We Will Soon Launch Our Title Loans!

 Title loans let you borrow money using your vehicle’s title as collateral, often with same-day approval. To qualify, you must be 18 or older, show a government-issued ID, hold a lien-free car title in your name, and provide proof of regular income. Applications will soon be accepted.

The main advantage of a title loan is that almost anyone with bad credit can qualify and access quick cash. Still, we recommend using title loans only in emergencies, since higher interest rates make them costly in the long run. 

 To determine how much you can borrow, you must know how much equity you have in your car. You can use Kelley Blue Book to assess your car’s estimated value. If you don’t have any outstanding loans, you can borrow 25% – 50% with most lenders and with us, as long as you meet other requirements, such as income. 

Generally speaking, title loans are part of a broad category of emergency loans. There are various types of title loans, including Car title loans, Motorcycle title loans, RV title loans, and commercial truck title loans. 

Basically, a title loan is a secured loan where you can use your vehicle as collateral on the loan in exchange for cash from a finance company. The finance company will then place a “lien” (lienholder) on the vehicle’s title.

Once the loan is paid off in full the lien will be removed, and the vehicle’s title will be returned to you. Unlike auto pawn loans, you will get to keep driving your vehicle as long as you are making payments on time. 

 Auto title loans are a short-term loan option secured by your vehicle’s title. That is why borrowers can have less-than-perfect credit and get approved. If approved, your ability to repay and the car’s value will determine how much you can borrow. 

When you sign the title loan agreement, you are responsible for repaying the loan in full by the end of the loan’s term. You’ll make monthly payments with a fixed interest rate, and it depends on the loan amount, interest rate, and fees.

We will soon add cost examples for you to see!

When applying for a title loan, the following are the primary factors of approval:

1. Ability to repay the loan – You should only borrow what you are able to repay. You don’t want to be in a situation where you can’t make your payments. Lenders require proof of income to ensure that you have enough funds to afford the loan. That income can come from a job, settlement, social security, and more. 
2. The vehicle’s equity – Equity is how much your vehicle is valued at right now in its current condition. Since your vehicle is the collateral for the loan, if it doesn’t have enough equity for the loan amount you want, it becomes too much of a risk for the lender. 

Pros

• You can borrow up to 50% of your car’s value
• Flexible approval criteria and process
• Funding available in as little as a few hours to 2 business days
• No early termination fees for paying the loan off early
• Continue driving your vehicle while making payments

Cons

• Title loans have higher interest rates compared to other loans