Who Is Getting Collateral Loans On Car Title?

There are several reasons why people seek collateral loans on car title from Texas Car Title and Payday Loan Services, Inc. These six reasons often reveal the type of situations that you may find are calling for a quick car title loan. Find out more and how you can apply for a car title loan.

Here, we are going to go through the type of situations that people are getting collateral loans on car title for.

What Situations May Call For Collateral Loans On Car Title?

1. Needing To Cover Repairs At Home

One of the main reasons people may start to look into collateral loans on car title is because they have repairs that need to be carried out in their homes.

One common reason for reaching out to Texas Car Title and Payday Loan Services, Inc. is to get help with electrical, plumbing, or structural work. These are the issues that need to be dealt with there and then just to stop them from becoming worse.

Some people opting for title loans may also need urgent appliance repair or replacement carried out in their home, particularly on appliances that can impact their livability such as air conditioners, fridges, or boilers. 

2. Having Medical Expenses That Need To Be Dealt With

Even if you have health insurance, there are often bills that need to be paid. Most of these bills won't need to be covered right away. You can often work out repayments with the bill issuer.

However, oftentimes you can't do that with medication. If you need medicine, you often pay for it right away. People who can’t afford medication or medical expenses out of pocket often consider alternative options such as title loans.

3. Facing Late Fees On Bills

Late fees are never a good thing. Not only does a late payment put a mark on your credit report, but they also come with extra fees and possible payment defaults.

Some people consider collateral loans on car title to help keep their bills from becoming going late. This will normally mean covering the important bills such as rent and utilities.

4. Needing Money Urgently

When people opt for collateral loans on car title, they may need to borrow money urgently, often because they don't have a lot of time to cover an expense before it possibly gets worse.

With online car title loans from Texas Car Title and Payday Loan Services, Inc., you can get through the in-person process in as little as 30-minutes. The money could be received as soon as the same day or the following business day.

5. Requiring A Loan For Bad Credit

Texas Car Title and Payday Loan Services, Inc. welcomes all credit types for car title loans. This means that everyone who may have otherwise been denied a traditional loan from a bank may still have borrowing options available to them.

If you have a bad credit score, you shouldn't be concerned when inquiring about a title loan. Your credit score isn’t a major factor in our qualifying process since there will be other factors that are considered, such as the value of your vehicle.

6. Needing Money While Receiving Benefits

When you seek a title loan from Texas Car Title and Payday Loan Services, Inc., you’ll find that one of the requirements is proof of your income. However, we have no stipulations on what your income is.

This means that title loans are often seen as an option for those that may currently be receiving benefits such as unemployment or disability benefits since proper documentation of these benefits can be used as proof of income.

How Do I Get Collateral Loans On Car Title?

Texas Car Title and Payday Loan Services, Inc. provides title loans of a value up to $15,000, depending on how much your vehicle is worth.

Our loan process is smooth and fast, allowing people to get through the in-person process in as little as 30-minutes and receive the money as soon as the same day or the following business day.

To ensure that the process is as quick as possible, you can start by sending us a few pieces of information online. All you really need to do is to fill out the online Texas title loan form, which should take just a couple of minutes.

After you have filled in that form, a loan agent from your local Texas Car Title and Payday Loan Services, Inc. will give you a call. They are ready to answer any questions that you may have. They will also check that you have the required items to qualify for a title loan:

• A government-issued ID.
• Proof of income.
• A lien-free title to your vehicle.
• Your vehicle itself for our inspection.

The agent will also schedule an appointment with you at a location of your choice. This is when the vehicle and document review will take place, which allows us to determine whether you qualify.

If you’re approved, you can sign your loan agreement and you will receive your loan on the same day or the following business day.

Inquire About Car Title Loans Today

There are several reasons why people consider collateral loans on car title. For some, it may be because they need to cover the cost of a medical bill. For others, it may be to cover late bills or an emergency. However, the common theme is that car title loans can be an option for urgent expenses.

If you believe a car title loan is an option for you, you can get started by filling in our short inquiry form 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.