If you’re looking for money and don’t have time to go through a traditional lending process, a title loan may be the perfect solution. A title loan is a short-term loan that uses your vehicle as collateral. These secured loans often have high interest rates and you need to make your payments on time each month, but they’re a great option for someone with bad credit who needs to borrow more than $1,000. Here’s what you need to know about getting a title loan in Lubbock TX.
The title loan process is the same whether you get one online or at a storefront. You typically need:
– To find a title loan company that offers loans in the state of Texas. This is important, as any company licensed to offer loans in Texas will need to follow regulations that limit loan amounts, fees and interest rates.
– Proof of income, such as pay stubs from your employer. Income may also include child support, social security benefits, and/or other government assistance programs.
– Proof of ownership for the vehicle if it’s not listed on your title or registration certificate. This can be a bill of sale or official title transfer document from the previous owner (which should be available in your glove box). If you’re borrowing against an old car with no title, contact your local DMV (The Texas DMV Regional Service has a local office off Slaton Road in Lubbock) and ask about procedures to complete a bonded title application . Once you have a car title with no liens or other holds you can now apply for a title loan in Lubbock.
– Proof of vehicle insurance that shows you or an insurance company will cover the costs if your car is damaged or destroyed when the lender has your title. You will also need to complete a vehicle inspection, but this only occurs after you’ve been approved for a loan. Most title loan companies in Lubbock can conduct the inspection at a local office (Choose from dozens of title loan lenders in Downtown Lubbock and there are others located near Texas Tech University) or they can come to meet with you at a place of your choosing.
Yes! It’s important to note title loans are a great option for people with bad credit, as most borrowers who apply for a secured loan have already been turned down for traditional loan options. Lenders want to know that you can make monthly payments on time and also that you have equity in your vehicle that at least matches the amount you borrow. If you have good credit, you can qualify for vehicle title loans up to $25k through Texas Title Loans. Our company offers title loans in Dallas and all over the rest of Texas for that matter, so there’s no need to worry if you live outside of the Greater Lubbock Area. Even with poor credit, you can be approved for a good amount of cash if you have a high value vehicle!
Even if you’re unemployed or retired, it’s possible to get started right now and secure title loan financing that goes into your bank account fast. You can borrow up to 50% of your eligible vehicle’s resale value with a bad credit title loan and there’s no need to wait and see how much cash you can get. eligibility takes only a few minutes and most companies won’t even run a credit check when you apply for title loans in Lubbock.
There are dozens of companies licensed to offer title loans in Lubbock. Most of these lenders have offices throughout the city with many of them concentrated in South Overton and Arnett Benson neighborhoods. The best course of action is to get multiple quotes and then compare all the different financing terms and APR’s that are presented to you. Go to a title loan company you feel most comfortable with and let them know what type of rate you’re looking for. It doesn’t hurt to ask.
You can also apply for online title loans in Lubbock with the goal being to get all the paperwork and applications completed online. After that first stage, you can wrap things up over the phone or meet with a local lender in Lubbock that will let you sign the paperwork in person and get the cash for your car’s title that same day.