ONLINE CAR TITLE LOANS
IN TENNESSEE

Title Loans In Tennessee – How They Work & What’s Required

Are you having a tough time getting approved for an unsecured loan in Tennessee? Perhaps it’s time to consider a title loan secured by your vehicle. These loans have been available in Tennessee over the past few years, and you don’t need good credit to qualify. You’ll add your lender as a lienholder to the car’s title, and the vehicle will be held as collateral until the loan is fully repaid.

With Premier Title Loans, qualified applicants in Tennessee with a lien-free vehicle can pre-qualify, and the requirements are relatively straightforward. You must be at least 18 years old and present a valid government-issued ID. You must own the vehicle outright, meaning no one else is listed as a lienholder with Tennessee Driver Services. You need proof of income, which often involves submitting bank statements or employment records. Finally, your car must be in good condition and have a clear title – you have the best chance of approval with a car valued at $4,500 or more. Lenders may run a credit check to make sure you have no past bankruptcies and no existing vehicle-secured loans with other companies.

Vehicles That Qualify For A Title Loan In TN, And How Much Can I Get?

Many registered, paid-off vehicles in Tennessee can be used as collateral for a title loan, including cars, commercial trucks, and motorcycles. Funding amounts depend on your vehicle’s current value, so it’s vital to know its value before applying. If you still owe money to your lender, you won’t have possession of the pink slip, making it hard to get approved for any loan requiring a paid off vehicle.

Loan amounts in Tennessee mostly based on the vehicle’s resale value. Title loans are typically offered at 30% or more of your vehicle’s Blue Book value, and the maximum loan amount in Tennessee is $2,500.

You may need to bring in your vehicle for a quick inspection to determine an accurate loan amount. During the inspection, your car will be checked for mechanical issues that could lower its resale value, and your lender may take it for a test drive. It only takes about 45 minutes to inspect the car, and some qualified customers can sign the contract and collect their funds during the same visit.

Regulations For Tennessee Title Loans

Title loans are legal in Tennessee, but there are restrictions on the maximum loan amount and repayment terms. The Tennessee Title Pledge Act regulates secured lenders within the state, and the maximum loan amount is $2,500. Loans are initially issued with a 30-day repayment term, which can be renewed continuously, subject to certain restrictions. For instance, once you reach the 3rd renewal, you must pay a portion of the original amount, in addition to any fees and interest, as permitted by the Tennessee Title Pledge Act. Licensed lenders in Tennessee can charge up to 20% of the remaining principal per month, in addition to 2% monthly interest.

How Does The Title Loan Process Work In Tennessee?

The agents at Premier Title Loans can quickly process and underwrite your application in Clarksville, Gatlinburg, or Nashville, often within a few hours. Assuming your vehicle is paid off and you have verifiable income, you stand a good chance of being pre-approved within 1 business day.

To complete your tapplication in Tennessee over the phone, simply call us at 800-250-6279. Alternatively, you can submit your information using our online application. We need your vehicle’s make, model, and year to provide you with a quote. After that, we’ll let you know how much money you qualify for.

Getting Your Money From A Title Loan Lender In Tennessee

Your lender can wire the money straight to your bank account if you are approved for a vehicle title loan. Other customers in Tennessee can pick up a money order or get cash in person at locations in Nashville, Lynchburg, or Murfreesboro. Some companies can send funds via direct deposit to a debit or prepaid card within 1 business day.

Use your loan proceeds for financial emergencies or pay off other loans; it’s entirely up to you. Unlike some equity lenders that offer access to revolving credit, a car title loan lets you borrow cash using your car as collateral.

Apply Online Or With A Local Lender In Tennessee

Once you decide that a title loan is for you, the next step is to determine how you want to apply. Some people choose to fill out an online application with us. Others prefer to apply in person at various locations throughout Tennessee. You can find local lenders in larger metropolitan areas, such as Nashville and Chattanooga. Other cities, like Knoxville, have fewer retail offices within their city limits, but multiple lenders are a short drive away.

Whatever route you take, remember that Premier Title Loans is here to help get your loan funded in Tennessee. We’re happy to help you apply online 24/7, over the phone at 800-250-6279, or at any location offering vehicle-secured loans in Memphis or Clarksville. We work with lenders in the area, so we can typically pre-approve your application within hours of receiving your info.