ONLINE TITLE
LOANS IN TEXAS

Online Title Loan Requirements In Texas

To qualify for a car title loan in Texas, your title must be lien-free, meaning the car is paid off, and your name is listed on the certificate of title as the owner. You typically can't have another cosigner on the car's title, and you need an ID to prove you're also at least 18 years old. Lenders will also check your income and ability to repay. You'll also need to show proof of state residency to qualify for a Texas title loan. You may also need to provide proof that your vehicle is registered with the Texas Department of Motor Vehicles.

What Happens After I Submit An Online Application

Once you complete an application, you can complete the pre-approval and initial processing in about 45 minutes. After signing the contract, the lender holds your car's title until your loan is paid in full. The amount you can borrow with a title loan in Texas is primarily based on your monthly income and the retail value of your vehicle. In many Texas cities, including Austin, Dallas, Fort Worth, Houston, and San Antonio, local ordinances limit amounts with a title loan to the lesser of 70% of your vehicle's value or 3% of your gross annual income. These cities also require that each renewal (payment) reduce your principal by at least 25%.

Interest Rates & Fees For A Title Loan

Bad credit loans, like some title pawns and payday loans, can be expensive and difficult to repay if you only pay the minimum payment. The interest rates and fees are higher with car title loans, since most borrowers have lower credit scores. However, the equity in your vehicle serves as collateral, and approval is mostly based on your vehicle's value and your ability to repay the loan. Based on OCCC state reporting data, the average fee for a vehicle title loan in Texas ranges from $18 to $27 per $100 borrowed. When calculated over a standard repayment term, this often results in an APR that exceeds 300%. A paid off car title means you own your vehicle in full. Be sure the online company you work with is licensed to offer secured loans. This also applies to companies that act as registered Credit Access Businesses (CABs) in Texas.

How Much Cash Can I Get With A Vehicle Collateral Loan

You can borrow up to $20,000 with most title loan companies in Texas. Loan amounts will vary significantly based on vehicle condition and your financial history, with a minimum loan amount of approximately $1,000. Online title loans are convenient and fast, and you can often complete the application process and get your cash through direct deposit in less than one business day. Although you don't need to show full employment, most Texas lenders still require some form of income verification.

How Long Does It Take To Get My Money After Being Approved For Title Loans In Texas

Expect a quick, hassle-free underwriting process, with the ultimate goal of getting your money in as little as one business day after signing the loan documents. The cash can be sent directly to your bank account, whether a checking or savings account. It can take 1 to 2 business days for funds to reach your account, depending on whether you receive them via ACH or bank wire. You can also pick up the cash in person at some lending locations throughout Texas.

Can I Get A Title Loan In Texas If I Have Bad Credit

It's only natural to worry that you'll be turned down for a loan based on your bad credit history. Unlike traditional personal loans that rely mostly on FICO scores, a title loan focuses on your vehicle equity to find lending options even with poor credit. We can get the money you need and look past your credit score to find an acceptable loan amount and repayment term. Contact us today to learn more about how Texas Title Loans can get you pre-approved for cash with your car as collateral, even with bad or no credit! Some qualified borrowers can access up to 70% of their vehicle's resale value with a bad credit title loan!

What If I Have A Title Loan From Another Company? Can I Apply For Another Loan?

There's a chance that you can get another secured loan from a licensed title loan company in Texas, but your original loan will likely be bought out or refinanced with entirely new terms. 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 knowing if you're even allowed to have multiple loans simultaneously is essential. Whatever you do, having more than one title loan at any given time is not ideal, as the interest rates and monthly payments will be very high.

The minimum funding amount for most auto title loans in Texas typically starts around $1,000. Repayment terms for title loans are largely determined by your location and the lender. While terms can range from 12 to 48 months in unregulated areas of Texas, loans in cities with local "Unified Ordinances" such as Austin, Dallas, and Houston are restricted to a maximum of four monthly installments.  The annual percentage rate, or “APR,” for title loans in Texas varies widely, with effective annual costs typically well above traditional loan rates. In Texas, Credit Access Businesses (CABs) may charge a fee to arrange a title loan. Review the latest fee schedule and mandatory notice from the Office of Consumer Credit Commissioner (OCCC) provided to you by your state-licensed lender before signing.