Getting a car title loan might be your answer for you to get a loan when you have already been turned down by your local bank or your credit union.
Car title loan contracts are usually from 24 months to 26 months long. They are not a short-term loan like a payday loan. The payments are spread evenly over the duration of the loan. There are no balloon payments. All of our auto title loans come with our no prepayment penalty program. So you can pay off your title loan at any time, without any additional fees.
Once you have paid off your pink slip title loan, we will order the title from the DMV, then once we get it, we will sign it and mail it to you.
If you default on your pink slip title loan and you do not make multiple payments, the likely hood is that your car will get repossessed.
Once your car is repossessed, you have a couple of options. The first one is that you can pay your past due payments, late fees and your repo fee and then you can reinstate your pink slip loan.
The next option is that you can pay off your entire car title loan account and get your title back.
The final option is to let the cargo to the auction and be sold. If there is any extra money after the vehicle is sold, you will get a check from us. If the is a deficiency balance left on the account, you will be responsible to pay for it.
We always want to get our clients back into their cars, so if you reinstate your title loan with us, that’s great, or even if you pay it off, that is fine with us.
Car title loan does have a negative reputation, this is because they are very expensive. They are high-interest loans and are thought of as high-risk loans. The big risk is that the borrower could end up losing their car to repossession for nonpayment.
It is a horrible thought that they could lose their transportation but that would be the same result even with a traditional loan. In the press, they make out that car title loans are designed for people to lose their cars, but this is just not true.
We only make money by charging interest. So we do not make money when the car is repossessed. In reality, we lose money if we have to repo and then sell the car. We work hard with our clients to keep them in their cars.
We do repossess but it is only at the last resort. Nevertheless, a recent study has shown that car title loans aren’t as bad as people think.
The idea of having your car repossessed is a really scary thought. That thought might be enough to keep you from getting a car title loan, but there is the same risk of repossession with a traditional loan. If you do not make your monthly payments, any lender will repossess your automobile.
There was a report from the Texas Ofice of Consumer Credit Commissioner, and it showed that car that was repossessed by car title loan lenders was 3.73% in 2016.
So most people that have car title loan do not have their cars repossessed.
So you do not have to worry or believe the negative press about car title lenders that want to repo your car.
That is just not true.
When we approve you for your car title loan, we will do a credit check with Experian. We will not approve you on your credit score as we are not a credit based lender. We will use your credit as a blueprint, to see who and what you pay. We will see the bad credit, but as the equity in your car is used to secure the title loan, we are more concerned with that than the credit.
Your job is your credit with us. We need to see that you have the capability to repay the loan. We are not interested in loaning money to someone, who has no ability to repay us.
We are also able to rebuild your credit with our car title loans. We will report your payments to the credit companies.
Unlike auto pawn where you have to leave the car with the lender, with your car title loan with us, you get to continue to drive your car.
We will only be added to the pink slip as the lien holder, you will still be the registered owner of the vehicle. You will be able to use the vehicle as you did before. Going to work, going to school or going out.
So if you have equity in your car and you need fast money, call us we will help you. If you have a car title loan with another company and you want to get more money or you just want a lower payment, then call us and we will help you.
We can get you better interest on your existing title loan and most of the time, we are able to get you even more money. Use your car as an asset, and get the emergency money from the equity of your car.