11 Mar

Can I Get A Title Loan With An Out Of State Lender?

Many customers contact us asking if they can get approved for a title loan in a different state or if the requirements are different outside of their state. These questions often arise because all states have different laws and regulations regarding title loans. Some states ban all types of short term loans, and others will restrict the loan amounts and interest rates. Out of state title loans mean that you apply for the loan in a state different from where your car is registered. It may be possible to get out of state title loans in some cases, but not always.

What Is An Out of State Car Title?

When you have an out of state car title, it just means a different state issues your title document for your vehicle than the one you currently live in, or in this scenario, where you’re applying for a title loan. When you move to a new state, your car title, for example, could originate from your previous state.

Your car title is a legal document that establishes your ownership of your vehicle. It also provides information on the vehicle, such as the vehicle identification number (VIN), make and model, year, and your name and address.

If you move to a new state, you may have to update your car title to ensure you comply with state regulations and that your title reflects your new address. This is also true when you apply for a title loan with a title that’s not in your name or if you have a lienholder or 3rd party on the pink slip

Typically, updating your car title is part of the process if you register your car in a new state.

Regulations related to car titles and registrations differ depending on the state, so you must check with the local DMV or the equivalent agency to ensure that you update your title and registration in a timely manner and avoid potential penalties or fines.

Most states will require you to register your car there if you move.

Can I Get A Title Loan In Another State?

Can you get a title loan in a different state? It depends.

Regulations for getting a title loan vary by state, and lenders must follow the laws in each state where they operate. Whether or not you can get a title loan from an out of state lender depends on the laws where you live and the laws where the lender operates.

Some states have stricter rules than others for title loans, making it harder for a lender to accept a title from another state. For example, it’s much easier to get a title loan or registration loan in Arizona, with few lending restrictions, versus California, where most loans have interest rate caps.

Lenders may also have their own restrictions regarding the origins of a vehicle title. Some lenders will accept an out of state title, while others prefer titles only from the state where they operate. Lenders usually also assess a vehicle’s value when determining the amount of a loan. If your lender can’t determine the value or condition of the vehicle because the title is from out of state, this could affect whether or not you’re approved.

A customer with a minivan applying with an out of state title loan company.

Proving Residency For A Title Loan In A Different State

Whether you’re applying for out of state car title loans or trying to work with a lender in your own state, they will probably ask you to prove residency. Proving residency is a common requirement as you apply for a title loan. A lender might ask you for proof of residency to verify your address.

To prove residency for a title loan, you can show documents such as your utility bills, a lease or rental agreement, or a mortgage statement. You can also use a government issued ID, and some lenders will take your vehicle registration as proof of residency.

How Do You Get A Car Title Loan?

Getting a title loan involves several steps, including out of state title loans if a lender allows them.

First, complete the Premier Title Loans application with your personal information and details about your vehicle. Some lenders may also want information about your income and employment even though your car is the collateral. Then, the lender will assess the value of the vehicle you use as collateral. They might do an in person inspection, or you may need to provide documentation and photos.

You’ll have to show the lender your physical title, and if you meet all the criteria, the lender will approve your loan. The loan amount you’re approved for is usually a percentage of whatever the appraised value of your vehicle. You sign an agreement and give the title to the lender while repaying your auto equity loan or title loan. You then agree to repay the loan based on whatever the terms of your agreement are with the lender. You get your title back when your loan is paid off.

Final Takeaways

The short answer to “Can you get a title loan in a different state?” is that it depends on the lender, where they are, and the state on your title. Some companies will offer these secured loans to customers willing to cross state borders to apply. In contrast, others will follow their state regulations and only offer loans to residents within the state.

If you’re interested in getting a title loan in a different state from where your title originates, we may be able to help at Premier Title Loans. You can start applying for a title loan with us online. If you have questions about out of state title loans or need more details on the process, contact us at 800-250-6279.

31 Jan

Can I Get A Title Loan When The Car’s Title Is Not In My Name?

While lender requirements for a car title loan can vary, the most critical document is the title itself. You may also need other documents, such as proof of identity, income, and vehicle registration. Some lenders require additional information, like proof of residence and insurance, and may need to inspect the vehicle in person.

A car title includes details about the owner and the vehicle itself. It’s proof of ownership. If you buy a car, the title is transferred from the seller to you as the buyer, making you the legal owner.

Since a car title loan requires that you pledge your vehicle as collateral, the title is needed, and the lender puts a lien on that title until you repay your loan. If you were to have only the vehicle’s registration without the title, you’d be unlikely to qualify for this type of loan.

