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, 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.
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. 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 those options are 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 are higher with car title loans as most borrowers have a lower credit score. But, the value of your car suffices for the debt when looking at the ability to repay the loan amount. Expect to pay around $23 in fees per $100 when you take out a vehicle equity loan in Texas on loan amounts of $2,500 and up. A paid off car title means you own your vehicle in full. Be sure the online company you work with is licensed to do business. This also applies to companies that act as registered credit access businesses in Texas.
You can borrow up to $20,000 with most title loan companies in Texas. Loan amounts will vary significantly 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 to be employed to receive cash from title loans online. Even though you don’t need to show full employment, there’s still a requirement for minimal income verification with most Texas lenders. For collateral loans over $2,000, you may need to provide references and show sufficient monthly income to qualify for guaranteed online approval.
Expect a quick and hassle free underwriting process with the ultimate goal of getting your money within 24 hours of signing the loan documents. You can choose to have the cash sent directly to your bank’s checking or savings account. 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. Meeting with a TX lender in person may expedite the processing time and this can sometimes be completed that same day after being approved.
If you have a bad credit history, you may worry that you won’t be approved for a secured loan. However, unlike someone applying for personal loans with poor credit, there are options available in Texas for people with poor credit. We can get the money you need and look past 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 secured loan from a registered title loan company in Texas, but it will likely be bought out or refinanced. A lot depends 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 are reasonable. The regulations are constantly changing, so it’s essential to know if you’re even allowed to have multiple loans simultaneously. 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 in TX 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.