Finding a decent lender in Arlington is easy. Finding a lender that offers the best payoff terms and APR will take a bit more work, but it will pay off in the future with your loan savings. Even the most prominent lenders are flexible regarding your loan amount and interest, so you should first know how these online title loans work and what you need to get good terms with the best lenders.
When you take out a car title loan, you are borrowing against the vehicle title for your car. After approval for a title loan, you will hand the pink slip to the lender as collateral. Unfortunately, you can’t take out any other secured loans, and you now have to make monthly payments to pay down the amount borrowed.
A licensed lender in Texas will keep the car’s title as collateral while the loan is outstanding. You can pay off the total amount at any time or according to the fixed payments, and you will get the title back when you have satisfied the loan obligation.
The vehicle’s current resale value determines the amount of money you can borrow. Funding amounts vary, but most title loans offered to residents in Arlington, TX, are for between $2,000 and $15,000. Your vehicle has to be free from liens with a clear title, so you place your car up as collateral. You must have a valid driver’s license with no suspensions or revocations to apply for same day funding.
You must also have a bank account to pay the monthly loan payments with direct deposit. A checking account is also handy to get the loan proceeds quickly. Some companies will let you pick up the cash in person at any location in Tarrant County. This convenience makes getting cash or money orders that same day easy. Most Texas lenders will transfer the money to your bank account within one business day.
As with any offer for a loan in Arlington, TX, you’ll need to submit a form of collateral that shows equity, such as an automobile title. The title is only used as collateral and will not be seized if you default on your loan. Also, there’s no pre-payment penalty so that you can repay the loan early without penalty or fees. Typically, borrowers can expect to pay anywhere from $15 for every $100 borrowed and up to 150% APR (interest rate). This is typical of major lenders that offer title loans in Texas.
A typical loan offered to a borrower in Arlington will last six months to 2 years. Many customers feel these rates and monthly payments are reasonable given they’re using their car title as collateral and the loan underwriting process does not involve a regular credit check. Bad credit will not lead to a denial.
Loans offered in Arlington can be used to pay down high interest credit cards or for any emergency expense. It’s expensive to live in Tarrant County and that’s why these secured loans are outstanding for borrowers who can’t qualify for unsecured personal loans.
Another benefit of title loans is that you can keep driving your car or truck while making the monthly payments. Add your lender as a lienholder to the car’s title, and you won’t have to hand over the keys to your lender.
The simple answer is that an auto title loan can be a great alternative to payday loans that only get you a few hundred dollars and take days to underwrite. A title loan is based on the equity in your vehicle, meaning funding amounts of $3,000 or more with fast processing in 24 hours or less. So please complete our online form or contact Texas Title Loans at 844-243-3195 to start your application.