Getting a Title Loan If the Title Isn’t In Your Name

In most cases, you must own the vehicle outright to get a title loan, meaning the title is in your name. The lender needs a clear legal claim to the car if you default on a loan. If the title is in another person’s name, you might need to transfer it into yours before being eligible for this type of loan.

Transferring a title depends on where you live, so you should check with your Department of Motor Vehicles (DMV) or the equivalent agency to determine the specific requirements.

A customer with a signed over car title applying for a loan.

Apply for a Title Loan On a Shared Car – Is It Possible

If you have a shared vehicle and have more than one owner, whether or not you can apply for a title loan depends on the laws where you live, the actual lender, and their specific policies. Many title loan lenders prefer the applicant to be the sole owner of the vehicle, but you can apply for a title loan together. You’d probably both need to be listed on the loan application, and both names would be on the title.

If you’re applying for a title loan with a co-owner of the vehicle, you may need to provide identification, proof of income, and the other documents the lender requires.

Can I Get a Title Loan if the Title is Signed Over to Me?

A signed-over title means that the vehicle owner signs the back of the title to transfer ownership to someone else.

To complete the process, you would go through the ownership transfer. The title has to be correctly signed over by the previous owner and needs to include their signature, the date of the sale, and the purchase price, if applicable. Once the title’s in your name, you can apply for a title loan, although again, the lender may require additional documents beyond the signed-over title. The lender might also verify the information on the title to make sure you are, in fact, the legal owner and there aren’t issues with it or liens.

While getting a title signed over to you is a necessary part of the process to own a vehicle officially, you usually have to go through the entire process at the DMV to get a loan using it as collateral. A signed-over title alone isn’t typically sufficient.

How To Get a Title Signed Over

If you want to get a vehicle’s title signed over to you, you need to agree on sales terms if you’re buying it. Depending on local regulations, you might need a bill of sale that outlines the transaction specifics, including the buyer and seller’s names, the date of the sale, if applicable, the purchase price, and a vehicle description.

You and the seller may need to go to the local DMV to complete the transfer. You should bring the signed title, a bill of sale if required, and any other documents required by your DMV. At the DMV, you submit the signed title and additional paperwork. Your local office may require you to fill out an application for title transfer, provide proof of insurance, and pay fees.

Once the transfer is complete, you receive a new title in your name. After a title is officially signed over, you can use it as collateral for a title loan.

A businessman driving a shared car.

Title Loans On A Gifted Vehicle

You can generally get a title loan on a gifted vehicle as long as the title has been transferred to your name correctly. However, the process may be slightly different for gifting a vehicle versus selling it. For example, an affidavit may need to be signed to show that it is, in fact, a gift.

What If There’s Still A Loan On The Vehicle?

If you have a car with a loan that’s not paid off, you will likely not be able to get a title loan or even apply for a loan buyout. The lender holds a lien, and the title will show the lienholder’s information. When you finance a car, the lender’s information will be on your car title until you pay off your loan. You must own the vehicle outright, with no existing liens on your title.

Applying With Premier Title Loans

If you’re unsure how to get started or want more information on the process and requirements for a title loan, please call Premier Title Loans at 800-250-6279 today. We can help you take the next step to get financing using your vehicle as collateral. If you have questions about title loans without your name on the title, we can also help with that.

Cars at a repair shop that will soon be salvaged.

29 Sep

Salvage Title Loans – How They Work & What Do I Need

Title loans have long been a lifesaver for anyone needing money. They offer quick approval and fast funding for anyone who owns a vehicle with a lien free title. But what about if your car has a salvage title? Is a title loan even an option for you, and can you get approved in the same amount of time?

Salvage title loans are real; most lenders will offer $1,000 or more, even with a rebuilt or reconstructed car. These rebuilt title loans are an effective way to cash out equity from your vehicle and you won’t need perfect credit to be approved!

How Do Rebuilt Title Loans Work – What You Need to Know

Salvage title loans function much the same as car title loans with a clean and clear pink slip. The borrower uses their vehicle as collateral and a lender offers a secured loan based on the vehicle’s value. If you’re looking for a rebuilt title loan, that means your car or truck has been damaged in an accident or natural disaster. The insurer then labeled the title salvage as replacing the vehicle was likely less expensive than fixing it. At this point, the vehicle was repaired and made roadworthy, and that’s why it’s labeled as a salvage vehicle.

The Application Process – What Required For A Salvage Title Loan

To begin the process, you can apply online or over the phone with Premier Title Loans. We need a few brief details about the vehicle, including its make, model, and VIN. We’ll then determine how much the car is worth based on comparable sales and develop a quick estimate for your rebuilt title loan.

