So you need fast cash and you have no money to your name. Did you know the State of Texas allows to use your vehicle as collateral for a loan? That’s right, you can borrow cash quickly and not worry about your bad credit score with an online title loan!
Title loans in Texas are an option for those with a clean and clear title to their vehicles but poor credit scores. This is because loan providers that offer title loans in TX will give borrowers more options than payday or traditional title lenders would not be able to access. These options could include better loan terms, the ability to borrow more than what they can get at a bank, and possibly even a lower interest rate versus payday loan companies and cash advance services. The lending process is quite simple you cant fill out our short form online, apply in person at locations in San Antonio or Houston or call in and speak to one of our customer service reps to complete the application over the phone!
What Do I Need To Get Approved For Title Loans In Texas
Borrowers who want title loans in Texas need to have a paid off car title, proof of residence, and a photo ID. The title should be clear and show no liens or damage to the title itself. Documents should match the applicant’s name and their current address as well as be dated at least three months from today’s date. There’s really no getting around these 3 main requirements as most licensed title lenders in Texas will ask for collateral and ID to verify your application.
In addition, those looking for title loans in Texas must meet certain eligibility requirements as follows:
You will need to be at least 18 years old with a valid Social Security Number. Some companies may also require you to have a clean driving record from the Texas DPS within the last 3 years. Qualified applicants will also need to have a checking account with direct deposit. This is necessary so they can send you money and also so the lender can withdraw your monthly payment each month. Lastly, you can not have any other active loan out against your vehicle and the title or pink slip has to physically be in your hands. As long as you meet these minimum requirements then you should have no problems applying for title loans in Houston or all throughout Texas for that matter!
Should I Apply For Texas Title Loans Online Or With A Lender Near Me
Both of these options have benefits and drawbacks that you should consider. An online title loan application is simply that, an online title loan application. You can complete one form and submit your information to get your title loan decision in no time! But this doesn’t allow you to physically submit any documents or speak to a representative face-to-face about the process. If you are not too keen on applying for online title loans in Texas over the phone then applying online will be right up your alley.
On the other hand, if you want to speak with someone before making a final title pawn decision then speaking over the phone could be better. This way someone can walk you through each step of the title loan process and answer any questions that you may have to go along with submitting all of your documentation via fax or email.
Another option that many people chose is to apply with a title loan company near them in Texas. The good news here is that there are dozens of lenders all throughout the State. Some provide cash loans during normal business hours and others have more expansive services that can even include offering title loans on a Sunday or holidays. Consider that Austin and Houston have dozens of locations where you can meet with someone in person. The Dallas metro area alone has well over 100 commercial and retail offices where you can complete the entire application process at one sole location. For instance, this means that someone in Fort Worth or Arlington can drive to a title lending office in Plano, TX, and fill out an application, complete the underwriting and pass a vehicle inspection all within an hour or less.
How Much Money Can I Get With A Title Loan In Texas And When Can I Get It
The amount you can borrow with a title loan in Texas often solely depends on the resale value of your vehicle. There are some state and municipal regulations on the books that limit finance terms and interest rates, but there’s not much that applies to the loan amount other than how much the vehicle is worth. At this time, title pawn companies in Texas can lend up to 60% of the title or pink slip value. These amounts may be higher in larger metro areas like Harris County and Dallas County because there are simply more lenders and you can compare different quotes to get the more favorable loan amount.
On average you should be able to get around $3,000 with a title loan in Dallas or Houston. The title loan repayment period often starts at 6 months and interest rates are going to be high but you can get out of future payments by paying off the title loan early with no penalty.
Online title lenders will not report your missed payments to credit reporting agencies which means you won’t incur any penalties like checking overdraft fees that come along with bouncing a check for example. You should worry though about late fees or outstanding finance charges if your title loan falls into delinquency because you don’t want to pay extra money of course. But more importantly, you don’t want to lose your vehicle to a repossession. The State Of Texas has restrictions in place that regulate vehicle repossessions by title loan companies and you have some protections as a consumer. But you don’t want to get to this point and it’s best to work with your secured title lending rep to set up an alternative payment plan if there’s a chance you may fall behind on your Texas auto title loan.
I Have Bad Credit. Can I Still Get Title Loans In Texas
Most title loans companies in Texas will approve your title pawn application even if you have bad credit and they probably won’t even run a standard credit check! This is because they value the equity from your vehicle more than your past credit history or failed loan payments. Vehicle title loans are designed for those with spotty or poor credit because you look at the resale value of your car as being more important than your credit report.
There you have it, a title loan in Texas is a viable option for someone with bad credit and you can get your money in less than one business day. Sometimes even quicker if you live in the area around Austin, TX and want to pick it up in person! The number of documents and paperwork required to get cash with Texas title loans is far less than most personal loans and all you need to hand over is your actual pink slip. Keep driving your vehicle while you pay off the loan! Apply today with Premier Title Loans for an auto title loan in Texas! We’ll do our best to process the loan application quickly so you can get on your way to getting approved!