Howdy Partner? Are you in Texas an looking to get some quick cash. A Title Loan may be exactly what you are looking for. A title loan is a popular option to get same day cash and release equity in your vehicle.If you are a Texan in the need for quick cash, you might be looking for potential options when it comes to an auto equity loan. These loans provide fast same day funding. There are locations in Austin, Dallas, Houston, El Paso and fort worth. Also you can apply online 7 days a week to qualify for a loan. If your credit score isn’t what it probably should be, you will probably have a very difficult time securing an unsecure personal loan.
That is where online car title loans Texas comes in. In Texas, it’s easy to get a cash loan for your car title if you own your car outright, but there are a few things you should know about online car title loans before you take out this type of secured personal loan.
Because car title loans are tired to the value of your car, you’re going to want to know how you and your lender will determine the value of your car. Before we do that, however, let’s go over the basics of car title loans.
Basically, the process of taking out a cash loan for your car title begins when you reach out to an online provider. Alternatively you could try to visit in store a local lender. As a Texan, you will of course be looking for brick and mortar or online car title Loans in Texas. From there you will deem which lender seems like the best fit for you. After you choose what lender you want to work with, you will be asked to show that lender several documents. These typically include an application, the title of your vehicle that you are putting up for collateral, and a photo ID. Lenders will also often ask for proof of income, bank account information, proof of residence, or even references.
After all of that information is processed, your lender will evaluate your car to determine its value. We’ll go over this in more detail shortly.
Because car title loans are secured loans where your car is being used as collateral, lenders will often ask to be given a spare set of keys. They may also ask for the borrower to install a GPS tracker or a remote immobilizer in the car. This will make the car easier to locate in the event of a repossession.
There are two kinds of car title loans. The first type of car title loan is a single-payment loans require borrowers to repay the loan in one lump sum – usually in the aforementioned 30-day period – with an average APR of 300%. The second kind is an installment loan, which let the borrower pay back the loan in multiple payments. The lender typically offers a repayment period of three to six months and an average APR of 259%.
So now that you have a basic understanding for how getting a cash loan for your car title works, let’s now really break down how you can break down the value of your car – and what that translates into when it comes to your loan.
If you want to get a better idea of what you can expect for car’s value to be deemed as, a good option is to do some online research. One of the best places for that kind of research is to simply head to Kelley Blue Book’s website. Kelley Blue Book is an internationally recognized automotive research company that is recognized by both auto industry professionals and consumers for their honest and truthful reviews, valuations, and more.
While on their website, you can enter the details of your vehicle. You will put in the year, make, model, and other features of your car. You will also give an accurate evaluation of the condition of your car such as excellent, good, fair, or poor.
With that information submitted, Kelley Blue Book will be able to return an estimate of the value of your vehicle’s retail value. It will also give you a value for private sales of the car, or what you can expect to get if you trade the vehicle into a dealer. With this information, you will have the same information that lenders use to determine the vehicle of your car. It is important to remember, however, that you will not receive a loan that is equal to the value of your car.
As a rule, online car title loan companies in Texas do not give you a loan that is simply just equal to the value of your car. Instead, the cash loan for your car title will instead by much closer to about 30 percent to 50 percent of your car’s value. If a car is worth $10,000, most lenders of title loans in texas will offer a maximum loan amount of around $5,000. If this seems rather unfair, consider it from the lender’s point of view. Some of the best online title loan companies want to see a debt level that matches your monthly payment so you can be comfortable repaying your loan.
Because car title loans are typically sought after by individuals with less-than-ideal credit scores, those who want them may have had trouble paying off loans in the past. A car title lender does not want to be dependent on risky loans, so they make sure that if a borrower defaults on a loan, they will be able to recoup their losses by repossessing and selling the car, even below its market value.
Now that you understand how online car title loans Texas works, how your car’s value will be determined, and what you can expect to receive in return for your car’s title, you will probably have an easier time deciding whether or not a cash loan for your car title is right for you. Hopefully, this loan will help you get the quick cash you need!
Good luck!