During the underwriting process, you must submit proof that you own the vehicle. This means the car’s rebuilt title, will eventually be signed over to the lender. Don’t worry about not being able to drive your car! All we need is your pink slip as the the lender will be added as a lienholder and you can keep the keys!

You must submit proof of income showing you make enough each month to afford the payments for any loan with the car as collateral. This can be done with payment stubs or bank statements to verify you have sufficient cash on hand. You may also need to send in proof of vehicle insurance and proof that your vehicle is properly registered. In some cases, we’ll need documents from your insurer to verify the circumstances of why your car’s title was salvaged and what happened during the accident. This is only to determine the vehicle’s current value and we can typically do all this during the inspection.

How Does a Rebuilt or “Salvage” Title Loan Compare to a Typical Title Loan?

Salvage title loans often have a higher APR and shorter repayment terms versus traditional car title loans and car equity loans. That’s because lenders charge higher rates as they’re taking on more risk with a vehicle that’s been rebuilt. Expect an interest rate of 50% or more with any rebuilt title loan.

These loans typically come with lower funding amounts and that’s because your vehicle is worth less. All salvaged vehicles have a resale value far lower than comparable vehicles and are reflected in the loan amount. Look for a loan amount that starts at $500 with a salvage title loan and in some cases, you can borrow up to $5,000.

Another thing to consider is the time it takes to get qualified and approved. Traditional title loans are often easier to qualify for, mainly based on the vehicle’s value. Salvage title loans, on the other hand, involve rebuilt vehicles and it may take longer to inspect the car and evaluate its current resale value.

Salvage Title Loans – What Else To Know

All types of title loans are easy to get approved, which is the case with a salvage title loan. Anytime you apply with Premier Title Loans using a rebuilt car title, we’ll process your information quickly and give you a few different lending options with multiple repayment terms. That way you can compare our offer to other online lenders and then make an informed decision based on what works best for you.

Be sure to only work with experienced companies dealing with rebuilt vehicles. Yes, many online companies out there claim to offer cash for salvage titles. Still, many of these services don’t know how difficult it is to come up with a realistic vehicle value and they may offer you far less than what the vehicle is appraised for. Shop around and look for lenders that advertise their ability to offer equity loans on a rebuilt vehicle!

Apply Today With Premier Title Loans Using A Rebuilt Title

Premier Title Loans works with all types of applicants and it doesn’t matter if you have a brand new vehicle or one that’s 15 years old with a salvage title. As long as it’s paid off and in your name we can help you. Apply online or call us at 800-250-6279 to get a quote in 30 minutes or less. After that, we’ll find a local lender near you with the hope that you’ll get funded for a salvage title loan in less than 24 hours!

29 Jun

Title Loan Buyouts – Everything To Know

Title loans are a great way to borrow money quickly, and they’re typically approved with minimal documents required other than the car’s title. But what happens if you cannot make the required payments or have already fallen behind on your loan? In this scenario, a title loan buyout is a realistic option to find a new lender willing to reduce your rates or refinance your loan with more favorable payment terms.

A buyout can save you money and get you back on track with payments and avoid a more drastic scenario where the car is repossessed by your lender and sold at an auction!

How Does A Title Loan Buyout Work

A title loan buyout means you’re working with a new lender that agrees to refinance the existing title loan. The desired outcome with any buyout is to get a new loan with better interest rates and extend the payment term to a more manageable level. Some customers will look to lower the monthly payments on their loan

if they can no longer afford the amount due. However, reducing the monthly payment can make it more challenging to repay the loan as less money each month will go towards interest.

A title loan buyout leaves you with a fresh start with a loan on a pink slip, and in most instances, the new financing company will buy out your original lender. With these buyouts, you can save a considerable amount of money, but they’re also tough to get approved for, as some companies are hesitant to offer loans when you’re already behind on the payments.

Apply with Premier Title Loans For A Loan Buyout

You’ll be pleased to know that Premier Title Loans offers buyouts on most eligible title loans. That means we can get you a new payoff term and possibly reduce the interest rate on your current loan. All we require is proof and documentation of your current

loan. That can be with the existing loan documents; we’ll need your lender’s contact information.

We’ll reach out to them and attempt to refinance or buy out that loan, and in turn, you’ll get a fresh start with our lending offer. Anyone who applies with us using a typical title loan or even a salvage title loan will be considered. Still, you have a better chance of approval if your vehicle has not been repossessed and you are current on the monthly payments.

A satisfied customer after having his loan bought out.

