How Do High Mileage Title Loans Work?
Table of Contents
- Getting A High Mileage Title Loan
- What You Need For A High Mileage Title Loan
- Common Questions About High Mileage Title Loans
- Getting A High Mileage Title Loan With TNL Car Title Loans
Are you facing an emergency where you need cash quickly and don’t have the money you need? This is where an auto title loan may be able to help you. An auto title loan works by borrowing against the equity in your car, pickup truck, or SUV. Generally, a vehicle needs to have a clear title and have less than 200,000 miles on it. Auto title loans, also called pink slip loans, vehicle collateral loans, or car title loans are available with amounts that depend on the make, model, mileage and type of vehicle you have.
Getting A High Mileage Title Loan
First, you need to call up an auto title loan lender. Then, you will need to provide things such as the make and model of your vehicle, the quality of your vehicle, the vehicle identification number and other important facts on your car, pickup truck, SUV, motorcycle or crossover. The lender will loan you a percentage of the fair market resale value. So, for example, if you have a vehicle that has $10,000 worth of equity, you can expect (but this is not guaranteed) to borrow between $6000 and $8000.
Why can’t you borrow the full $10,000? Simply because the lender wants to protect their “risk” in the loan. If you default, the lender will repossess your vehicle, and the lender does not want to risk losing money. If the lender has to repossess your car or truck then he or she will auction off the vehicle to recoup their loss. You need to understand that these companies are in business to make money. Factors such as your income level, your credit history, employment, personal references, professional references and more will all be taken into account when getting a high mileage title loan.
The more miles a vehicle has on it, the less valuable it is in most cases. Therefore the less money you can borrow. Most auto title lenders will not loan on a vehicle that has more than 200,000 miles on it unless it has a diesel engine in it. Diesel engines last a long time, so auto title lenders are willing to accept vehicles that have higher mileages on them.
What You Need For A High Mileage Title Loan
In order to qualify for a car title loan with TNL Car Title Loans, you’ll need a meet a few requirements.
- ID, driver’s license, or another form of identification
- Proof of income of at least $1,500 a month
- The car title or pink slip, which must be under the borrower’s name
- Your car must be paid off and cannot have any liens on it
- Up-to-date registration and insurance on the vehicle
Once you find out if you qualify for a title loan, you can send the documents to us through fax. Everything can be taken care of online and over the phone. So simple and easy, you won’t need to worry about anything. Best yet, we want to give the best customer service to you by making sure your loan gets approved in just 15 minutes!
Common Questions About High Mileage Title Loans
Q: How Much Cash Will I Receive?
A: The amount of cash you receive will be based on the value of your vehicle. The more your car is worth the more you could receive.
Q: Will My Bad Credit Disqualify Me?
A: Although most lenders and banks will turn you down if your credit score is poor, you will not be disqualified for a car title loan with TNL Car Title Loans. Since the loan is based on your car’s value, you can still get a loan even if you have bad credit.
Q: How Fast Can I Expect To Get The Cash?
A: At TNL Car Title Loans, we work hard to get the cash to you as quickly as possible. Depending on how fast you gather your necessary paperwork, you can get your loan as quickly as the next business day. In some cases, if everything is good to go, you can even get your loan in just a few hours.
Q: Do Car Title Loans Affect Your Credit?
A: Car title loans can offer you a great advantage if you suffer from poor credit and are trying to build up your credit score. Why? Car title loans are also a type of installment loan, meaning you make your payments in fixed portions over time, such as monthly payments. When you make your payments on time and in the right amount, your payments will be reported to the three large credit bureaus, Experian, Transunion, and Equifax. If you were suffering from a poor credit score, making your payments on time can help boost your credit as you demonstrate your trustworthiness to the credit bureaus.
Getting A High Mileage Title Loan With TNL Car Title Loans
Title loans are a helpful financial tool when unexpected expenses come up, and getting the funding you need is a straightforward, quick process. Qualifying for a title loan without a title, though, can be a challenge if you still owe a balance on your car loan or another title loan lender. If you’re trying to get a title loan with no title because you can’t find your original ownership document, however, there are simple steps you can take to get a copy of your title. If you’re still wondering if you can get a title loan without a clear title, contact us at (888) 663-7074 and we’ll answer any questions you may have.