What Do I Need To Know To Get A Secured Loan With My Car Title?

If you are going through an emergency and need to handle it quickly, instead of stressing out, you can get car title loans in Texas. These secured loans can help you get the money you need by just using your vehicle’s lien-free title as collateral. And understanding how these bad credit loans from us at Texas Car Title And Payday Loan Services, Inc. work is simple! Especially since we are transparent and are always available to help you out. Keep reading to learn more about car title loans right now.

What To Know About A Texas Secured Title Loan

When you take out a secured title loan, you are borrowing cash against the value of your vehicle and are using your title as collateral. This means that the amount that you can borrow will be determined by how much your vehicle is worth and its condition. Here at Texas Car Title and Payday Loan Services, Inc., we can lend up to $15,000 if you are approved. Secured title loans are only available to those that have full ownership of their vehicle with the title in their name.

They Are A Fast Way To Borrow Cash

With most forms of borrowing of personal loans at banks and other financial institutions, you will often be waiting days for a decision and for the money to arrive. The good thing is that is not the case with a title loan. With a title loan from Texas Car Title and Payday Loan Services, Inc., the entire inquiry process could take as little as 30 minutes to complete. And if you are approved, you could get the money either on the same day or the next bank business day.

You Do Not Lose Access To Your Vehicle

One of the biggest myths about title loans is that you will lose access to your vehicle. The good thing is you won’t have to give up your vehicle while you repay the loan. If you meet the repayments on your title loan, you are free to use your vehicle as you normally would. We will only keep hold of your vehicle's title because that is what we use as the collateral, not the vehicle itself. We will place a lien on your title and hold onto it until you finish repaying us. Once done, we will remove the lien and return the title.

What You Need To Get A Secured Loan With Your Car Title

When it comes to our car title loans, there are certain required items we need to see when we meet in person before we can make any kind of decisions. The good thing is this list is short and simple for you to gather for us to see. We don’t make you search your home for a ton of paperwork; all you have to do is bring in three forms of paperwork – along with your vehicle – for us to decide if you qualify. Here are the items we will need:

• You need a driver's license or state-issued photo ID: The first thing you will need to show us is your driver’s license or your state-issued photo ID when you take out a title loan. The name on your ID should match up to the name on your vehicle's title. If it doesn't, we won't be able to lend you some car title loan cash. Also, you have to be at least 18 years old before you can come here and apply for this loan.
• You need a lien-free title to your vehicle: The next thing you need for secured loans here is your lien-free vehicle title. It is vital that your car title is lien-free – which means that there aren’t any outstanding liens or loans. This means that if you have any outstanding financing on your vehicle, then you won't be able to receive this loan. The vehicle's title must also be in your name. If you own a vehicle but the title isn't in your name, you will have to change it with the DMV.
• You need proof of income: You also have to supply us with proof of your income. This does not necessarily mean employment income. We here at Texas Car Title and Payday Loan Services, Inc. can consider other forms of regular income if you discuss it with us before you show up so we can make sure you have the right proof of income. If you do use your work, use the most recent pay stub you have.
• You need your vehicle for a quick inspection: The last item you need is your vehicle. While we do not keep your vehicle while you repay the loan, we still need to see it. We will quickly inspect your vehicle to determine how much money we can lend to you if you are approved for bad credit loans here. We look at your vehicle’s resale value and overall condition – plus we look at a nationally recognized pricing guide to determine the vehicle’s value.

You Need To Practice Responsible Borrowing

When you are searching for secured loans, you have to remember that car title loans were designed to help you out with emergency expenses. This means you need to practice responsible borrowing so you can avoid any car title loan risks. What do we mean by that? Well, you should never get a title loan if you are planning on using it for frivolous spending. Only use the money for emergencies like medical bills, late utility bills, or emergency travel.

Why People Use Texas Car Title And Payday Loan Services, Inc.

Now that you know a few things about our loan, you can move onto the process. As we’ve said throughout the article, this process is simple and quick for you to get through. There are very few steps to the inquiry process, which helps to keep things headache-free. In fact, all you have to do is get through three steps to find out if you qualify for approval. And, we are always here to help you out no matter what step you are on. Here are the steps you will have to go through:

• Fill in the inquiry form on our website so you can speak to one of our title loan representatives on the phone. We will go over the required items and set up a meeting for you to either come to the nearest store or have us come to you.
• Make sure you have the required items ready for the meeting. Wait while we carry out a quick and easy vehicle inspection. We will also assess your title, proof of income, and your ID.
• We will determine if you qualify for approval and how much we can lend to you. If you are approved, we will go over the loan terms and help you finish the final paperwork. Once done, you can receive your money later that same day or the next.

Need To Borrow Cash? Inquire About A Title Loan Today

The next time you have emergency expenses, you don’t have to worry about handling them on your own. We here at Texas Car Title and Payday Loan Services, Inc. help you out with our secured loans. If you have a lien-free title, you can get car title loans right now! And as you’ve read in the article, having bad credit doesn’t stop you from getting bad credit loans. So, as soon as you are ready to get started, just go to our website and fill out the online application 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.