Benefits Of Buying Out A Title Loan

Improved Interest Rates – It doesn’t make sense to continue paying a title loan if you can get that same loan at a lower rate. Most loan buyouts result in significant interest rate reductions, which means an expedited repayment term.

Less Financial Stress – Let’s face it: defaulting on a title loan can lead to increased financial stress, where you may lose your vehicle to a repossession. Having a loan bought out alleviates the financial burden, and you can hopefully avoid additional late fees and interest charges.

Increase Your Credit Score – Most title loan companies report your credit score to the credit bureaus, and if you fall behind on the payment, your FICO score will suffer. When a lender buys out your loan, that gets you back on track with the payments, and you can improve your credit score.

Quicker Payoff Terms – No one wants to make payments on a loan if there’s a faster payoff available. Premier Title Loans can help by buying out your loan to get a faster repayment term. Instead of paying off your bad credit title loan in 12 months, a buyout can reduce that term to 6 months or less!

What To Look For With A Buyout On Your Car Title Loan

Any time you consider refinancing your loan, you need to think if it’s worth your time to buy out an existing loan. Will you save a substantial amount of money with a buyout, and can you end up paying off your loan earlier than you initially expected? If either answer is yes, it makes sense to shop around and get a few quotes to see if you can save money by refinancing a title loan.

You also want to look out for companies that claim they can buy out your title loan if you’ve already defaulted or had the vehicle repossessed. In this scenario, it’s challenging for any lender to approve a buyout as they would essentially be taking on a loan obligation already in default. It’s unlikely that a company offering a car title loan near me would pay off the existing loan, only to be left with a situation where you can no longer make the payments on your new lending terms.

New Payment Terms And Interest Rates With A Premier Title Loans Buyout

Applying for a title loan buyout program with Premier Title Loans is something anyone should consider as a way to reduce the interest or lower their payoff term. Contact us at 800-250-6279 if you’re unsatisfied with your current APR or want to see if we can help you pay off your loan quicker! We’ll get you a a lending estimate in minutes that will tell you if a buyout is right for you!

Cars that can be bought out

11 Apr

Can I Go To Jail If I Don’t Pay Back A Car Title Loan

A common question we hear from our readers is what happens if they don’t repay their title loan. This often comes up from borrowers who are already behind on their payments. We also hear from people who are curious about how these loans work and are trying to decide if online title loans are too risky of a lending option.

The bottom line is that you won’t go to jail if you fail to repay your car title loan. Not only that, you won’t get arrested for defaulting on your loan or face any criminal charges. With that, there are some significant repercussions if you fall behind on your title loan payments or, worse, default on your loan.

So I Won’t Go To Jail, But What Happens If I Default On A Title Loan

The most immediate consequence of defaulting on a title loan is that your car will likely be repossessed. The lender or a 3rd party collection agency will take your vehicle without your authorization and there’s not much you can do about it at this point if they’ve followed the relevant laws in your state. They have every legal right to repossess the car when you legally default on the contractually obligated payments.

Aside from losing your vehicle, you’ll also owe a lot of money if you want to get the vehicle back. Even if the lender is holding your car, you are still assessed interest charges on the loan, and they’ll likely hit you with daily fees for holding the vehicle at a tow yard. Worse than that, you may still owe the lender if your car is sold at auction and brings in less money than what you owe the lender. In most states, they’ll hold you responsible for the balance due after accounting for the vehicle’s sale price.

Here’s Why You Won’t Go To Jail If You Default On A Car Title Loan

In short, jailing someone for being unable to repay a debt is illegal. This debtors’ prison was abolished in the United States over 200 years ago! That’s not to say that some unscrupulous lenders and bill collectors won’t threaten you with jail time or something along those lines, but it’s not going to happen if you default on a title loan. Sure, they can take you to court and sue you for any money owed above and beyond what your vehicle sells for at auction. But any legal action would be a civil matter and you won’t be subject to criminal prosecution for defaulting on a loan.

Consider legal help if you fall behind on loan payments.

My Lender Says I Will Go To Jail For Not Paying My Title Loan – What Can I Do

As a consumer, you have significant protections that limit credit harassment and actions like this by lenders. It all starts with the Fair Debt Collection Practices Act, and additional legal frameworks are in place for each state that protects you if there’s a title loan default. For instance, a borrower in Richmond, VA, is not only protected by their state laws but also has the backing and protection of city rules and regulations that regulate bill collectors and repossession companies. Bottom line, don’t listen to a lender or 3rd party bill collector if they say you’re going to jail for not making the monthly title loan payments. Instead, document the situation and consult an attorney or your state for further assistance.

