Some lenders may also require applicants to have a checking account. An auto title loan is a short-term loan that uses your vehicle’s title as collateral. No credit check is required, and repayment is usually due within 30 days but can be extended with an installment plan if needed. The amount available for you to borrow will depend on the value of your vehicle. Proof of income documentation and ability to repay analysis is required in some Texas locations.
In most cases, you will not need a bank account to qualify for a car title loan. The only exception is the state of Florida, which does require applicants to have an active bank account. Unlike an auto pawn, which requires your actual vehicle as collateral, a lender of a title loan will only request your vehicle’s title.
In Nevada, title loans should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any title loan transaction. Ability to repay analysis with income documentation required. As you may already know, getting a car title loan can be a fairly stressful experience. When you’re looking to take out a new loan, having a good understanding of the types of loans available to you can help you make an informed decision.
There are fewer requirements for income, employment, and documentation, and interest rates are lower than unsecured loans. When you need cash, but do not want to open a new line of credit, a title loan can be the perfect solution. Your loan amount will depend on the value of your car, which will be determined by an inspection by the lender you choose. Titlelo helps you compare lenders and select the one with the best rate and options for you.
Qualified customers typically receive their funds in as little as one business day. For your convenience, we’ve also partnered with lenders in your area that are open on the weekends. Visit one of our many partner locations near you to get the help you deserve.
Still, you can find an opportunity to get a title loan. From comparing two loans, we can say that affordable title loans Athens of Georgia GA can be the better choice for borrowers. You do not have to leave your asset with your lender. While technology makes life easier from numerous points of view, using a local lender can be a better option than the online experience. Storefronts often have more products, meaning they might be able to customize a loan to what the client wants. They may even offer a more subjective decision process.