Truck Title Loans – How They Work
Texas Title Loans offers access to cash for anyone in Texas looking to use their vehicle as collateral. Did you know you can get a same day title loan on your semi truck? These loans are available regardless of your credit history, ranging from $5,000 to $25,000.
All types of trucks can qualify, and the approval process is quick for anyone who owns a truck with low mileage. The title loan company keeps the semi truck as collateral. They’re added as a lienholder to the title; at that point, they’re the truck’s legal owner. You can keep driving your big rig after signing the pink slip.
Walk into any local lending office in Texas and apply in person, get started with our online application, or call us at 844-243-3195 to see how much you can borrow. Learn more about these truck title loans by reading the info below.
How To Qualify And How Much Can I Get With A Truck Title Loan
Truck title loans are possible for any commercial truck driver in Texas, and loan amounts average $4,000. The truck’s value determines the final funding amount. We’ll need your truck’s year, make, model, VIN, and odometer reading to get you an initial quote, and at some point, there will be an inspection of the truck to determine its condition and whether or not it matches the current resale amount.
After the truck is inspected, you’ll be told how much money you can borrow. Loan terms depend on the loan amount and your ability to repay, but you should have 8 to 36 months to repay the loan. Title loans on commercial trucks and semi trucks have interest rates above 40%, making them challenging to repay if you only make the minimum payments.
Truck Title Loans – Pros And Cons
There are quite a few benefits of truck title loans:
– Fast online approval. Don’t waste days to find out if you can borrow cash with your semi truck! Texas Title Loans can take your application entirely online or call us at 844-243-3195 for a hassle free quote.
– Flexible payment terms. Most lenders have set payoff amounts and repayment terms for unsecured loans. With a truck title loan, however, you can choose the timeframe to repay your loan. There’s no pre-payment penalty when you pay off a truck equity loan!
– Limited credit requirements. You stand little chance of getting an unsecured loan from a bank if you have poor credit. On the other hand, Title loans use the equity from your truck as security, which means your credit is not a primary underwriting requirement.
– Significant loan amounts. Banks and credit unions typically only offer a few thousand dollars for a personal loan. A semi truck title loan, on the other hand, can lead to a funding amount of $10,000 or more, as it all depends on the truck’s value! Some customers qualify for up to $50,000 with high value rigs.
Consider the cons that come with a title loan on your truck:
-Repossession. Defaulting on a secured loan means the lender can repossess your truck. Even if you fall behind on one payment, there’s a chance you can lose your vehicle!
-Excessive interest rates. The APR with a truck title loan is high; here in Texas, it can approach 100%! Collateral loans have lower interest rates than payday loans, but they can be challenging to repay and should only be used in financial emergencies.
-Lengthy repayment terms. You can typically borrow $2,000 or more with a big rig title loan in Texas. Because of these higher loan amounts, you may face a payoff time of 12 months or more. The longer you wait to repay your loan, the more you will pay in finance charges.
Apply For A Truck Title Loan With Texas Title Loans
Any truck owner can qualify for a title loan in TX, and all you need is a CDL, title to your truck, and proof of income! All trucks are eligible, including semi trucks, work trucks, construction vehicles, and work vans.
Call us today at 844-243-3195 or apply online at Texas Title Loans to start your application for an equity loan on a commercial truck!