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 over 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 will hold the vehicle’s pink slip as security while you pay off the loan balance. 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 made 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 order 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 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 TX can be used to fix your vehicle or pay for emergency expenses. The cost of living is high in Tarrant County and it will likely stay high for the foreseeable future. In certain situations, you must borrow money to pay unexpected bills, and that’s why these secured loans are great in the right situation.
Another benefit of title loans is that you’ll probably need to provide limited proof of income to qualify for an established line of credit if you cannot repay the money borrowed. Some companies will release your title after 90 days, but others may require 180 days. After which, they’re released only if the title loans are repaid on time and that’s good news for people who are struggling financially.
The simple answer is you could use title loans instead of visiting cash advance stores or other online payday loan websites, which might not provide much better rates than what you would see from a local company near you! So please fill out our online form or contact us at 844-243-3195 to start on your application.