Having poor credit can keep you from making the purchases that you need. If you do not meet the credit requirements for bank loans, credit cards, or other forms of supplemental cash that can give you some breathing room, you’re probably feeling trapped living paycheck to paycheck.
But regardless of your credit score or previous financial history, you may still qualify for auto title loans.
An auto title loan is a loan given on the title of an automobile, including cars, motorcycles, and even boats. In order to qualify for an auto title loan, all you need to do is completely own an automobile.
The amoun of a title loan is determined by the overall price of the automobile. Usually, the cash you are given is about a forth of what the car, motorcycle, or boat is worth.
To get an auto title loan, you simply exchange the title of your automobile with your creditor. Your creditor holds onto the title of your automobile throughout the duration of your loan being paid off. Once you have successfully met the terms of the loan agreement, your title will be returned back to you.
Title loans in Dallas can be beneficial for a number of reasons. The application process is simple and easy to qualify for, so if you’re looking to get cash quickly, a title loan can help you.
Additionally, title loans do not consider your credit score when deciding if you will be approved or not. If you’ve struggled paying off loans in the past or you have debts that you still need to pay off, it isn’t going to hurt your chances of getting an auto title loan.
The application process for a title loan is quick and easy. Without needing to give information about your previous financial situations, you can breeze through the online application by only answering a few questions.
First, the application will ask you to outline information about the car, motorcycle, or boat you are looking to take a loan out on. You’ll need to fill out the make, year, mileage, and model of the automobile in the application. It is important to remember that the newer or nicer a car is, the more money you will be able to get on your loan.
The application will also require some basic contact information. Your name, phone number, and zip code will allow a loan representative to get in touch with you to discuss the title loan estimate and the details of your new title loan.
Once the application is submitted, you will be given a title loan quote. This amount is reflective of what you can expect to receive from a loan provider. You can use this number to determine if you would like to follow through with the loan or not, which will be solidified on your call with the loan representative.
A title loan is a binding contract where each party needs to hold up their end of the deal. Your loan provider is offering to give you the cash you need in exchange for the title of your car. In return, you must make payments with interest on the up-fronted cash.
If you fall behind on your payments, the interest will continue to accumulate and you will still be required to pay back all the loan money and the interest that has grown on the loan. Falling too far behind can give your creditor permission to have the automobile repossessed, so it is important not to enter into an agreement you cannot realistically adhere to.