When you opt for an auto title loan in Killeen, you are hoping to borrow enough money to pay for emergency expenses. Your car’s title secures the cash you borrow, and that’s typically the main underwriting requirement. A lender wants to know that you have enough equity in the vehicle and that the loan amount will be based on that collateral. That equity you use with a finance company in Killeen TX, doesn’t need to be significant, but the amount available with a loan will depend on how much you bring to the table.
Title lenders don’t worry about your credit report, but determining an interest rate on title loans has much less to do with your credit history than you might think. The riskier your car title appears to be, the higher the interest rate you’ll end up paying. On the other hand, if there’s little or no equity in your vehicle, then that usually means no lender will work with you, which means bad credit isn’t relevant (around 85% of title loan applicants have poor credit).
To qualify for the best title loan offers in Bell County, Texas, you must show a lender that you have sufficient equity available from your vehicle. That’s the main underwriting requirement. Some minor requirements include proof of title and a valid driver’s license. You may also need to show proof of employment and documentation proving your identity. Once you show the underwriting agent sufficient equity in your vehicle, they will get an automated valuation for your car to determine the loan amount and finance charges for your title loan in Killeen TX.
It’s extremely important to read and understand the terms and conditions before signing anything because instant online title loans aren’t like traditional installment loans or unsecured loans. With these loans, you pay a predetermined amount each month until you’ve paid off your balance in full after several months or years. All you need to qualify is personal checking and of course, enough equity from your car to secure the final loan amount. Most title loan companies that operate in Killeen know that applicants have bad credit and therefore they often pass on traditional credit reports and credit score checks. Instead, they may run different 3rd party checks of your credit to see if you have any active title loans or payday loans.
Yes, vehicle title loans are secured with the title of your car. Your car cannot be seized or repossessed for a lender Killeen if you keep making payments on time and remain current on your payments. If you have a title loan in Texas and don’t intend to repay it, then the title company will most likely come after your car by way of repossession. The same situation is true for anyone who misses payments on a vehicle title loan with no or even a typical car loan. The monthly payments need to be made on time with any secured loan. Someone who finds themselves in this situation would do best to contact their local lender to see if they can arrange a payoff or refinance to avoid losing the vehicle.
Whichever way you apply, you can still see an approval within one business day. When applying online the process is quicker, but you will likely still need to finalize everything at the local company near you in Killeen. You can usually get quick approval by submitting the request online or visiting a local funding office. Most lenders that offer no credit check title loans do not require any documents from you during the online application, however they may ask for your driver’s license and proof of current address.
One thing to note about title loan options in Killeen is the fact that the city is next to Fort Hood which is a major military base. Anyone with a car can apply online, but there are current restrictions that limit the ability of active duty members when it comes to getting a secured loan.
You can find secured lending options Killeen TX at any number of locations, most notably in Chaffee Village and off Hood Road road which both have numerous secured financing offices. We also offer title loans online based on the value of your vehicle and the borrowing period you request. Apply today for the best financing terms and payment options!
Submit an online application to see how much money you can get for your car title!