Avoid Losing Your Vehicle With A Title Loan Default

So now we know that jail is not an option for someone who didn’t make their title loan payments. But what can you do to avoid having your vehicle sold at auction after a default? Vehicle repossession is a real risk, and you should assume a creditor is making arraignments to repossess the car and sell it as quickly as they can once you fall behind on the payments.

To avoid a default and subsequent loss of your vehicle, you must be proactive and never get to this point. That means contacting your lender to let them know there’s a possibility you will miss a payment shortly. Or consider working with your lender to devise an alternative payment arrangement or loan buyout to avoid a potential default. You can also ask them about a title loan refinance for a better repayment term and lower interest rates. The bottom line, you need to communicate with your lender at all times and let them know you’re doing all you can to “make things right” and get back on track with the payments. It doesn’t cost you anything to ask your title loan company if they’re willing to lower your payment or refinance your lending terms.

Contact Premier Title Loans at 800-250-6279 to learn more about your refinancing options if you’re in danger of default or repossession.

You wont be put in a jail cell if you default on a loan.

01 Dec

Car Title Loan Companies Open On A Sunday

We’ve all been in situations where money becomes tight, and in some circumstances, you may need cash on a Sunday or bank holiday. But what can you do if most banks and finance companies are closed during off hours?

If you need a loan on a weekend, you should consider a car title loan company that’s open and funding loans on any day of the week. Here at Premier Title Loans, we make it easy to find title loan lenders that offer same day cash loans on weekends and holidays!

Find A Title Loan Lender That’s Open On Sunday

When looking for a title loan place open that’s open on Sundays, it’s important to not only find a company that offers same day cash, but one that has manageable interest rates. Yes, some of these companies may be closed over the weekend, but does it make sense to wait a day if you have a lender that charges a far lower APR?

The bottom line is that it’s possible to get a title loan on Sunday and Premier Title Loans can get you started by offering multiple quotes from companies that offer loans at all hours. Most finance companies open over the weekend will have shorter hours, so you will want to check the business hours before you commit to finding a lender near you.

Drawbacks Of Car Title Loans Open On Sunday

Some companies have different business hours on the weekend, and others will have limited customer service assistance. It’s possible that the best and only option in certain circumstances would be to get a lending quote, and then you finish underwriting and pick up your cash on the next business day.

You may also find that the terms and conditions of the loan are not as good as if you were to get the loan on a weekday. That’s because some lenders that underwrite loans after hours use automated systems that don’t allow specialized financing terms.

Advantages Of Applying With A Lender On Sunday

We can think of a few benefits that come with getting a loan during the weekend, but if possible, you may be better off waiting until Monday. Most consumers who apply on Sunday with Premier Title Loans need immediate cash and can’t wait until the following business day. If you need money now then yes, it makes sense to apply as soon as possible to get the money wired to you within a few hours. Sometimes though, you may need to wait until the next business day as some banks hold off processing deposits and wires until regular banking hours.

Another benefit of getting a loan over the weekend is that some lenders will have more time to work with you and answer any questions. For example, they will have more time to assist those who want to know if title loans go against your credit or if a lender will even run a standard credit check. Compare the weekends, which are far less busy to what you see on a hectic weekday when most people apply for car title loans, and you will realize the advantage of applying on a day when business is slower, like a Sunday.

Should I Apply Online Or With A Car Title Loan Lender That’s Near Me And Open On Sundays

The method of how you apply for a car title loan, either online or in person, should not be any different on a weekend or weekday. There are benefits of working with a lender only online, but you may want to go with a company in your neighborhood with Sunday hours. Either way, comparing at least three different lenders before deciding is best.

It doesn’t matter which day of the week you apply with us. It can be a weekend or any other day of the week, and the staff at Premier Title Loans will do all we can to get you quickly funded. It doesn’t matter if you’re looking for online loans in Jacksonville or title loans in Atlanta. If a company offers loans in your location on a Sunday or holiday, we likely know about it! Contact us at 800-250-6279, to start your application for an online title loan!

You should always get a payoff quote before you sign a title loan contract.

04 Oct

Online Title Loan Estimates – Get A Same Day Quote

Unexpected financial emergencies can happen to anyone. An expensive car repair, job loss, or medical bills can quickly leave someone in a pickle with nowhere to turn. Sometimes, people may take out a personal loan, but consideration from a lender for those can take time, and there’s no guarantee that you’ll even be approved. However, you can get approved for a car title loan that day!

