Let’s say you have a paid-off vehicle with a clean car title. You are looking for a quick cash loan but it seems harder these days to get the money you need. Did you know that’s it easy and quick to get a bad credit title loan here in Texas? That’s right, most local lenders offer up to $10,000 with a car title and you don’t need a good credit score to be approved!
When you go to apply for title loans in Dallas, don’t let a bad credit score or lack of income stop you. Many auto title lenders will ignore your poor credit completely and base your car title loan on the equity value in your vehicle. Keep in mind that this is money the borrower must be able to repay back to the lender over a period of months or years. The lender may take into account several different factors when determining how much they are willing to offer for title loans with bad credit. These factors include;
– Credit history & score (This is not the most important factor, but some title loan companies may check your credit score for multiple delinquencies or past bankruptcies.
– Income level and current monthly take home pay (This is an important factor when a lender determines your loan amount. The more money you make each month, the higher amount a lender will authorize.
– Vehicle’s make/model/year/condition (Newer vehicles and cars in good condition with low mileage will be worth more and a lender will authorize a higher title loan amount)
– Title loan payoff term (The payoff term on title loans for bad credit will often range from 3 months to 3 years. Most online title loans are ultimately paid back in 16 months or less)
Borrowers can typically withdraw their cash immediately after approval but there are some specific qualifications given by local title loan lenders in Houston. These restrictions and loan amounts are different in some cities and it’s best to check your initial quote and documents to see what else is required.
Yes, interest rates on title loans for borrowers with bad credit can be very high and hard to manage for borrowers who are already struggling to meet bills and expenses. For this reason, it’s important to get a good understanding of the final price you’ll actually pay by getting your quote early. Before we get into any specifics about car title loans with bad credit, remember that cities in Texas have hundreds of local lending companies all throughout the state and most are willing to work with people applying for bad credit title loans! It can be tough to get approved for a sufficient amount through traditional lenders but payday loans may not work because you simply can’t borrow as much money as an auto title loan gives you.
The APR on title loans for someone with bad credit who already owes money on other loans can make it difficult to stay current on your payments. That’s why you should contact your lender to discuss alternative options if you’re worried about falling behind or missing payments.
It can be expensive to take out a title loan and there is no guarantee that your credit score will improve, but it’s important to understand all of your options. If you don’t feel comfortable applying for title loans for bad credit then you should consider talking with a local lender about other types of loans or asking family members or friends if they’d like to help pay for emergency expenses. There are several online lenders who offer more traditional personal loans and they can approve borrowers based on their lending history and employment information, but again it will be very difficult to qualify as most companies require an excellent credit score.
It may be possible to get a car title loan with poor credit, but it will be based on the value of your vehicle and not your credit history. Getting approved for a 24 hour title loan is difficult especially if you have bad credit. In some cases and you may want to consider applying for something like a bank account or a secured credit card before you move on to a high interest loan. You can usually apply online or in person with any direct lender in Texas, but keep in mind that each lender has specific requirements when submitting applications.
Keep these tips in mind when planning to apply for bad credit title loans: – Make sure you have all documents such as driver’s license and insurance cards ready – Keep track of how much you for other expenses as well as vehicle registration fees and taxes so you know what equity amount is available and what you can afford when it comes to the anticipated monthly payments.
Be sure to compare the various financing options that are presented to you when applying for title loans in Texas. Get a title loan estimate before you sign any lending contract so you at least know what the payment arrangements are. Also, see if it’s possible to apply for a refinance title loan if you initially signed off 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 or you can always call us at 844-243-3195.