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A car title loan is a loan based on the value of your car, truck, van or SUV. These loans typlically have minimal credit requirements and supporting documentation is very basic. This makes it a great alternative for those with low credit scores or just need money fast. Your lender will hold the "pink slip" or title to your vehicle but you will be able to keep driving the car while paying your loan back. Interest rates are typically higher than a standard bank loan because there is a higher risk of default but compared to the cost of a returned check and many payday type loans the cost of a title loan can be much cheaper.
Exact requirements will vary slightly depending on the state your car is registered in but typically you will need a vehicle that is paid off or nearly paid off and that meets the minimum value and equity requirments. You will also need a driver's license or photo identification along with a proof of income to show you have the means to pay the loan back. Your loan processor will go over everything with you to make sure that you know exactly what you will need and to offer alternatives and guidance when you need it.
Your car will need to meet the minimum equity requirements for the loan. Many times if you have a vehicle that is close to being paid off you will still qualify for a title loan. Once you complete your initial application you will know if you and your car qualify.
Yes, your lender will only hold the title to your auto. You will be able to drive your car without limitations while paying your loan off.
Absolutely, in fact we recommend that you do. There is no penalty for paying your loan off early and the sooner you pay it off the less you will pay in interest so you will save money.
Not necessarily but you do need to have some means to pay your loan back. This can be through employment, social security, annuities, retirement, pension, or other sources of income.