If you live in Alabama you can get up to $20,000 with a fast and easy car title loan. These secured loans are easy to get and even quicker to qualify for, all you need is a vehicle with equity that you own. A car title lender will use the vehicle’s title as collateral for the loan. You will make monthly payments to pay off the loan while you keep driving the car with timely payments.
How To Qualify For Alabama Title Loans
You must be an Alabama resident and have an active bank account to receive this type of secured loan. You cannot have filed bankruptcy during the past seven years or currently be under any sort of default judgment that would impact your ownership of the vehicle being used for this loan. The amount available to borrow depends on how much your car is worth at the time of purchase, but the maximum loan limit is primarily based on the vehicle’s resale value. The more your car is worth the more cash you can get with a title loan in Alabama.
Other requirements for a title loan in Alabama can include having to show proof of employment. This may include a job verification letter from an employer as well as proof that you make a certain amount of money each month. Typically this will need to be at least $1,500 but this amount requirement increases as the amount you borrow with a title loan in Birmingham goes up. You also need to be at least 18 years old with a valid state-issued ID to qualify for a licensed title pawn loan or auto title loan.
Getting Your Cash With A Car Title Loan In Alabama
To receive your cash you must first fill out a short online application. This will require basic information about the car and additional mileage information. The time it takes to underwrite a title loan is quick and once you have submitted this information you will learn if the car is approved for a title loan in Alabama within minutes!
Once you have been approved for a title loan in Alabama your cash will be deposited into your account on the same day you apply and that timeframe can even be sped up if you live in Huntsville or Mobile and want to meet with a local lender in person to get your cash that same day. Ideally, you would be able to go through the paperwork, complete the vehicle inspection and get your cash in person within two hours or less. In addition to meeting with a local lender in person, anyone in Birmingham or Montgomery can have a state-licensed notary or registered lending agent come out to their house or place of employment to sign the paperwork and get the cash then instead of having to go to a retail lending office.
Can I Qualify For An Alabama Title Loan With Bad Credit?
Anyone who has bad credit can still get an Alabama title loan as having sufficient vehicle equity is a far more important requirement than having a decent FICO score. You can still count on being approved, even with a negative credit history or low credit score. The main concern for loan underwriters is that your car is worth enough money to cover the amount that you want to borrow.
If your car is worth $10,000 or more on the resale market, you will probably have no issues qualifying for this type of secured loan at any point. That’s because companies that offer car title loans want to know that you have equity in your car and they can use that equity if you miss future loan payments. A borrower with good credit on the other hand can shop around for deals on vehicle title loans as most companies will look favorably on someone who has a good credit score and also has good equity in their car.
Will The Interest Rate Be High On A Car Title Loan In Alabama
A consumer that takes out an Alabama title loan can expect a high interest rate with their loan. That’s because the lender is allowed to charge a rate that is higher than the national average, and these companies will charge a high APR because they are taking on a significantly higher risk by offering a high dollar loan for someone with a questionable credit score
For someone who has good credit, their best bet is to shop around for vehicle title loans as rates can vary by thousands of dollars depending on where you live in Alabama and what lenders you go with. A good place to start would be checking with the local companies in larger cities like Montgomery and Mobile. There are dozens of title loan companies in each of these cities and you can easily compare the rates and lending terms with each firm. Even smaller cities like Tuscaloosa have a handful of local lenders that will probably work with you to lower the rate on your loan.
A borrower with bad credit may not have any other options at all when it comes to borrowing money now due to past financial mistakes, but even those consumers who do qualify for a no inspection title loan may still want to try several different lenders until they find one with the lowest possible interest rate. Are you ready to get started on your application for an online title loan? If so, feel free to fill out our online application or contact the Premier Title Loans staff at 800-250-6279 to get more information about our title lending offers.