Who Can Get A Car Title Loan?
Getting a title loan is a serious decision and one that shouldn’t be made lightly. Car title loans help people access much-needed cash quickly, without worry of past or current debts, using their car equity. While there are requirements to qualify, they are far less than those you’ll find when applying for a traditional bank loan. So who can get a car title loan? Anyone that meets the basic requirements.
Car Title Loans Defined
Before we jump into who can get a car title loan, we’ll first explain what they are. A car title loan has many names – auto title loan, pink slip loan, collateral loan, just to name a few. This particular type of loan uses your vehicle equity to determine how much you can receive, and your title is the collateral for the loan, rather than your credit.
This means, if you own your vehicle and it’s in good condition you could qualify to receive a vehicle title loan. You can always look up the value of your car prior to applying for a title loan. This can help give you an idea of the amount you could potentially receive and compare it to the amount you need.
Car title loans are not for everyone, however. Even if you’re easily and quickly approved, it’s important to make sure it’s the right kind of loan before you take it. Our customer service agents at TNL Car Title Loans would be happy to answer your questions – just call 888-663-7074.
Basic Requirements For Vehicle Title Loans
While the requirements vary depending on the lender, the basics are all similar if not the same.
- Must be 18 or older to apply.
- Must own your vehicle outright with no liens.
- Must have a title with no liens against it.
- Must have current automobile insurance.
- Must have proof of residency.
- Must have proof of dependable monthly income.
Choosing the Best Title Loan Lender
When you begin your search for a lender once you’ve decided to get a car title loan you may be surprised to see how many options you have. Many people don’t realize how abundant title loan lenders are until they’re in the market for a loan.
At TNL Car Title Loans we focus on helping borrowers, not hurting them financially. We won’t lend you money if you cannot afford to repay it. Our customer service representatives will discuss the terms and process so that you have a full understanding of how our vehicle title loans work. You shouldn’t be pressured to get a car title loan, regardless of the lender you contact and with us, you won’t have to worry about that.
Get A Title Loan Online From Anywhere
People often opt for anything that is convenient. Therefore, applying for a title loan online is about as convenient as you can get. Many lenders offer an online application that you complete to learn if you qualify. A representative contacts you after receiving and reviewing your online application.
You can apply with TNL Car Title Loans online as well. Once we have looked over your application one of our title loan specialists will be in touch. We help match you with the best loan for your needs so it’s suited not only to your individual needs, but your budget also.
Getting A Car Title Loan Without A Job
When you apply for a car title loan there are basic requirements to meet. Here at TNL one of those requirements is a regular monthly income. Obviously, you need to be bringing money in if you’re going to be expected to make payments on a loan.
However, the income doesn’t have to come from employment. It can be another financial source like disability. The main factor is that it is a dependable income and one that allows you to repay your loan. Learn more about how to get a car title loan with no job.
Auto Title Loans Vs Payday Loans
Many people get these two loans confused and are under the impression that they’re the same thing. They’re actually different. There are two main differences to be aware of when trying to choose between a pink slip loan and a payday loan.
Amount – This loan option has high interest rates but that is because it is short term. The loan is typically a portion of your paycheck so the amounts are typically in the hundreds range.
In addition, when you get a car title loan the lender uses your car’s equity instead of your credit, so you’re able to receive a larger amount; in the thousands range. The best way to determine if a payday loan or car title loan is your best option is to consider how much cash you need.
Length of Loan – Payday loans are short term loans that are often 30 days or less. Vehicle title loans can be up to 365 days, if not more, but you’re also taking a larger loan. This simply gives you more time to repay the loan without worrying of going deeper into the hole.
Contact TNL Car Title Loans Today
If you’re ready to find out if you qualify for an auto title loan with us just submit our online application or give us a call at (888) 663-7074 today. Applying on the phone is just as easy as it is online. Our goal is to help you obtain the best loan for your individual, specific needs that is suitable for your budget and your lifestyle. Call today to learn more or complete and submit our online application with no obligation!