Yes, it is possible to get title loans in Texas without going through a hassle of a credit check. The time and hassle involved with traditional credit checks are annoying and most lenders know that people who apply for this type of funding have bad credit. If they had decent credit they would otherwise have little trouble qualifying for personal loan offers and would go that route. That’s why no credit check title loans are an excellent choice for someone with spotty credit with a newer car to use as collateral.
A no credit check title loan allows you to borrow money using a lien free vehicle as collateral, not your credit score. That means the main requirement is your car’s title, and while there may be a check for bankruptcies or repossessions, you won’t have to deal with a standard credit check.
You can borrow 50% to 80% of the vehicle’s equity, and the loan amount can be repaid at a term of your choosing, often between 9 months and 3 years. Your lender will keep the vehicle’s pink slip and you can keep driving your car. When the final payment is made they’ll send you back the car title.
The requirements to get a no credit check title loan are easy to follow for anyone with a paid off vehicle. The car’s title is the main requirement; you’ll need proof of income and proof that you have completed a vehicle inspection. Some lenders will want insurance verification and references from previous lenders if applicable.
Title loans are easier to get than a typical personal loan because your car’s equity is far more critical than your FICO score. Your car’s value acts as a form of security and the lender knows there’s collateral if you miss future payments or default altogether. So don’t waste time dealing with a lengthy credit check or days of underwriting from a personal loan lender. Instead go with an auto equity lender that doesn’t require a credit check.
The rates and lending amounts for no credit check title loans in Texas are similar to what we see in other states. Depending on the car you have and the lender you go through, you can expect to borrow anywhere from $500 to $10,000 by using your car’s equity.
The interest rates will also vary but are typically higher than personal loans. There are numerous companies offering title loans without checking your credit and the hope is that you can find an APR that doesn’t approach 100%. That sounds very high and aggressive of course. Still, these rates will always be high and you can save money by running the different lending estimates through our car title loan calculator to see what best fits your budget and borrowing requirements. The ideal situation is for you to pay off the loan as quickly as possible by working with a lender which allows early payments with no penalty.
The best place to start when looking for car title loans without a credit check is online. You can quickly search for a loan with no credit requirements in Texas and find a handful of helpful lenders who offer this type of funding. It’s essential to read through the terms and conditions carefully before applying so you know what you’re getting into.
Another great option is to go through a local lender or see if a neighborhood dealership offers this type of funding. Many local companies in Texas offer no credit check car title loans near me to help people get cash to handle a financial crisis. This can be a great option if you’re unsure where to start or have bad credit and have been denied by other lenders.
The team at Texas Title Loans is standing by and ready to help you find out more about 24 hour title loans near me without ever checking credit. We can start your application online or meet with you in person at numerous locations throughout the state.