Answers To Your Most Common Questions About Car Title Loans Online
If you’re suddenly facing some emergency expenses, you might be looking into applying for car title loans online.
For a good reason too – the process itself is simple and straightforward, you only need to visit the store for a short approval process, and – if approved – you’ll be getting the money the same day. But how do you ensure the process goes smoothly?
This article will answer some of the most common questions about online title loans that will help you with your application.
1. When Should I Apply For Car Title Loans Online?
Car title loans are a great option for those who are dealing with a time-sensitive problem that could escalate if not immediately dealt with.
Emergencies like unplanned medical and vet expenses, car breakdowns, electrician, plumber, or locksmith services, or inability to cover regular bills like rent and utilities due to unforeseen circumstances are all good examples of when acquiring a car title loan is completely justified. On the other hand, if your problem could be delayed without heavy consequences, you should try to get cash together without adding to your financial obligations, before resorting to title loans.
2. What Do I Need To Apply For Car Title Loans Online?
Car title loans have flexible qualifying requirements, so the list of required items you need to get together isn’t very long.
Required items that you’ll need:
- A state-issued ID proving you’re over 18 (minors cannot apply for car title loans)
- Your car
- The car’s title in your name – it must be with no outstanding financial obligations against it
- A proof of income – your last pay stub will do.
3. Can I Apply For Car Title Loans Online If The Title Is In Another Person’s Name?
Unfortunately, no. You cannot apply for a car title loan online unless the title in question is in your name. Even if you’re the nominal owner of the car and have used it for years – and even if the person whose name is on the title agrees to it.
The vehicle title you use must be in your name for the store to be able to process your application.
4. Can I Apply For Car Title Loans Online If My Credit Score Is Bad?
Yes, absolutely! You can easily apply online not only with bad credit – but even if your credit history is nonexistent altogether!
The loan representative might perform a quick credit history check during your face-to-face meeting, but your bad credit won’t influence your loan eligibility at all. You will still get approved if you satisfy the requirements the lender cares about.
5. Will Applying For Car Title Loans Online Influence My Credit?
No. The lender won’t be reporting the loan to any credit bureaus, so it won’t be able to influence your credit history in any way – either positively, or negatively.
6. Can I Apply For Car Title Loans Online If I Have No Income?
Yes, though it will take some work. While proof of income is among the required items – you can still get approved for a car title loan with no active income, if you prove to the lender that you’ve got the means to pay off the loan in the long run.
This is where the aforementioned flexible requirements come into play.
If you don’t have active income, you can provide the loan representative with your bank statements to prove you’ve got savings you can use to pay off the loan little by little, or that you’re getting unemployment benefits or some other type of compensation.
While the bank wouldn’t consider either of these as reliable means for loan repayment, Texas Car Title and Payday Loan Services, Inc. representative will likely be able to accommodate you based on the records.
7. What Happens To My Vehicle If I Apply For Car Title Loans Online?
It stays with you! There’s a misconception about lenders’ taking away the borrowers’ vehicles while they’re paying off the loan. That’s not so! The lender only takes the car’s title – the vehicle itself stays with you and you’re free to drive it while paying off the loan.
8. How Do I Apply For Car Title Loans Online?
The application process for car title loans online is simple, straightforward, and fast, as long as you’ve got all the required items – your state-issued ID, your car, the car’s lien-free title in your name, and proof of income (or alternative means to repay the loan).
If everything’s in order, go to the Texas Car Title and Payday Loan Services, Inc. home page and fill out the online form. After the form gets processed, you’ll be contacted by a loan representative who’ll set up an appointment with you.
Take the required items to the appointment for the loan representative to assess them, and determine if you qualify for the loan.
If you do – you complete the easy paperwork and get the amount of cash you qualified for the very same day. This entire process takes on average around 30 to 45 minutes.
Get a Texas Car Title Loan Online Today
Now that we’ve answered all of your most common questions, why not apply online for your title loan now? You can fill out the title loan form or apply over the phone—it takes less than 30 minutes! Get yours 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.