HOW THE CAR TITLE LOAN PROCESS WORKS

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What is the procedure to get an auto title loan in Texas – How to apply online and get approved

Many borrowers are veering away from traditional bank loans and opting for a more practical and quick car title loan. This type of financing can be an effective and convenient way to get cash fast if you don’t fit the mold for a bank loan. Installment loans can offer a lower interest rate and fewer fees when compared to other finance offers.  They can take a while to pay off and are usually not workable for those with lesser credit scores or who need cash fast. Title payday financing also has set payoff times over a matter of months.  This is different from most payday loans which have high interest rates and payoff times that come due in 2-3 weeks.  With varying options on how to apply and get approved, as well as a quick response, title loans are becoming more popular among borrowers.

Getting A Title Loan

There are different ways to apply for a title loan. You can apply in person at a local retail location, or you can apply online. With the convenience of the internet, many people nowadays apply for Texas Title Loans online.  Most are approved without going in to sign agreements in person. Some companies even have 24/7 customer service reps who will walk your through the entire application.  After applying online you’ll fill out a small application.  You’ll need to know how much equity is in your vehicle before getting an instant quote on the loan amount. You can also work with loan specialists online at most companies to find the loan that’s best for what you need. Most lenders also offer a hotline for any questions you may have about the process or application. Some general websites even offer a service to search individual businesses.  Like book.com does for hotels and kayak.com does for vacation rentals.  These rating sites do this to locate the best deal for you.

What You Need

You’ll need a few items to get a car title loan. First, your car title needs to be lien-free, meaning your car is paid off already and your name is on the car title. Most lenders require all people listed as owners on the vehicle title apply, but others only need one. You need some kind of 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. For a Texas Title Loan, you’ll also need to prove you’re an official resident of Texas.

After you have applied, you should be able to finish the process in as little as 30 minutes,both in person or online. Whether you’re applying online or in person, the process should be quick and simple. No credit check is necessary since the equity of your vehicle takes the place of needed credibility, so this saves a lot of time. 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. Once you find out whether you’re approved for Texas title loans you’ll be given a specific amount of money to borrow.  This amount is based on the equity of your vehicle and your income status. After you are approved for a given amount, you’re done with the first step in the process—you will likely walk out with the money you needed to borrow. You’ll be given a small amount of time (usually 2-4 weeks) to pay back the loan in full.  Or else you enter a “rollover” period in which the loan repayment is extended with additional fees.

Each state has different parameters for the rates and requirements for the borrower and loan services.  Finding the items you need to get a Texas title loan will also differ with each company. You may even notice differences if you do a city by city comparison in Texas.  Dallas for example has unique local regulations for online title loan companies.  San Antonio has fewer regulations but there are specific rules for applicants to know.   You may end up paying higher fees in TX than in some other states.  These types of loans are becoming increasingly popular among borrowers due to the ease and convenience of getting approved.

What to Expect When You Apply Online

Texas Title Loans, like car title and payday loans in other states, can be expensive and cumbersome to pay back. Interest rates and fees tend to be higher in these types of loans as borrowers have lower credit ratings past denials by other lenders. But with vehicle equity loans, the value of your car suffices for the debt.  So the creditor has a fallback to collect on, in the event that you’re not able to pay the loan back. You don’t need good credit. Some businesses will even give you a title loan for a lien-free motorcycle title. Taken out for small amounts of fast cash, these types of loans have a high interest rate.  They can offer a quick fix to any given bind for money.

For a Texas Title Loan, you can expect to pay more than other states, given that the government hasn’t set many parameters about high interest rates. Since other states have set up laws about how high rates can go, you’ll pay fewer fees in other states. The Texas government is working to set up at least some parameters to control the cycle of debt for payday advances and auto pawn financing.  With that, there are few limits in place as of now. Expect to pay around $23 in fees per $100 you’re asking to borrow in Texas. Most borrowers will enter a rollover period if they’re unable to pay back a loan within the allotted time frame (usually between 2-4 weeks).  The fees and interest may increase for someone who is behind. In this case the principal owed remains the same. Most auto title loans in Texas don’t have a limited number of rollovers.  Fees increase with each rollover.  This can leave borrows in a much larger debt cycle than if they are paid back before rolling over.

You’ll need to provide some specifics to proceed with getting a Texas Title Loan. Make sure you bring the following items with you when you request the loan.  Driver’s license or state-issued ID, lien-free title to your vehicle, and your vehicle itself (for an inspection). A lien-free title means that you own your vehicle in full, without any other loans on it. Once you pay back the fees/principal amount of money owed, you can earn your title back.  Be sure the company you work with is licensed to do business in TX.  This applies to companies that advertise themselves as a credit access business.

The great thing about Texas Title Loans is that it is convenient and you can be approved for a loan in a matter of hours. Payday loans and a signature installment loan can require many checks and balances.  This can include having to verify current employment and a valid bank account or checking information.  Texas car title loans can be easy to get. You don’t need a job to receive a financing for your pink slip. However, some form of income is required and it’s usually subject to lender discretion. Most lenders will at least call and verify your employment history and check your credit report.  You may not even need a valid checking or bank account for most auto title firms.   Please review our sites terms and site map to get more information about the underwriting process.  Pending any necessary paperwork, you could have your loan within around 30 minutes, give or take. So you can expect it to be a quick and painless process to achieve if you’re willing to pay the fees associated with this type of title loan.  Some people with call this type of financing a title payday or title payday loan but they’re really not similar.  Most types of auto equity financing will have a longer payoff time versus a few weeks with most types of payday loans.

The minimum loan amount for a car title loan is $2,500. Loans will be underwritten to reflect a payoff time of 12 to 36 months. The APR for prime title loans will range from 30% to 36% for Qualified Customers.

TESTIMONIALS

I can't thank you enough for how easy you made the entire process.  I was able to apply for a title loan and get my cash in just 36 hours.  I didn't expect it would be that simple.

Patrick Semore, Dallas, TX

I was having trouble filling out the online application so I called the phone number listed.  Your agent was very helpful & she walked me through the entire application process.

Jan Miller, Austin, TX

I rate your service 100%. I'm glad I took out a title loan instead of a payday loan with higer fees. Your representatives were helpful and the speed in getting my funds was very fast.

Robert Smith , El Paso, TX