What is a car title loan?
A car title loan allows you to use your car’s title as collateral to borrow money based on the value and condition on your vehicle.
How long does it take to process a car title loan?
The application process varies, but once your application is approved, you will have cash usually within an hour or two.
If I use a title loan, can I keep driving my vehicle?
Yes, a car title loan allows you to keep driving and using your vehicle while you are making payments on the loan.
Can I still get a car title loan if I don’t have my vehicle’s title?
Yes, if your vehicle is paid off, we can process your loan as long as you are the registered owner.
What are the requirements for a title loan?
- Clear car title
- Proof of insurance
- Vehicle in driving condition
- Valid Driver’s License
- Open and active checking account
- Verifiable, steady source of income (i.e. pay stub)
- Proof of address
- At least 18 years old
Can I get a title loan even if my car is not paid off all the way?
Yes! If you’re car loan is almost paid off, we may still be able to process your title loan.
Do I need good credit to get a car title loan?
No, a car title loan is a good way for those with poor credit or no credit to get the cash they need. We use other factors such as your income to process your loan application.
How much can I borrow on a car title loan?
The minimum loan amount is $2600 and the maximum loan amount is $10,000 for a car title loan, based on the condition and value of your car or truck.
When is the first payment due for a car title loan?
The first payment is usually due 30 days after the contract is signed. You may also make arrangements to setup your payment to be made on your pay day.
How long do you have to pay back a car title loan?
The typical loan is a 24-month term, but longer terms with lower monthly payments are available.
Is there a penalty if I pay off the title loan early?
No, you can pay your car title loan off in full at any time without receiving a pre-payment penalty.
What if I am late to make a payment on my title loan?
There is a 15-day grace period to pay your loan payment from the day it is due. You will be charged a $15 late fee following the 15th day.
Will my car title loan be reported on my credit?
Monthly payments will not be reported, but a negative report may be submitting to multiple credit reporting agencies if you fail to fulfill the terms of your loan obligations.