Frequently Asked Questions About Texas Title Loans
- Is a Title Loan the same as a Title Pawn?
No. In the State of Texas, there is a difference between a car title loan and an auto pawn. The main difference is that if you get an online title pawn, the company giving you the money has the option to keep your vehicle. The lender can keep it at their location until the money is paid back in full. Some people choose a title pawn because their vehicle is too old to be worth the amount of money they need at that moment.
- Is a Payday Loan the same as a Car Title Loan? Besides the fact that this type of financing uses a vehicle as collateral? Not exactly. Actually, people with a regular income of any kind can qualify for a pink slip loan in TX. This includes those with social security disability, workman’s compensation payments or unemployment benefits. In most cases these applicants would not qualify for an installment or payday loan. Besides, a Payday loan has a maximum limit – usually around $1,000 to $2.000. An auto title loan is based on the amount that your vehicle is worth and can be significantly more. Finally, Payday loan contracts are written so that you have to pay the entire loan back the next time you get paid. If you fail to pay the contract off in full, there are additional fees and interest rates added on until you eventually are in a trap and cannot pay it back. Car title loans have specific payment plans with a set interest rate that is mentioned in your contract.
- What is required to get approved for a title loan?
- In the State of Texas, you must be at least 18 years of age.
- The vehicle must be paid in full and the title must be free of any liens.
- The title must be in your name and only your name.
- You must have a current government ID such as a driver’s license.
- What if I have a TX title pawn already from another online company? Can I still get a loan from you?
Yes, there’s a chance that you can get a loan from a registered lender. Some of the Texas title lenders that are featured on this site will refinance these notes. 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 looks reasonable.
- Can I qualify for online Texas Title Loans if I have bad credit?
As a general rule of thumb, yes. We realize that the downturn in the economy in 2008 ruined credit for a lot of people that had been paying their bills until they lost their job. With the slow recovery, many have yet to be able to completely recover their credit reputation. The fact is that we don’t base approval for a pink slip loan on your credit score. That means the likelihood that you will be qualified for Texas Title Loans is much higher than you may think. Keep in mind, it still makes sense to improve your credit score. Customers with credit difficulties will be eligable for better finance rates and terms on bank and installment loans if they seek credit counseling and see a score increase.
- Can I get a Title Loan if I have no bank account?
You sure can. Because this is a secured loan, you can still qualify whether you have a bank account or not. As long as you can make the payments on time, you can use a prepaid debit card or a money order to make the payment.
- Is there a Prepayment Penalty?
No. We’re happy when our customers get their finances straightened out before the final payment is due for an online Texas title loan. It gives us a sense of pride when we helped someone deserving.
- When do I get my title returned to me?
Once you make the last payment, your title will be processed as clear of the secured loan and returned to you within 10 business days. We want to ensure that you get back a lien free title before returning it.
Questions and Answers about Online Vehicle Equity loans in TX