There has been a great need in the loan industry for quite some time now. Thankfully, title loans have picked up the slack where other banks and Houston loan companies have failed to provide for clients. To learn more about title loans, continue reading below.
A Houston title loan is based on the value of the applicant’s vehicle. Title loans do not use personal information or history to determine the value of the loan.
Anyone who owns a car is eligible as well as anyone who is close to paying his/her car off. For car owners, proof in the form of a car title is required. For those with a nearly paid-off car, car payment slips and receipts will be required as proof. If you do not own a car or are not currently paying for a car, you do not qualify for a title loan.
Like most loans that come from a bank or credit union, title loans in Houston do not demand applicants to provide such documentation. Texas Title loans want to remove the stress of applying for a loan by submitting piles of paperwork. The only pieces of paper required are the following: car title, car payment slips, completed application, and a valid state or government-issued ID with an age of at least 18.
Because title loans use the car as equity, there are no credit checks to worry about. If a credit check does take place, it will only be the agency’s protocol. The credit check itself will not be held against the applicant. Those with no credit or bad credit can feel secure when applying –even those with a bankruptcy on file should apply. No one is turned away. Houston title loans are based on the car’s condition and not on the applicant’s credit score. That’s a guarantee that is universal with each and every title loan company.
The loan is determined by a team of car specialists in Houston who are well-skilled in the arena of title loans. Both car experts and title loan lenders work together –first, with the free car title loan quote and second, with the title loan contract and payment plan.
Each loan is different because each car is in a different state. Newer cars will bolsters a decent loan in comparison to an older car. Cars in excellent to good condition have a greater chance at a high paying loan than one in poor condition. The standard practice is 75% of the car’s equity will be given to each applicant and the standard price of loans varies from a few hundred to a couple thousand dollars. Applicants can feel confident by consulting a Kelley Blue Book and doing research on their cars prior to entering a title loan office.
After the preliminary steps, the Houston title loan lender will provide the applicant with a nearby, convenient location where the loan can be picked-up. The loan will be ready in approximately 24-48 hours.