The best way to know how much you’ll be able to borrow is with a car title loan estimate. This is a fast, free, no-obligation assessment of the value of your car and how much a company that funds guaranteed approval online title loans is willing to give you. The best part? There’s no credit check! You can still apply for a title loan estimate even with bad credit.

Quick Title Loan Quotes

Getting an upfront quote from Premier Title Loans is simple and takes less than 10 minutes. Complete our online application or call 800-250-6279 to get your estimate over the phone. We can get you a quick quote because we only need basic information about your car’s value and your monthly income to estimate your loan amount and required payments!

The estimate isn’t an application for any specific online title loan but a starting point for you to consider. Use the numbers from your quote to come up with an exact quote that matches what you need for payment terms and monthly payment amounts.

What Information Do I Need For a Title Loan Quote?

The title loan estimate we give you is based on the details about your car. The vehicle’s make and model will generally determine your loan amount, monthly payment, and interest rate. The car’s age also matters since your vehicle older vehicles are often worth less. Mileage is also essential since cars with higher mileage tend to have more wear and tear and are, therefore, not worth as much.

Here’s what you’ll need to complete your title loan estimate application:

The year, make, and model of your car
Total mileage
Trim package details
Details about any upgrades or modifications

Any extra features on your car may increase the value of your car loan quote. For example, a leather interior, moon roof, top-of-the-line stereo system, and other upgraded features can add extra dollars to your bottom line regarding the vehicle value.

Remember that this is just an estimate, not the total loan amount you’ll receive after completing your application. The exact amount, interest rate, and repayment terms will be decided after your application has been underwritten.

Will the Quote Match My Final Loan Terms?

Your initial quote won’t necessarily match your final loan amount and that’s because your lending terms will invariably change based on the vehicle’s resale amount, your credit profile, and the specific underwriting standards. In addition to that, each state has different regulations concerning loan limits, monthly payments, and interest rates and those details will likely change your final lending terms.

Another thing that affects your final loan amount is whether or not you’ve had to borrow more than the vehicle’s sticker price due to multiple prior car loans. Suppose you’ve borrowed money against your car loan title before, defaulted on the loan, or been consistently late with your payments. This, too, is taken into consideration when approving your loan.

How Much Does It Cost For a Car Title Loan Estimate?

Nothing! Getting an estimate is a quick and free way to determine how much you can borrow with a title loan. We’ll be able to tell you within 30 minutes what to expect in terms of the monthly payment, APR, and expected loan amount and and there’s no charge for this breakdown. A title loan estimate from Premier Title Loans may be the easiest way to decide if a vehicle equity loan makes sense for you!

Do You Need a Car Title Loan Quote?

Do you need money fast? Have you recently lost your job or run into an emergency expense? Or perhaps you need a quick quote from a company that’s open and offers title loans on a Sunday. The fact is that you don’t always need a quote to get started with our online application as we can get you a funding decision in just minutes! We offer car title loans on just about any car, truck, or motorcycle, and we can even provide same day cash if you’re approved.

Call us at 800-250-6279, visit us online to learn more about the process, or drop in for your fast, free, no-obligation car title loan estimate from Premier Title Loans!

A man paying his bills on time each month.

01 Oct

Do Title Loans Go Against Or Help Your Credit Score

You may consider a car title loan if you have bad credit but need money quickly. Although you can get a title loan quickly, you may wonder if title loans go on your credit report. Below, we answer that question and help you understand the implications of borrowing money against your vehicle.

Do title loan issuers report timely monthly payments to the credit bureaus? Or do they only report missed payments or loan defaults that lead to a repossession? What becomes of your credit score if you default on the required payments? Read on to find out the answers to these questions!

Do Car Title Loans Go on Your Credit?

Yes, but only if your lender reports your on time payments to any of the three main credit bureaus. It’s optional for any lender to report your payments to the bureaus, so you should always ask them beforehand what their policy is.

If you own your car, taking out a title loan is tempting when you need money to fund an unexpectedly significant expense. There are many benefits to car title loans.

Your imperfect credit will not typically jeopardize approval since you put up your car for collateral. However, that’s not the only consideration in making a final decision.

When Do Title Loans Go on Your Credit Report?

Lenders have different policies regarding reporting your car title loan to credit bureaus.

If you find a company that reports your monthly payments, you should view that as positive when choosing between lenders. Another common question is if title lending services will even check your credit score in the first place. Car title loans are based on the value of your car, and you put your vehicle up for collateral. So, why would the lender need to check your credit?

It’s possible to find lenders that won’t check your FICO score. However, not all lenders give you this option.

I Don’t Have A Credit History. Can I Still Get a Title Loan?

