Auto Title Loans In El Paso Texas
Title loans are an option for people in El Paso looking to borrow cash using their car's equity. Your car's equity is used to secure the loan, and you'll pay it off over 12 to 48 months. Perfect credit is never a primary requirement for an online title loan, and you can get approved without a credit check as long as there's equity in your vehicle!
Texas Title Loans is proud to work with direct lenders in El Paso that can get you cash in as little as one business day. All we need to process your application is a paid off vehicle and proof of income. We'll pre-approve the lending offer and connect you with a local company offering a decent rate and funding term that fits your budget, and get you the emergency funds you need.
Requirements For A Title Loan In El Paso
To be approved for title loans in Texas, you must have the title of an eligible vehicle. The car should be paid off and you have the best chance of qualifying with a vehicle valued at over $4,000. Other requirements for a title loan in El Paso include proof of income verification or registration, and some lenders will require a vehicle tracking device or a second key to your vehicle. The loan amount varies based on the make and model of your car, truck, or motorcycle. Expect more cash with a newer model vehicle, but most low-mileage cars can qualify. Also, sometimes older cars are worth more because they're rare and have a higher resale value!
Most lenders in El Paso require you to bring your car, truck, or SUV for inspection. Yes, we know this can be a hassle, but you can typically borrow up to 60% of the vehicle's value when verified and inspected in person. You can get your cash much more quickly with online title loans that require no store visit or inspection, but loan amounts are often limited to a few thousand dollars.
Get Funded With A Direct Lender In El Paso:
- If your car's pink slip is in your spouse's name or you have a cosigner, you might not qualify with all title loan companies in El Paso. Submit your vehicle information to a few lenders before applying so that you know what requirements must be met.
- Have all the documents ready to be sent for underwriting. The faster you send in the docs, the quicker we can get you pre-qualified! Most lenders don't require a credit check, and we can get you pre-approved as soon as you send in the car's title and other DMV documents.
- Don't worry if you can't make a payment by the due date. Just call your lender ASAP to let them know what's happening! Online title loan extensions are usually accepted if you get them within 24 hours of missing your payment. A loan deferment allows you to pay money after that timeframe has passed. In this scenario, you risk losing the vehicle to repossession because of late title loan payments.
Do I Need Good Credit To Qualify For A Title Loan Offered By An El Paso Lender
Most borrowers who get approved have bad credit, and that's okay. Car title loans are for people with no credit or poor credit, as the lender mainly wants to see enough equity or collateral in your car. People with good credit often choose a personal loan or a bank cash advance that doesn't require collateral, so it doesn't make sense for them to apply for a title loan in El Paso.
Any licensed lender in Texas must abide by state and county regulations when checking credit and how they use your personal information to make lending decisions. The main requirement is that your vehicle is paid off, and you need to be able to prove it with the title.
The Title Loan Approval Process And How To Get Your Cash
Getting cash with a car title loan in El Paso, TX, doesn't require much effort. Just submit your application online or stop by any local office. A handful of companies are open weekdays and weekends in the Five Points and Central El Paso areas. A handful of direct lenders also have offices near the Rio Grande and the Southern Border. You'll need to provide the correct and updated paperwork for your vehicle to any local lender you work with. After you submit all this information, we will quickly check your vehicle history to determine what you qualify for once everything else is pre-approved.
Contact Texas Title Loans at 844-243-3195 to apply for a secured loan! Apply online or meet with us in person at any available location throughout El Paso County.
Additional Lending Locations In Texas: