HOW TO GET APPROVED FOR A TITLE LOAN IN TEXAS
Apply For A Title Loan
Online or Give Us a Call
Tell us about yourself and what type of vehicle you drive. We'll need to know your current vehicle information, ability to repay, and how much cash you need.
Easy Online Approval and
Documentation Process
Send in your car's title, proof of income, and proof of Texas residency. We'll check those documents against lender guidelines and can often provide an estimate in 30 minutes.
Sign Your Agreement
And Receive Your Funds
After signing your agreement and once the lender is listed as lienholder on your title, you can typically get your money by direct deposit or pick up funds at a local office.
Requirements To Qualify For A Title Loan In Texas
You'll need a lien-free title in your name. Lenders generally won't accept titles with co-owners, and you must be at least 18 years old with a government-issued photo ID. Lenders will check your income and ability to repay, and you'll need to prove you live in Texas. Some lenders also want to see that the title is recorded with the TxDMV.
Texas Title Loan Rules At A Glance
| Topic | What It Means To You |
|---|---|
| State Oversight | The Office of Consumer Credit Commissioner (OCCC) licenses Credit Access Businesses (CABs) in Texas. |
| Borrowing Limits | Some title loan companies offer funding up to $20,000, depending on your car's equity. In Dallas, Austin, Houston, San Antonio, Fort Worth, and other ordinance cities, loans are capped at the lesser of 70% of the car's retail value or 3% of your gross annual income. |
| Interest & APR | OCCC data puts a $1,500 title loan in Texas at 262%-366% APR. |
| Repayment Rules | Title loan repayment terms max out at 180 days for most CAB-backed loans. In ordinance-governed cities, title loans can have up to 3 renewals, or installment agreements are limited to 4 payments. Each renewal or payment has to reduce your principal balance by at least 25%. |
| Keeping Your Car | You keep driving your car as long as you make on-time payments. |
What Happens After I Submit An Online Application?
Initial processing and pre-approval usually takes 30 minutes after you send in your vehicle information. After you sign the contract, the lender holds your car's title until you pay off the balance. Loan amounts in Texas depend on your income and the retail value of your car, truck, or SUV.
Interest Rates & Fees For Title Loans In Texas
Interest rates for title loans in Texas are higher than traditional personal loans, since CAB fees aren't capped. Your car is the collateral, so approval mostly depends on your vehicle's value and your ability to pay off the loan. According to OCCC state reporting data, a $1,500 title loan in Texas runs 262% to 366% APR. As an example, with an APR of 262% to 366%, a $1,000 title loan that's paid off over 4 monthly payments will end up costing about $546 to $763 in fees and interest, for a total amount of $1,546 to $1,763. The exact costs and interest payments will be listed on the fee schedule provided by your CAB before you sign. The rate and terms you're offered depend on the lender and your vehicle. Before you sign a contract, make sure the company holds an OCCC license.
How Much Can I Get With An Online Title Loan?
Loan amounts in Texas can reach $20,000, but these higher amounts often require a vehicle valued at $30,000 or more. What you borrow depends on your car's resale value and the lender's underwriting requirements, and many lenders start at $1,000. You don't need a full-time job to get a title loan, but you'll still need to show proof of income, like bank statements, pay stubs, or proof of benefits.
How Long Does It Take To Get My Money After Approval?
Some title loan companies in Texas can get you cash within one business day. Funds can be wired to your checking or savings account, or sent via ACH, though ACH can take a day or two to clear. Some lenders also let you pick up cash or a check in person.
Can I Get A Texas Title Loan With Bad Credit?
You can still qualify for a car title loan even with a poor credit score or no credit history. Unlike most personal loans, title loans are based on your car's value more than your FICO score. At Texas Title Loans, we can help you find lenders who can look past your credit issues. Some lenders in Texas offer online title loans with no store visit where you can complete the inspection and underwriting from home without worrying about a comprehensive credit check. Apply now to see if you qualify for a loan that doesn't require excellent credit.
Can I Refinance or Buy Out an Existing Title Loan?
Yes, you may get improved payment terms by refinancing with another licensed lender in Texas, which usually means they pay off your current loan and set new payoff terms. Approval still depends on your car's value minus what you still owe. If you've paid off more than 50% of the loan, you may have a better shot at improved terms.
What If I Can't Make My Payments?
Title loans are secured by your vehicle, so it's important to make your payments on time. If you're ever in a situation where you can't make your payments, you should contact your lender before the payment is due. Most companies would rather set up a payment plan than repossess your car, since repossession costs them money, too. If you fall too far behind on your payments, your car can be repossessed. Read more about your rights during a repossession in Texas.
Repayment terms for title loans vary by location and lender. While CAB contracts in Texas are capped at 180 days, loans in cities with local ordinances are typically limited to four payments. Title loan APRs in Texas vary widely and run far higher than traditional loans. In Texas, Credit Access Businesses (CABs) may charge a fee to arrange a title loan. Review the fee schedule and mandatory notice from the Office of Consumer Credit Commissioner (OCCC) provided to you by the CAB before signing.