In most cases, you’ll have trouble qualifying for a loan if you have no credit history. Personal loan companies want to know you can make payments on time, and unsecured lenders are cautious about offering loans to customers with no payment history. However, that’s not always the case with a title loan. Since these loans depend more on your vehicle’s equity than your FICO score, there’s a chance you can still be approved for a title loan solely based on your collateral.

How Do Title Loans Affect Your Credit?

People always ask, “Do title loans go on your credit when you pay on time?” The answer to this is yes! Most secured lenders report your monthly payment history to the credit bureaus just like you would expect with a credit card or home equity loan. Any company reviewing your credit history will see your on-time payments as positive. However, the same is true if you fall behind or miss payments on any secured or unsecured loan! Make timely payments to improve your FICO score and avoid taking out a title loan!

How Does Your Credit Score Work?

By understanding how your credit score works, you can learn how to rebuild your credit history and eventually rebuild your credit score. The following factors are significant components of your credit score:

Your payment history accounts for approximately 60% of your credit score.
Credit usage or utilization accounts for 30% of your credit score.
New credit and credit mix also impact your score by 10% each. However, having too many new credit inquiries can negatively impact your score.
Missing a payment or having your vehicle repossessed by a title loan company can significantly impact your FICO score.

How Can a Title Loan Build Or Lower Your Credit Score?

Failing to pay on a title loan or pink slip loan can result in a default, negatively affecting your score. But did you know that title loans can also rebuild your credit? Title loan lenders are much like banks and installment loan companies; they all report your payments to the credit bureaus. Make your monthly payments on time, and you’ll build your credit history over the life of the loan! Check the Premier lending requirements before you apply with us and make your monthly title loan payments on time to improve your FICO score.

bad credit title loans are possible for those that aren't eligible for most unsecured loans

07 Sep

Is it Possible To Get A Title Loan With Bad Credit?

Most consumers who apply for online title loans will have little to no problem getting approved with bad credit. Many visitors who qualify for bad credit title loans have already tried to get an installment loan or cash advance from their bank or credit union. Unfortunately, most traditional finance options will require good to excellent credit. They also want bank statements and answers on why you may have missed one or two payments. That’s why a title loan with poor credit is great for someone with a car that’s paid off and those looking to borrow more than a few thousand dollars.

Most applicants think they need decent credit to be approved for an online title loan. That’s not always the case, as the vast majority don’t know if title loans go on your credit! Most companies would instead work with a client with lien free pink slip and employment history. By showing a lender you own the vehicle outright, you’re letting them know there’s collateral available for them if you fall behind on the monthly payments.

Get An Online Title Loan With Bad Credit

A personal or installment loan is hard to get when the borrower has bad credit. Even after initial approval with a bank or personal loan company, sending all the paperwork and documents will still take days or weeks. An unsecured loan, if offered, can carry an interest rate higher than the original debt. The same applies to those who apply for online payday loans or cash advances. Borrowers with bad credit should seek out alternative borrowing methods if possible. The best financing offers will always be a low interest loan from your bank or a credit card cash advance. These will have the lowest interest rates, but getting approved with poor credit is always tricky.

Premier Title Loans features a straightforward online application; all we need is your vehicle information and some contact details. With that, we’ll create a quick quote based on your vehicle’s equity, not your credit history! Expect a lending decision in 30 minutes or less and your FICO score won’t be an issue when underwriting the loan.

Apply Online For Bad Credit Title Loans

If you apply with multiple title loan lenders online, the odds are high that you will run across scam companies. Some offshore companies have moved from payday loan scams to those that involve the title loan industry. Be careful and constantly research a company that funds online title loans. Consider what happens when a potential borrower starts filling out online loan applications. Credit reporting agencies share their information with outside entities and marketing firms. This practice makes it easy for unsuspecting consumers to become targets of unlicensed lenders.

Consumers with bad credit are especially vulnerable because they have limited financing options. Some applicants are desperate to find any lender who will guarantee them a loan. Watch out for unsolicited calls, e-mails, or letters claiming guaranteed approval or promising to fund a title loan without a title in hand. Likewise, if a lender asks for money in advance for “an “application fee” or for the “first month’s payment,” this is likely a car title loan scam. Most reputable companies will deduct their fees from the actual loan amount obtained.

Bad Credit Title Loans From A Local Lender

Are you considering applying with a lender in your neighborhood offering bad credit title loans? You first need to determine if you should start the application online or go with a local company that does the underwriting in person. Most retail lenders will require detailed vehicle documentation and want to inspect the vehicle. Some companies will also ask for bank account information or try to verify you have direct deposit.

