Getting an auto title loan in Abilene can take less than a day. The first step is to find out what’s required and how to best apply for a title loan online. These loans are great for people who typically can’t qualify for a bank or personal installment loan. Instead, you use your car’s equity as collateral for the loan. You don’t need good credit and can often borrow up to $15k.
You can first speak to a title loan provider such as Texas Title Loans if you want cash from a company in Abilene. A few requirements are based on your vehicle’s equity and current employment situation. This means the car’s title will be in your name, and you’ll have proof that you’ve paid off the loan. You can often get money fast with a vehicle equity loan. However, even if your title isn’t fully paid off, you might still be able to qualify by offering more collateral, such as an additional car title or other assets that can ask as equity for your secured loan.
Some lenders will have additional requirements that could include proof of employment. It helps if you show there’s enough money each month to satisfy the monthly payments required for the amount borrowed. Finance lending companies will be able to verify your vehicle and employment information. Any additional info needed could include proof of insurance showing you have full coverage for the car.
It can take less than a day to submit all your information and receive a title loan offer from any local lender in Abilene, TX. The title lender may run a soft credit check, which can lead to further requirements based on your situation and credit score (you don’t need good credit, and in many cases, bad credit is OK). After this, they will process and underwrite your loan application. After being approved for the cash, you can expect to get approval within a few hours or by the end of the day in most cases. Sometimes you might have to wait for a title lender in Abilene, TX, to open up, but often you can submit all your info and receive a title loan quote right away.
Title loans in Texas work because they use your car title as collateral for a secured loan against its equity. This means the title is used as partial payment, so if you default on payments, it will be repossessed just like any other type of secured financing. You’ll still have full use of the vehicle until full repayment is required, though this arrangement could affect your ability to get other short term loans. Most lenders that follow Texas title loan laws will report the on-time monthly payments to the credit bureaus, which can help build or rebuild your credit rating.
A title loan is a type of secured loan, so when you get one, the title lender will place a lien on your title. This means they have a legal claim against it until you can repay the financed amount. If you fail to make payments, additional penalties could be added to whatever balance remains after any grace period, including repossession and other fees for non payment.
A title loan in Abilene can get money quickly, even with bad credit. Depending on your situation, the lender may have additional requirements, but you can typically apply in TX if you’ve had issues with loans or credit. It’s important to know that when applying for any financial services type business, there are fees involved; these are called origination fees, and title loans can come with them too. These fees might be worth it for people who need cash fast, but sometimes having good credit is better than needing immediate access to money. A title loan should take about an hour (sometimes less) to submit all your info online through our site, over the phone, or at a local lending inspection office in Taylor County, Texas.
Applying online is quick, but if you want an extra level of security, applying at a local title loan office in Taylor County can be better since someone there can help answer your questions before getting the cash. Numerous lenders off I-20 and a few near Abilene Christian University can meet with you during regular weekday hours. It will take about an hour after you submit your title loan application to get an answer from a local lender. Start your application for a fast cash loan with Texas Title Loans today!