Are you wondering how much you can borrow with a title loan in Texas? At Texas Car Title and Payday Loan Services, Inc., you can qualify for up to $15,000 with a max title loan, depending on your vehicle’s value. Here’s how maximum title loans work and what impacts your loan amount.
What Is the Maximum Title Loan Amount?
In Texas, the maximum title loan amount available through us is $15,000. The exact max title loan you qualify for depends on a few factors.
Key Factors That Affect Your Title Loan Amount
Here are the main elements that determine how much you can borrow with a Texas title loan:
1 . Vehicle Ownership
If you have any liens on your vehicle (i.e. it is not fully paid off), then you can't get a title loan. It doesn't matter what the value of your vehicle is. The lender just won't be able to hand you a loan as you do not have full legal ownership of your vehicle.
2. The Value Of Your Vehicle
A title loan is a secured loan. This means that when you take out the loan it is going to be secured against the value of your vehicle.
The factor that will have the biggest impact on how much you can borrow will be the value of your vehicle. Texas Car Title and Payday Loan Services, Inc. will check what the value of your vehicle on the used market is. We can use this information to determine how much cash we may be able to loan you.
Of course, only newer and more valuable vehicles will be able to hit that max title loan of $15,000. But older vehicles are going to be valued accordingly. If your car normally sells for a few hundred dollars on the secondary market, then it’s reasonable to expect to be able to only borrow a bit of money.
3. The Condition Of The Vehicle
Before any money is lent to you, you will take your vehicle to have it inspected by a loan representative from Texas Car Title and Payday Loan Services, Inc.
They will give it a check over to ensure that there are no glaring issues that may impact the value. Again, they will be taking the secondary market value of your vehicle into account here. The condition of the vehicle will also influence the max title loan available to you. A vehicle in 'bad' condition will have a lot less value than a vehicle that you have treated with respect.
Remember, you are going to need to take your vehicle to a physical location to be inspected. This means that if you can't actually drive it to where it needs to be (i.e. the vehicle is not roadworthy), then you may not be able to get a loan against it.
Does Credit or Employment Impact the Max Title Loan?
When you request a Texas car title loan, you are going to need to provide proof of income. This does not necessarily mean that you must be employed. It can also be proof of you receiving unemployment or other types of compensation or income.
A title loan is also available to those with bad. So, don't worry about applying for a title loan if you don't have the best credit history. You may still end up being approved.
While these two factors may have an impact on the amount that you can borrow, the condition of the vehicle is always going to be the main factor that Texas Car Title and Payday Loan Services, Inc. is on the lookout for.
Why Choose a Title Loan?
A title loan can be the right choice if you need quick cash for emergencies such as medical bills, repairs, or overdue expenses. Benefits include:
- Speed: Approval in as little as 30 minutes.
- No Credit Check: Bad credit is not a dealbreaker.
- Keep Driving Your Car: You keep using your vehicle while repaying your loan.
How To Get a Title Loan in Texas
Before you start the process for a title loan, ensure that you have the following items on hand:
- Your vehicle (car, truck, or van).
- Your lien-free title to your vehicle.
- Your driver's license (or a different kind of state-issued ID card).
- Your proof of income (i.e., your most recent paystub).
Once you have all the required items, you can follow these steps to get your money as quickly as possible:
- Call 1-800-514-2274 or fill in the online inquiry form on Texas Car Title and Payday Loan Services, Inc. It takes around 5 minutes.
- One of our loan experts will be in touch to discuss the process further and answer any questions.
- Bring your vehicle, proof of income, your driver's license (or another form of ID), and the lien-free vehicle title to your closest Texas Car Title and Payday Loan Services, Inc. location.
- Wait while our knowledgeable loan representative evaluates your vehicle to assess how much money you can borrow.
If you are approved, you will receive the amount you qualify for on the same day or the following banking day, at the latest!
Apply for a Title Loan Today
The max title loan amount available to you will depend on several things. The best way to work out how much you may be able to borrow is to fill in the short inquiry form at Texas Car Title and Payday Loan Services, Inc. And a customer service agent will then get in touch to walk you through the next stages and provide you with answers to your questions.
FAQ: Title Loans in Texas
Can I get a title loan with bad credit?
Yes. Approval is based on your vehicle’s value, not your credit score.
Do I keep my car during a title loan?
Yes, you can keep driving your car while making loan payments.
How fast can I get the money?
Many borrowers get cash the same day or by the next business day.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
