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Qualify For A Car Title Loan In Alabama

Start your application online with Premier Title Loans or call 800-250-6279 to get pre-approved for a title loan in Alabama! These secured loans are easy to get and even quicker to qualify for; you primarily need proof of income and a paid off vehicle to get pre-approved for a lending estimate. Your vehicle’s title serves as collateral for the loan, and credit requirements are minimal, as your car secures the loan amount. Title loans in Alabama have a 30-day payment term, with the option to renew monthly.

You must live in Alabama to receive this secured loan. You cannot have a recent bankruptcy or have any legal order or judgment that would impact your ownership of the vehicle used for this loan.

Other requirements for a title loan include showing proof of active employment and evidence that you can repay your loan. You must also have a valid state-issued ID to qualify. Title loans (legally referred to as title pawns) in Alabama are regulated by the Alabama Pawn Shop Act. Under these regulations, title loan companies are considered pawnbrokers and must be licensed in the state to offer loans secured by a vehicle’s equity.

Cash With An Online Title Loan In Alabama

You must complete the short online application for Premier Title Loans to get an estimate and start the underwriting process. This requires 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 vehicle is approved for an Alabama title loan within minutes. We’ll get you an estimate that outlines everything from your payment amount and interest rate to how long it will take to repay the loan!

Once approved for a title loan in Alabama, your cash will be deposited into your account through direct deposit or ACH. Would you prefer to receive your funds by money order or check? These options are also available, and payments can be disbursed in as little as one business day. That timeframe can even be sped up if you live in Huntsville or Mobile and want to meet with a local lender to get your cash.

Ideally, you could go through the paperwork, complete the vehicle inspection, and get your money 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 a registered lending agent come to their home or place of employment to sign the paperwork and complete the underwriting and inspection process quickly.

Can I Qualify For An Alabama Title Loan With Bad Credit?

Anyone with bad credit can qualify for an Alabama title loan, as having sufficient vehicle equity is a far more critical requirement than having a decent FICO score. You can still count on approval even with an adverse credit history or low credit score.

A lender will likely pass on checking your credit report while underwriting your loan. But if they do, it will primarily be to look for judgments or significant loan defaults. They will not be concerned about minor credit issues, such as a late payment on a credit card or installment loan.

At Premier Title Loans, we speak with customers all the time who have poor credit, and even with a low FICO score, you can still get a title loan if you have a vehicle that’s paid off and in good condition. Call us at 800-250-6279 to see your approximate loan amount, and we won’t even run your credit to get you an initial pre-approval estimate.

Interest Rates On A Vehicle Title Loan In Alabama

Under the Alabama Pawn Shop Act, a customer in Alabama can expect an interest rate of 25% monthly, which comes to an annual percentage rate APR) of 300%! That’s a very high interest rate because a loan on your vehicle is considered a last resort, and there are minimal underwriting requirements beyond your vehicle equity and proof of income. These companies will charge a high APR because they take on more risk by offering loans to borrowers with questionable credit scores.

You can sometimes reduce your interest rate by refinancing with another title loan company in Alabama. Refinances are an option for anyone who’s made consecutive payments on their loan, and prospective lenders are willing to lower your interest rate and get you a quicker payoff term if they see you’ve paid your loan on time.

For those with good credit, it may be better to go with an installment loan company or bank lender offering lower rates and not relying on your vehicle as collateral. Check with local companies in Montgomery and Mobile, as these larger cities have lending locations providing unsecured loans that don’t require a vehicle as collateral. There are dozens of title loan companies throughout the state, and you can easily compare the APR and payoff time for each firm when you apply with Premier Title Loans. Even in smaller cities in Alabama, like Tuscaloosa and Dolthan, lenders offer title loans based on your vehicle’s equity value!

Apply Today With Premier Title Loans

Are you ready to get started on your title loan application with no store visit? If so, fill out our online application or contact Premier Title Loans at 800-250-6279 for more information about our title lending offers. We now offer pre-approval for no inspection title loans and loans on commercial trucks in Alabama, and there’s a chance we’ll be able to help you with a secured loan.