By marcela • Jun 16, 2021
These are unprecedented times, and consumers are responding in kind when it comes to paying bills and managing debt in the face of economic uncertainty . Auto title loans can be an effective and easy way to get the cash you need fast without altering your lifestyle. But where can you go to get a title loan? Find out who does title loans and some of the benefits of choosing this financing option :
It’s important to understand the basics of title loans before you start searching for the right lender for you. Simply put, a car title loan is financing that uses your car as collateral. The amount you can borrow largely depends on the value of your car , but you do not have to give up driving it.
Even if you don’t have good credit, you may still be able to borrow with this method. Typically, car title loans range from a few hundred to a few thousand dollars, depending on the value of the borrower’s collateral.
You can use your funds for anything legal, meaning paying off bills or down payments. If you need to borrow money quickly and don’t want to go through the lengthy process of obtaining a traditional loan, auto title loans are a convenient and often low-cost solution to your short-term financial issues.
Auto title loans are typically offered by designated creditors who specialize in this type of financing. This simplifies the process and makes the transaction quicker and easier for everyone.
Licensing and registration requirements for title lenders vary from state-to-state. But every lender must comply with the requirements in their state to legally offer title loans to consumers.
Title lenders can operate online or out of brick-and-mortar stores. This means you have the option of applying for a title loan online or in-person–whatever is most convenient for you.
All title lenders are not created equally. If you are considering applying for a title loan, it’s important to find a lender with these qualities:
Even if you’re still staying home, you can apply for an auto title loan without leaving your house. You can start this process with 1800CarTitleLoan using our easy online application , you in minutes. Here’s what to do:
The application process is simple, but if you have any questions, don’t hesitate to contact us for assistance.
The repayment period of your title loan depends on the terms you set with your creditor on an individual basis. But title loans are typically taken out for 1- to 3-year periods.
In general, the sooner you pay off your loan the better. At 1800CarTitleLoan, there are no prepayment penalties. The sooner you pay off your loan, you will reduce the amount of interest owed during the lifespan of the loan.
In many cases, having bad credit will hinder your ability to obtain traditional financing. While auto title loans are great for borrowers who have poor credit, there are a variety of reasons why one might choose to apply with a co-signer.
You can cosign an auto title loan , as long as the additional borrower provides the same (satisfactory) application materials. The co-signer is responsible for fulfilling the same criteria as the primary applicant .
It’s very easy to get approved for an auto title loan, but the amount you’re able to borrow depends on these key factors :
According to the FTC , car title loans often are for an amount that is 25% to 50% of the value of the car. On average, title loans are granted for $500- $5,500, but for some lenders, they can be for $10,000 or more. The amount largely depends on the factors listed above.
Auto title loans are a fast, headache-free way to get out of debt or get ahead of your financial goals. Contact us today to see if an auto title loan is right for you.
1 This is not a guaranteed offer of credit. Loan approval is subject to meeting lender’s credit criteria, which include demonstration of your ability to repay the loan, providing collateral of acceptable value and equity, and the grant of a first priority lien on your motor vehicle. Due to the Military Lending Act, installment loans secured by the borrower’s motor vehicle are not offered to military members or its dependents.
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USA Patriot Act Disclosure: Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you apply for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Loans may be made by one of several lenders, including: First Electronic Bank, a Utah-chartered industrial bank located in Salt Lake City, Utah, Member FDIC; Wilshire Commercial Capital L.L.C. dba 1 (800) Car-Title and Wilshire Consumer Credit, a licensed lender in certain states. Loans not available in all states. In California, loans are made pursuant to a Department of Business Oversight California Finance Lenders License. See State Disclosures for additional information.
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Wilshire Commercial Capital, LLC dba 1 (800) Car-Title and Wilshire Consumer Credit is located at 4727 Wilshire Blvd, Suite 100, Los Angeles, CA 90010.
TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Tracy Bergiman, Director of Compliance, 4751 Wilshire Blvd. Suite 100, Los Angeles, CA 90010, 323-837-5775, tbergiman@westlakefinancial.com.
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(505) 476-4885 or visit the website: https://www.rld.nm.gov/financial-institutions/.
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