Title Loans In Texas With Poor Credit
Do you know it's easy and quick to get a bad credit title loan here in Texas? Most local lenders offer $1,000 or more with a car title, and you don't need a good credit score to be approved. Best of all, you can be pre-approved within just a few hours of applying online!
Texas Title Loans offers access to title loans for anyone with poor credit, and you don't need to deal with the burden of an extensive credit check that's often required for a personal loan. We offer fast pre-approval for borrowers with equity in their vehicle, and you can borrow up to 60% of your car's value without worrying about your credit score. Apply online or call Texas Title Loans at 844-243-3195 to get pre-approved for a title loan without a credit check in Texas!
What's Required For A Bad Credit Title Loan
When you apply for title loans in Dallas, or anywhere else in Texas, don't let a bad credit score or lack of income stop you. Many lenders will ignore your poor credit history and evaluate your application strictly based on the equity value of your car. The lender may consider several factors when determining how much they are willing to offer for title loans with bad credit. These factors include;
- Income level and current monthly take-home pay. Your income is essential to a lender's determination of your funding amount. The more money you make monthly, the more a lender will authorize. Most title loan companies in Texas require a minimum monthly income of $2,500.
- Vehicle's make/model/year/condition. Newer vehicles in good condition with low mileage will be worth more and lead to a higher title loan amount. You can qualify for a bad credit title loan with a 2014 or newer car or motorcycle that's paid off and titled in your name,
- Payoff term. The payoff term on title loans for bad credit ranges from 6 months to 4 years. Most are ultimately paid back within 16 months because a large portion of your monthly payment goes toward finance charges. Even with a payoff term of 2 to 4 years, it's best to pay off the loan quicker to avoid interest charges!
Borrowers can typically access their cash immediately after approval, but local title loan lenders in Houston will have some specific qualifications. These restrictions and loan amounts vary by city, so it's best to check your initial quote and documents to see what else is required.
Do Title Loans For Bad Credit Come With A High Interest Rate?
Yes, interest rates on title loans with bad credit can be high and difficult to manage for borrowers who want to repay their loans quickly. For this reason, you want to settle on a payment term with your lender that offers manageable monthly payments but a reasonable payoff term that reduces the total amount of interest you pay. Title loans in Texas can have interest rates of 100% or more, and you won't make much headway in paying down the principal debt amount if you're only paying the required amount each month. Pay more than you need each month, and ask your lender if they can refinance or renegotiate your repayment terms to reduce the APR on your title loan.
Alternatives to Bad Credit Title Loans
Paying off a bad credit title loan can be expensive, and there is no guarantee your credit score will improve with each payment, but it's essential to understand your options. Suppose you don't want to deal with the high interest rates of a title loan with bad credit. In that case, you should consider talking with a local lender that offers unsecured loans for people with good credit. Several online lenders offer more traditional personal loans, and they can approve borrowers based on their lending history and employment information. That means you don't need to use your vehicle as collateral for a loan, and your interest rate will likely be lower than that of a title loan. Still, qualifying for a loan that doesn't require collateral is challenging, as most companies require a decent credit score.
Apply For An Online Title Loan With Poor Credit
It's possible to get an equity loan with poor credit, but the loan amount and interest rate are based on your vehicle's value, not your credit history. Getting approved for a 24 hour title loan is difficult, especially if you have bad credit.
Remember these tips when planning to apply for a bad credit title loan in Texas. Make sure you have all documents, such as your driver's license and insurance cards, ready. Keep track of how much you pay for other expenses, as well as vehicle registration fees and taxes, so you know what equity amount is available and what you can afford to pay down the loan balance quickly.
Compare the various financing options when applying for title loans in Texas. Get a title loan estimate before signing any lending contract, so you at least know the payment arrangements. Also, see if a title loan refinancing is possible if you initially signed off on a loan with an APR that's more than you can afford. There's no risk in seeing what rates and terms are available to you, and the reps at Texas Title Loans can get you on your way with an online application.
Call Texas Title Loans at 844-243-3195 to get a title loan in 24 hours or less that doesn't require a check of your FICO score. We offer fast pre-approval, with funding decisions based on your vehicle's equity value, not your credit history. Apply online or call us today!
