify for a car title loan in Texas your pink slip needs to be lien-free, meaning your car is paid off already and your name is on the pink slip and registration. Most lenders require all people listed as owners on the vehicle title to apply, but others only need one. You need an ID to prove you’re at least 18 years old as well. Employment isn’t a necessity at some lender businesses. Others will ask for proof of steady employment or at least some form of income. You’ll also need to prove you’re an official state resident for any type of lending offer in Texas. Your loan agreement will spell out a set payoff time over a matter of months instead of days or weeks with a traditional payday loan. With varying options on how to apply and get approved, title loans are becoming more popular among borrowers.
There are different ways to submit an application here in Texas. You can apply in person at a local retail location in Dallas or throughout the state. You can also apply with an online lender. With the convenience of the internet, many people apply for fast funding with our online application. Most are approved without having to sign agreements in person. You’ll need to know how much equity is in your vehicle before getting an instant quote on the loan amount.
After you complete the application, you may be able to finish the process in as little as 30 minutes either in person or online. One advantage to this process as opposed to pawning your car is that you get to keep driving your car with most title loans. It’s only the title that’s handed over to the lender until your loan is paid off in full. The amount you borrow is based on the equity of your vehicle and employment status. Each state and local jurisdiction has different limits for the rates and requirements on title loans. For instance, Dallas has unique regulations for online title loan companies that offer loans within the city. San Antonio has fewer regulations with title loans, but there are specific rules for applicants to know. You may end up paying higher fees in Texas compared to other states. Consider a credit card advance or installment loan if that option’s available.
Bad credit financing, like online title loans and payday loans in other states, can be expensive and difficult to pay back. The interest rate and fees tend to be higher with car title loans as most borrowers have a lower credit score. But with vehicle title loans, the value of your car suffices for the debt when looking at the ability to repay the loan amount. So the creditor has a fallback to collect on, in the event that you’re not able to repay the money back that was borrowed. You don’t need good credit. Some businesses will even give you next day cash for a lien-free motorcycle title. Taken out for small amounts of fast cash, a title loan will have a high interest rate or “APR” than what’s common with most personal loans.
Expect to pay around $23 in fees per $100 when you take out a vehicle equity loan in Texas with loan amounts of $2,500 and up. Customers with credit difficulties should seek credit counseling or other assistance to avoid car title loans in the future. A lien-free title means that you own your vehicle in full. Be sure the online company you work with is licensed to do business. This applies to companies that advertise themselves as registered credit access businesses in Texas.
You can borrow up to $20,000 with most title loan companies here in Texas. Loan amounts will vary greatly based on vehicle conditions and your financial history with the minimum loan amount starting at around $500. Online title loans are convenient and fast and you can often complete the application process and get your cash in less than one business day. You don’t need a job or employment verification to receive cash for any type of title loan. However, some form of income is required and it’s usually subject to lender discretion. Most Texas lenders will call and verify your employment history and check your credit report before releasing your funds.
Expect a quick and painless process with access to your cash within 24 hours of signing the loan documents. You choose to have the money sent directly to your banks checking or savings account. In that case it can take 1 to 2 business days depending on if you have the funds sent by ACH or bank wire. You can also pick up the cash in person at any lending location throughout the State of Texas. By meeting with a lender in person you may expedite the time it takes to get your money as this can sometimes be completed that same day and even an hour or so after being approved.
If you have bad credit, you may be worried that you won’t be approved. However unlike someone applying for personal loans with poor credit, there are options available in Texas for people with poor credit. We can help you get the money you need and work with your credit score to find an acceptable loan amount and payoff term. Contact us today to learn more about how Texas Title Loans can get your cash even with bad credit or no credit at all! Most qualified borrowers can access up to 50-60% of their vehicle’s resale value with a bad credit title loan!
There’s a chance that you can get another loan from a registered title loan company in Texas, but it will likely have to be a buyout or refinance. A lot will depend on how much your car is worth minus how much you owe on the outstanding loan with the other company. If the other loan is more than halfway paid off, the chances of making it work look reasonable. The regulations are always changing, so it’s important to know if you’re even allowed to have multiple auto title loans at the same time. Whatever you do, it’s not ideal to have more than one title loan at any given time as the interest rates and monthly payments will be very high.
The minimum funding amount for most auto title loans is $2,500. A secured loan will be underwritten to reflect a payoff time of 12 to 36 months. The annual percentage rate or “APR” for prime title loans starts at 30% to 36% for Qualified Customers. The maximum CAB for vehicle title loans in Texas is $25 for every $100. Check with a state licensed lender to get the latest fee schedule and OCCC notice.