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A car title loan is a type of secured loan where borrowers can use their vehicle title as collateral.
Are you in need of money as soon as possible? You may then consider offering your car as collateral for a short-term loan. After agreement to such a loan, the lender will place a lien on the car’s title, allowing him to repossess it if you stop making your payments. Mind you, every car title loan have their own pros and cons.
Car title loans are an excellent option for borrowers who need their money immediately. As soon as you and the lender agree to the loan amount and terms, you can receive your cash quickly. In many cases, you can walk out of the lender’s office with the money in hand on the day you apply for the loan.
Apart from other types of financing, car title loans don’t have a complicated or lengthy approval process. Since you are offering a form of collateral, car loans are relatively easy to qualify for, even if you don’t have the best credit score. Many lenders will, in fact, provide car title loans without even with a bad credit score or report. As long as you can show that you have a reliable source of income and a car worth more than the loan you are requesting, the lender will typically approve your loan application.
If the lender places a lien on the car’s title but doesn’t keep the vehicle itself, you can continue to use the vehicle while making payments on the loan. There is certainty of losing the use of the vehicle only if you default on the loan by not making your monthly payments and the lender repossess the car.
Car title loans often carry high-interest rates. These rates are significantly higher than credit cards rates and may even exceed 100 percent in some cases while a few states have laws that prohibit such exorbitant interest rates, many do not.
Car title loans are also short-term loans, which means that they must be within 24 to 48 months. If you are unable to make your payments, late fees raise the balance even higher, and the lender will eventually repossess your vehicle, which leads to a host of other problems.
Additionally, carrying title loans can be sure to pose problems, especially if the interest rate is quite high. Before taking out a car title loan, consider less expensive options. Research on other consumer loans, credit cards, cash advances and even loans from family and friends.
If you must take out a car title loan, make sure that you understand the terms completely. Ask about the APR, as well as any fees that accompany the loan. Finally, make sure that you always make your payments on or before the due date to avoid paying additional fees to the balance, and you may even lose possession of your car.
Car Title Loans California, All Rights
Trading Financial Credit, LLC may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. Trading Financial Credit, LLC does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License : 603-8192. Arizona: Loans made pursuant to Arizona Department of Financial Institutions.
*Credit approval is subject to Trading Financial Credit, LLC credit criteria standards. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by applicant. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.
*Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 5PM PST on a business day.
*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.
California Finance Lenders Law License Number: 603-8192
3055 Wilshire Blvd, Suite 530, Los Angeles, CA 90010
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