What Is A Title Loan And Can I Get One In Texas?

You may have heard of a title loan before. But, if by chance you haven’t, you might be asking the question “what is a title loan?” and how can you get one? Title loans are a loan that uses your car’s title as collateral to secure the money. Your loan is based on the fact that you own your vehicle. We here at Texas Car Title and Payday Loan Services, Inc. are here waiting to help you understand this loan and how to get it. Keep reading to find out what a title loan is, what it's used for, how much you can borrow, and how to apply for a title loan near you.

What Exactly Is A Title Loan?

If you are asking “what is a title loan?” then we can clearly explain it. As we said, a title loan is a loan that uses your vehicle’s title as collateral to secure the money. Rather than go for a traditional bank loan that's based on the analysis of your credit history and your proof of employment, a car title loan requires that you own your vehicle outright. This means you are finished paying off your car and there are no outstanding liens on your title.

You must also have the lien-free title to your car in your name in order to get this loan with us. We grant this loan by placing a lien on your title and holding onto it until you repay us in full. Then once the loan is repaid, we will remove the lien and safely return your title. You don’t even have to worry about us keeping your vehicle. We are only holding onto your title, not the vehicle itself. So if you are approved, you can continue driving as you normally do. 

What Is A Title Loan Used For?

We highly recommend only using it for emergency purposes. While we won’t specifically ask why you are taking out this loan, you should know that it was designed to help with expenses that are urgent and that you can’t handle on your own. For example, if you experience major flood damage in your home, replacing everything that was damaged by the water can be expensive. This is where a title loan can come in and make things easier for you.

How Much Can I Borrow On A Title Loan?

When it comes to us at Texas Car Title and Payday Loan Services, Inc., you can borrow up to $15,000 on a title loan. That's not what everyone is approved for, however. Your loan amount you get is determined by the value of your vehicle. This means we will need to inspect your vehicle prior to letting you know if you qualify. We are looking at your vehicle’s overall condition, so we recommend you getting your car ready and making sure any damage to it is dealt with prior to coming in.

Can I Get A Title Loan Without The Title?

When we answer the question “what is a title loan?”, we have to emphasize that we use your title to secure the loan. This means you cannot get a title loan without a clear, lien-free title to your vehicle. Your title is the document that tells everyone that you legally own a vehicle. Without this document, there is no proof to show that you are the legal owner. This means your name needs to be on the title and that it needs to be free of any outstanding liens.

How Do I Apply For A Title Loan In Texas?

You have a couple of options for applying for a title loan with us. You can look up your nearest Texas Title and Payday Loan Services, Inc. store location and drop in there. We have plenty of friendly and knowledgeable staff members who will be happy to help you. You can also call your closest store and get the process started over the phone. Finally, you can fill out the initial title loan online application on this website and we will contact you to walk you through the rest of the process. 

What Is The Title Loan Process?

Once you've gotten started, the process is quick and virtually painless. You can even complete the entire thing without ever visiting one of our store locations. If you started your application process online, you'll hear from a loan specialist shortly after you submit the form. Your specialist will answer any questions you have and talk with you about what to expect in the next steps. You'll set up an appointment with an inspecting agent, either in-store or at a location of your choice.

If you want the agent to come to your home, that's absolutely fine. They will meet you where it's the most convenient for you. At your appointment, you'll need to present the few required items needed for verification. These are your state-issued photo ID, your clear title in your name, the vehicle you have titled in your name, and proof of your income. You can use your most recent pay stub as your proof of income. 

The visiting agent will inspect your vehicle to determine how much we can lend to you. This will be quick because we are only looking for any major damage that could prevent the car from working like it is supposed to. When the inspecting agent submits all the information, you'll know quickly whether you are approved or not and how much you can get. That is all there is to it! Now you know what is a title loan and how to get one!

Get Your Loan Today!

As you can tell from this article, answering the question “what is a title loan��� isn’t nearly as difficult as you may have thought. We want this to be easy for you to understand so that you can get through our process as quickly as possible. So, as soon as it is clear what this loan is and how to get one, don’t wait any longer. Fill out the online application or get in touch with us at Texas Car Title and Payday Loan Services, Inc. to begin the process of getting a car title loan today!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.