The Most Convenient Way to Get a Title Loan in Texas
Getting a title loan can be an easy and fast way to get out of a situation for which you need cash. All you basically need is a vehicle in your name and repayment income. Not only can you apply for such a loan completely online, you can also get your funds without leaving your house.
Here’s the most convenient way to get a title loan in Texas.
Explain Title Loan
These short-term loans come due between 15 and 180 days in Texas and require you to have a vehicle registered in your name with a clear title.
For such a loan, you must turn over your vehicle title as security. The title company will place a lien on it until the loan is paid off, plus interest.
You will, however, be able to keep your vehicle – car, truck, RV, motorcycle, or boat – and use it as normal. This is primarily where title loans differ from pawn loans. With the latter, you must allow the pawnshop to keep your vehicle during the repayment period.
Do note that since the loan is secured by the title to the vehicle you could lose your vehicle to seizure if you fail to make timely payments. So, be sure of your repayment ability before taking a loan out.
Is Good Credit Required?
No, it’s not, and that’s a major title loan feature. Title lenders might run your credit, but they won’t emphasize it. Possessing your title greatly minimizes lender risk.
What is Required?
In addition to a vehicle and title, you must have government-issued photo identification and be at least 18 for online title loans Texas. You also must be a Texas resident and show proof to that effect (lease agreement, utility bills, etc.).
Moreover, you must provide proof of income. If you have a 9-to-5, you can submit bank statements or pay stubs and the like. If you don’t have a job but you do have regular income – from pension, retirement, rental property, Social Security, a legal settlement, etc. – that would be okay, too.
What Amount Can I Borrow?
Because your credit score isn’t a consideration, the title company decides how much to lend you based on your income and vehicle. Regarding the latter, the lender will factor in the vehicle’s make, model, age, mileage, and overall condition. Rather than having to take your vehicle in for an in-person appraisal, you’ll merely enter that information on your application along with recent, quality photos of the vehicle, including clear shots of the odometer and VIN.
Otherwise, how much you can borrow hinges on local Texas government restrictions. For example, in Killeen, loan amounts are capped at around 20 percent of the borrower’s monthly income. In general, though, you can expect a loan of between 25 percent and half your vehicle’s value. Most loans range between $100 and around $1,000.
How Long is the Process?
It’s pretty fast, which is another major industry feature. In Texas, you can apply online and hear from the lender that day. After you’re approved, you can have your cash by the next business day.
You’ll likely have options in terms of the manner in which you get your money. You may be able to retrieve your funds at a brick-and-mortar location, or via a local MoneyGram or overnight check.
The most convenient way to get online title loans in Texas is probably through direct deposit, so if that’s what you’d prefer, make certain that your bank account is able to handle ACH transfers before taking out a loan.
