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Frequently Asked Questions

Frequently Asked Questions

Find the most popular questions we get regarding our car title loans below. Here at A Car Title Loan, we’re interested in that you not only apply for a title loan and get funded, but that you are also well informed on the facts about your loan. We won’t stop until each one of your concerns is addressed, so don’t hesitate to contact us if, after reading through our FAQ, you still have further questions.

 

Q: Are there any pre-payment penalties if I can pay off my car title loan early?

A: Paying off a loan early is encouraged. You will nt be penalized for paying back your loan early. The longer a borrower keeps his loan active, the higher the risk of default. With such reasonable terms, car title loans are recommended by consumer protection agencies as superior to other types of short term loans. Be smart with your financial future. Complete our online application today to start the process. With such reasonable terms, car title loans are recommended by consumer protection agencies as superior to other types of short term loans. Be smart with your financial future. Complete our application today today to start the process.

 

Q: Can I be on disability or retirement and still be approved for a car title loan?

A: Yes, so long as you can afford the minimum monthly payments agreed upon in the terms of the car title loan.

 

Q: Can I get a title loan for my motorcycle or bike?

A: We don’t currently lend to motorcycles or bikes.

 

Q: Can I still use my vehicle if I choose to borrow using a pink slip loan?

A:  Yes, A Car Title Loan allows its customers to continue to use their vehicles while lending.

 

Q: Can you run me by the process again?

A:  Sure. First, fill out our quick and easy application, either online or through the phone. Within only 15 minutes, you will receive a call from one our representatives regarding approval. Thanks to our superior customer service, we are able to respond to applications immediately. Once approved, most of our customers will be able to pick up their loan on the very same day they apply, provided they submit the necessary documentation outlined in the approval guidelines. Some receive their loan in as quickly as 1 hour!

 

Q: Do I have to be a California resident to qualify for a pink slip loan?

A:  Yes. You must be a California resident and be able to prove residency. We have offices throughout California.

 

Q: Do I have to go to the DMV?

A:  Not necessarily. All major DMV paperwork is taken care of by our staff. If there is a major issue, our staff will work with you to resolve it as quickly as possible.

 

Q: Do I need to be employed to qualify for an auto title loan?

A: No, but the borrower must be able to prove an income that can cover the minimum monthly payments agreed upon in the terms of the loan.

 

Q: Do I need to have a bank account to qualify for a pink slip loan?

A: No, a bank account is not required to qualify for a pink slip loan.

 

Q: Do you charge anything to see if I qualify for an automobile title loan?

A: No, the application process is completely free.

 

Q: Do you lend on classic cars?

A: Yes! We are open to lending on classic cars. We determine the value and equity of classic cars based on the CPI Classic and Antique Cars value guide. We will work with you to determine if your classic car qualifies. Contact Us today to find out.

 

Q: Do you put a tracking device on all your customer’s cars?

A: No, there will be no modification to your vehicle due to the acceptance a car title loan.

 

Q: Do you refinance loans?

A: Yes we do. We can usually offer more money and better rates! Check out our refinancing page for more information.

 

Q: Does my car need to be paid off to qualify for an automobile title loan?

A: Yes, the vehicle must be completely owned by the borrower.

 

Q: Does my car title need to be in my name to qualify for a car title loan?

A: Yes, only the legal owner of the vehicle (the person with whom the title is registered) can be approved for a car title loan.

 

Q: Does the car have to be in my name?

A: Yes, whoever is getting the auto title loan; their name needs to be on the title. If you need to switch the names over we can take care of that as well.

 

Q: How does credit factor into a pink slip loan?

A: Pink slip loans are based on the value of the vehicle associated with the pink slip. As such, credit has very little effect on the typical pink slip loan company’s decision to lend to any specific individual. Credit will be run, but only to edify the lender as to the activities and habits of the borrower. These, alongside a slew of other factors, will be used to create a comprehensive risk report before a final lending decision is made. For a full list of factors that go into the approval process, contact a car title loan representative at 1-844-242-7467

 

Q: How long does it take to qualify for an automobile title loan?

A: Since the decision to lend is made in-house, the approval process usually takes a good deal less than 30 minutes. A potential borrower beginning the process unprepared is the main cause of delays. After you are approved for a car title loan, you can stop by the office nearest you to pick up your money in as little as one hour. There are offices throughout California. For the office nearest you, visit our Locations page. After you are approved for a car title loan, you can stop by the office nearest you to pick up your money in as little as one hour. There are offices throughout California. For the office nearest you, visit our Locations page.

 

Q: How long is the loan period for a car title loan?

A: The period varies; depending on the agreement the car title loan representative and the borrower negotiate. We give you up to 36 months (3 years) to pay off the loan. You can work with one of our loan officers on a shorter term to best suit your needs.

 

Q: How much can I borrow when choosing an automobile title loan?

A: The amount a customer can borrow is linked directly to his car’s equity. To check the value of your vehicle, visit Kelly Blue Book’s website and enter the make, model and year of your vehicle. Depending on the lender’s evaluation of the borrower, up to 50{8cbb0859b5bf7648fcb9cfb3a606f6a6c4f0effa54720ed1495f409f4c173a93} of the vehicle’s value may be available to borrow.

 

Q: I have bad credit, can I still qualify?

