A title refers to an official document that represents the ownership of a particular asset. A title loan therefore refers to a loan that requires an individual to place a title of an asset such as a car, home or real estate as a collateral to get a loan. Thus you need to go through texas title application first before applying for a title loan. The title given as collateral shouldn't have any judicial or administrative restrictions for it to be accepted as a security by the lender.
After you have given out the title, we shall then hold the title of your asset for an agreed period, and give it out when you either clear the loan or fail to meet your loan obligations. Besides verifying the authenticity of the title, we will also verify if the borrower has a stable source of income that will enable them to meet their loan obligations. If the borrower is unable to meet the loan obligations, the law allows the lender to dispose the asset to recover the money.
Title loan forms one of the easiest ways to borrow money without the need to visit a banking hall. It also a fast way of securing an emergency loan since most of the lenders approve the applications typically within a day without regard of the borrower's credit standing. The borrower can get up to about 30 and 50 percent of the original value of the asset of the property.
If you meet all the above qualifications, then you can go ahead to fill the application form with the vital vehicle information such as year, car make, mileage, and basic contact information. Upon completion of the loan application form, you will be given a free car title loan estimate and our customer representative will contact you at the earliest convenience.
Car title loan in Waxahachie and Ennis are guided by Texas Administration Code 83.604. This code covers various legal requirements and charges on various loan limits. What's more important to understand is that when you get a title loan from car title loans Texas, you must pay it back.
If you issue a postdated cheque and the lender goes to cash it, and the cheque bounces, the loan company may charge you for breach of contract. If you fail to honor your loan obligations, the title loan lender in Texas can take possession of your asset to recover their money. If you want your asset back, you will be required to pay the original amount, plus towing costs and storage fees.
Car title loans Ennis provide borrowers with a lower than average interest rates when you offer the car as collateral. These loans are easy to apply since you apply by filling an online application form and the approval time can be in a few minutes with most lenders approving the loan application within 60 minutes.