Get A Title Loan With A Bad Credit Score
Do you know that’s it easy and quick to get a bad credit title loan here in Texas? Most local lenders offer $10,000 or more with a car title, and you don’t need a good credit score to be approved!
What’s Required For A Bad Credit Title Loan
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 history and base your loan on your vehicle’s equity value. This is possible because your credit history is not a factor when the emphasis is on the vehicle’s collateral! Remember that this is money the borrower must be able to repay to the lender over months or years. The lender may consider several 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 crucial 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 important when a lender determines your loan amount. The more money you make monthly, the more 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 are ultimately paid back in 16 months or less)
Borrowers can typically withdraw their cash immediately after approval, but local title loan lenders in Houston give some specific qualifications. 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.
Do Title Loans With Bad Credit Have High Interest Rates?
Yes, interest rates on title loans for borrowers with bad credit can be very high and hard to manage for borrowers struggling to meet bills and expenses. For this reason, you will need a good understanding of the final price you’ll 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 throughout the state, and most are willing to work with people dealing with credit issues! Getting approved for a sufficient amount through traditional lenders can be challenging, but payday loans may not work because you can’t borrow as much money as a secured 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. You should contact your lender to discuss alternative options if you’re worried about falling behind or missing payments.
Alternatives to Bad Credit Title Loans
Taking out a title loan can be expensive, and there is no guarantee that your credit score will improve, but it’s essential to understand your options. Suppose you don’t feel comfortable applying for title loans for bad credit. In that case, you should consider talking with a local lender about other loans or asking family members or friends if they’d like to help pay for emergency expenses. Several online lenders offer more traditional personal loans, and they can approve borrowers based on their lending history and employment information. Still, qualifying again won’t be easy as most companies require an excellent credit score.
How To Apply For A Secured Title Loan With Poor Credit
It may be possible to get an equity 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.
Keep these tips in mind when planning to apply for title loans near me: – 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 when it comes to the anticipated monthly payments.
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 applying for a refinance title loan is possible 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.