A: Yes! While it sound unbelievable, the reason bad credit doesn’t factor into your car title loan eligibility is easy enough to understand. Car title loans are almost exclusively based on the wholesale value of your car, so credit is irrelevant. We do run credit checks but that’s only to check for any extraordinary derogatory instances in past credit history, which don’t come up often. If it’s just your credit score that is low, there’s no reason to worry. If you’re still unsure if you qualify, you can give us a call and we can check if you’re eligible for a loan.

 

Q: OK I got approved, now how do I get the money?

A: After you are approved and accept the conditions of your pink slip loan, you can pick up your check at the nearest A Car Title Loan location. Visit the Locations page to locate your nearest lender.

 

Q: What are the requirements to be approved for a title loan?

A: To get approved for a title loan you will need a car at wholesale value of at least $4,000. You will also need to provide proof of monthly income of at least $1,200, though we accept alternate sources of income, like unemployment, disability, or retirement. Finally, you will also need to provide necessary documentation, like proof of full coverage insurance on vehicle, proof of residence, and proof of income. Have more questions about what you’ll need? Visit our approval guidelines for a more detailed list on our requirements.

 

Q: What exactly is a car title loan?

A: A car title loan is a kind of collateral loan where you exchange the title of your car, truck, or van, for a loan in return. Sometimes this kind of loan is also called a pink slip loan, an auto title loan or a vehicle title loan. All these terms refer essentially to the same thing.

 

Q: What happens to my car during the loan?

A: Nothing at all. Remember, it’s only the title that’s used as collateral to secure your loan. You get to use your car as normal during the time of the loan. So don’t worry, you won’t need to take the bus to work from now on (unless you want to, of course.) We don’t put any tracking devices on your car either so there really is no significant change!

 

Q: What is a pink slip loan?

A: “Pink slip loan” is a balloon term used to describe car title loans and automobile title loans. Pink slip is synonymous with “vehicle title” and therefore a pink slip loan is the same thing as a title loan. The term is sometimes preferred, as it better describes the conditions of the loan, where the lender obtains the pink slip for a vehicle in exchange for lending a percentage of the vehicle’s equity to a borrower. Although the lender technically owns the vehicle during the loan period, the borrower is allowed to maintain use of the vehicle while loaning. After the loan has been repaid, the pink slip is returned to the borrower, its original owner. Sound simple? It is! Don’t wait any longer. Fill out our online application, on the left, today to get started.

 

Q: What is an automobile title loan?

A: Automobile title loans use your truck or van as collateral. In exchange for your truck or van’s title, you will receive a percentage of the equity in the vehicle as a loan. Then, when the balance of the loan is repaid, you get the title back.

 

Q: What is the difference between a car title loan, an automobile title loan and a pink slip loan?

A: The three are different terms for very similar transactions. In each, a lender allows a customer to borrow a percentage of his vehicle’s equity in exchange for the vehicle’s title. Car title loan is used for car and automobile title loan is used for trucks and vans. When a lender deals in “high risk” vehicles such as motorcycles or all terrain vehicles (ATVs), the term auto title loan may be used, though this is not always the case. Pink slip loan is a balloon term used to describe any loan of this nature. A Car Title Loan only deals in cars, trucks and vans. Any reference to auto title loan is simply to avoid repetition.

 

Q: What is the difference between an automobile title loan and a payday loan?

A: Payday loans are extremely short-term loans that are usually issued for small amounts of money. A borrower has longer to repay an automobile loan and can borrow significantly more than with a payday loan.

 

Q: What is the interest rate on your loans?

A: There’s a variety of factors involved that go into determining our interest rates so it’s impossible to give an exact number. Rates will be determined on the value of your vehicle and your credit worthiness. Because title loans are usually short terms loans, our interest rates are calculated on a monthly, not annual basis. We can tell you our average interest rates usually go anywhere from 5{8cbb0859b5bf7648fcb9cfb3a606f6a6c4f0effa54720ed1495f409f4c173a93}-10{8cbb0859b5bf7648fcb9cfb3a606f6a6c4f0effa54720ed1495f409f4c173a93}.

 

Q: What is “equity” and how does it factor into my automobile title loan?

A: Equity is another word for the wholesale value of a vehicle. A lender will base the amount loaned on the equity of the vehicle used as collateral. The loan amount is usually 50{8cbb0859b5bf7648fcb9cfb3a606f6a6c4f0effa54720ed1495f409f4c173a93} or less of the vehicle’s equity. For more information about A Car Title Loan and our long history of superior lending practices, visit the About page.

 

Q: What sort of documents do I need to provide?

A: The documents differ from person to person. It will be some variation of mail that validates your residency and paperwork that verifies your income. For a full list of required documentation, call a car title loan representative at 1-844-242-7467

 

Q: Why choose a pink slip loan over a bank loan?

A: The main reason a customer would choose A Car Title Loan over a bank is that he did not qualify for a bank loan. Some customers choose pink slip loans because of the short approval process time. A pink slip loan can also have a lower interest rate if repaid within a month.

 

Q: Will you repossess my vehicle if it’s past due?

A: In the majority of cases, repossession will not be necessary. We consider it our very last resort. The reason for this is that repossession doesn’t just inconvenience you, there’s actually no incentive for us to do it either. Both the customer and the lender end up losing, not gaining, and that’s not what a title loan is meant for. We always prefer to work out ways of repayment, should difficulties arise, than resort to repossession, which is only reserved for extraordinary circumstances.