Loan Amounts & Interest Rates On Title Loans With Bad Credit

Bad credit title loans can provide up to $20,000 in funding with an average loan amount of around $3,500. Essentially, the more your car or truck is worth, the higher the loan amount you can expect. You can borrow 35% to 55% of the vehicle’s resale value, meaning a car worth 8,000 would lead to a funding amount of around $4,000. Since these loans don’t rely on your credit history, you should expect a high interest rate. Your APR will vary based on the vehicle value and repayment term, but you can expect an interest rate between 20% and 100% with most bad credit title loans.

There are several ways to reduce the interest rate on a title loan with bad credit:

Shop around with multiple title loan companies
Look for introductory discounts or rebates on your interest rate
Negotiate with the lender for a better rate, especially after you’ve made a few on time payments
Make larger payments to reduce the overall balance

Apply Today

Have you recently been turned down for a personal loan because of a low FICO score? We can help get you approve for an equity loan that relies on your vehicle’s collateral, not your credit score! Call Premier Title Loans today at 800-250-6279 to see what interest rates you can expect from a bad credit title loan lender near you!

A man stressing out after his car was taken by the primary lienholder.

18 Aug

How Much Time Before A Title Loan Company Can Repossess My Vehicle?

Have you missed your most recent payment on a title loan? Are you worried your lender will repossess your vehicle because of a lack of payment? Falling behind on a title loan is not ideal, and there’s always a chance your car will be repossessed and sold at auction to cover the remaining loan balance. However, it helps to know your rights and take action to avoid repossession. Even if fall behind on the payments, you still have time to work with your lender and fix the situation!

Avoid Repossession After Taking Out A Title Loan

While some online title loan lenders want you to believe they can push you around, repossession hurts them almost as much as it hurts you. It costs a lot of money to hire a repossession agent, store your vehicle at a tow yard, and get it ready to sell at auction. Also, throughout this entire time, your lender is not receiving your monthly payments! Therefore, if you can work with them, many lenders will respond positively because they would rather you get back on track than force their hand and initiate a repossession. Simply contact your lender and let them know if you face sudden financial difficulty.

It is uncomfortable to call a lender and tell them that you lost your job or are temporarily experiencing hardship, so most people dig their heads in the sand instead. However, maintaining contact and letting a lender know that while you may default this month, you can get back on track shortly could mean the difference between one missed payment and a repossession.

Title Loan Repossession Laws

The repossession laws for car title loans vary from state to state. In some states, your lender has to wait two weeks before they can even consider taking your vehicle, and they always need to send you a notification that your car has been repossessed. Other states require them to wait a month or more before they can start the repossession procedures. This means that after accounting for the state regulations, it’s entirely up to your lender to handle your situation.

Check your loan documents to review what happens if you miss payments and default. All lenders need to explicitly outline your rights, and the contract should specify how much time you have to avoid a vehicle repossession.

What Happens After A Title Loan Company Repossessed My Vehicle

After a repossession, most people are shocked and want to know what happens to their vehicle. Will it be immediately sold, or is it just sitting in a lot somewhere? While this often depends on state law, which can force lenders to follow a strict process before selling a vehicle, most lenders follow a general process.

Part of the shock of repossession is when the lender takes possession of the vehicle. No one will knock on your door or tell you the time has officially come. Repossessions are not enjoyable for either party and usually happen quickly and stealthily. One day, you may walk your door to work, and your car is not there, or it may even be repossessed from the workplace parking lot, leaving you stranded.

Following the repossession, an auto equity lender may allow you to make payments and get back on track with the payments to get your vehicle back. Do your part and talk with the lender, see if there’s any way they will work with you to lower the amount owed, and negotiate a new payoff contract. Most companies prefer you to keep making the payments versus selling the vehicle at an auction, as that can be quite costly, so there’s a good chance they’ll negotiate with you.

Once again, state law plays a role here, but it is usually in the lender’s best interest to accept your payments if you can settle your account versus finding a new buyer at an auction. Develop different approaches and settlement amounts to see how the loan can be paid off more quickly. After the cooling-off period ends, the lender will auction your vehicle to recoup some losses.

Let Premier Title Loans Help With Your Repossession

Premier Title Loans has options for anyone facing an imminent vehicle repossession because of missed payments on their title loan. We can see if you qualify for a loan refinance, or perhaps there’s a chance your lender will agree to a buyout with new monthly terms and interest rates. Others may be eligible for a truck title loan or other secured loans where you can use that cash to get your vehicle back and avoid a repossession! Call us at 800-250-6279 to learn more!