If you live in Austin and are looking to access fast cash, look no further than a vehicle title loan. Using the equity from your paid off vehicle, you can borrow thousands of dollars, and it doesn’t even require good credit! A Texas title loan can give you the cash you need in as little as one day. If the title on your vehicle is clear – meaning that you have paid off the original balance – many local lenders will help you apply for a same day title loan.
The requirements for auto title loans in Austin are minimal, making them an ideal source for fast cash. The only requirements are usually proof of residence and ownership of a car or truck. A car’s title is clean and clear if it has been paid off. This means paying any outstanding balance or finance charges is no longer necessary. It’s not difficult to get a new car title or vehicle registration if that’s what you need. A few Texas DMV locations in Austin allow you to obtain replacement titles, and can even assist you with investigating and resolving errors with existing titles.
The amount you can borrow with a title loan in Austin will vary based on the vehicle condition and other factors such as your current mileage and past employment history. But in typical situations, you can expect to qualify for at least $2,000. Some borrowers may be able to get title loans in Texas that exceed this amount of up to $5,000 or even more if the lender is willing to work with them.
A secured lending company will generally require you to bring your vehicle title and registration documents to their office where they’ll take copies of both and perform a basic inspection of the car or truck itself. They will then run a credit check and you’ll generally meet with a local underwriter to get the funding process started. This rep will tell you how much money they can approve based on your employment history and other factors such as the title value of the vehicle and what it’s worth.
The decision on whether to apply for a title loan online or with a local company should ultimately be based on your specific needs. If you feel comfortable with a neighborhood lender in Austin, then you might want to consider the benefits of doing business with such an entity. Get a reasonable offer at any equity financing locations near you and start saving today.
A direct lender will first obtain a copy of your car’s title from you, allowing them to hold it until the amount borrowed is repaid including interest and fees. There are a number of reasons that this can be helpful for some people, but they generally deal with the fact that most banks have very strict lending policies regarding car title lenders. If your credit score is low enough or if there’s not enough information available about you, then you may be limited in the amount you can borrow.
Most companies will still lend you a smaller amount even if you have bad credit or no past payment record. This is because the lender is more focused on your vehicle equity and the current value. A company in Austin, TX will want to know if you can pay the full amount back over a period of anywhere from 6 months to 2 years. The longer the title loan repayment period, the more you will have to pay in interest.
Choosing a title lender in Travis County means considering several details about them, including their rates and fees. You should always know exactly how much your company charges for title loans. That means knowing the city and county restrictions that control financing rates and terms for registered finance companies and lenders. If they don’t offer any information on this topic, look elsewhere for title lenders in Austin, TX. Each company provides different rates and APR so it’s important that you choose one that has fair rates that are within reason.
If you cannot pay back the car title loan, then what? It’s better to ask yourself ahead of time what you would do if something happened all of a sudden where you are not able to make payments on time. Ultimately you need to make the decision to contact your lender and work out a payment plan. Many of the legitimate online companies in Austin will work with you on a payment plan so you can get back on track to paying off your loan.