The Ultimate Guide For Auto Title Loans

Need money fast?

Well, if you are a vehicle owner, you have an incredible resource to get the cash you need right away.

A way to get money without worrying about your credit score at all, because you can go for an auto title loan.

What is an Auto Title Loan?

An Auto title loan is a short-term loan that uses vehicle titles as collateral. It's a great fast cash option because both the lending company and the borrower is secured in acquiring the loan.

Unlike signature loans, you do not need a credit score to get an auto title loan.

Even if your credit score is very low, you can still get this loan since there is collateral involved.

This makes it a great option for people who need money fast but do not have perfect credit scores.

How does an auto title loan work?

Essentially, you are giving up your vehicle ownership to the lending company. However, you can still use your vehicle, even after getting the loan. This is excellent news for anyone who uses their car, truck, or van for work. Your productivity would not be disrupted.

The best-case scenario would be to get the highest possible amount for the lowest possible interest rate. A good loan deal is something that can help you financially without trapping you in a cycle of debt.

A person giving a thumbs-up

In the worst-case scenario that you cannot pay your loan payments, the lending company may seize your vehicle. But of course, if you find the right lending company, you can set up the loan amount and payment terms that you are comfortable with. You won’t have to worry about being trapped in debt.

How do I get an auto title loan?

There are many ways to apply for an auto title loan. You can call a qualified Tiempo Loans agent to discuss details for your loan. Visiting one of our six offices is also a good option; so we can have a face-to-face discussion. The easiest way to get an auto title loan is through our online application.

After submitting an application, our highly-qualified agents will review your documents. Based on your desired loan amount and payment terms, our agent will also provide a sample computation applying the interest rates.

When you’ve agreed to the total amount and the repayment terms, you can hand in your auto title and receive your cash loan. As long as you have all the documents in order, you can immediately get your loan.

The maximum loan amount that you can get is $1,420. And by vehicle, it’s not limited to car titles only. You can get a loan against your boat, truck, vans, tractors, or RV. As long as your vehicle has a clear title, it’ll be easy for you to apply for this type of loan.

Why should I get an auto title loan?

Since you can get a significant amount of money in just a few days, the auto title loan is ideal for situations like emergencies or incidents. It’s not uncommon that tragedy strikes, and we are left unprepared for it. These unexpected expenses are most often costly, too.

Apply for an auto title loan if you require financial help due to a medical emergency. Medical fees like doctor’s fees, medicines, and after-care appointments are pricey, even if you have insurance coverage.

Sometimes, your home needs urgent repair like your ceiling collapsing, or there’s a pest infestation. Minor and major home repairs are mostly unplanned. It would be great if you could use the extra cash that won’t significantly affect your monthly budget.

But you don’t have to get an auto title loan just for emergencies or sudden expenses. Use an auto title loan to invest in your own business. Use the loan for a downpayment on a house or an apartment.

For any of your financial needs, it would be great to turn your vehicle into an asset by applying for an auto title loan.

How Do I Make Sure I Get Approved For an Auto Title Loan?

Similar to any type of loan, the lender decides on your maximum loan amount and your interest rates based on the documents you will submit. So, what do you need to do to get your loan application approved?

First, you have to have a vehicle that is worth trading for. The goal is to get the highest loan amount. Vehicles that are less than 10 years old qualify; but, for older vehicles, your vehicle will be considered. Make sure your vehicle is well-maintained and in working condition. Also, make sure your state stickers are up-to-date. When your loan is funded, the vehicle must be on the premises.

Next, make sure that you have a clear title for your vehicle. If your car, truck, or van is still on loan with the bank or the auto dealers, you won’t be approved for your auto title loan. It goes without saying but, make sure that your vehicle title is under your name. If the car title is under two names, both parties must be present and on the loan.

After that, make sure to prepare your documents. Make sure that all your documents are authentic and correct. We will do a background check on all the documents that you submit.

Required documents

To help our agents process your application faster, make sure to have these documents ready and checked. You wouldn’t want to pass any records that have noticeable markings on them. So, take the time to review your documents. If you need to request a certified copy from your state office, do it before you meet with our agents.

As long as your documents are verified, your application will be approved. Then, we can discuss the loan amount, interest rates, fees, and payment schedule.

Which is better for auto title loans: bank or lending companies?

If you’re already decided on getting an auto title loan and have the necessary documents, where should you go?

Both banks and lending companies are suitable venues to get auto title loans from. However, they have differences in processing applications.

When you apply for an auto title loan, banks prefer to focus on your credit score. If you have bad credit (whether it’s from student loan debt or merely maxing out your credit card), you won’t get a good deal from a bank. You might not even get approval.

Well, what if you don’t have any credit score? For example, you don’t have any credit card or bank accounts to build your credit score upon. Again, going to a bank for an auto title loan is not ideal.

logo of OCCCWith lending companies like Tiempo Loans, we focus on the value of your vehicle. If you have a stable job, your documents are valid, and your vehicle is in good condition, we would not hesitate to assist you financially. Of course, make sure to put your trust into a good, reputable lending company.

At Tiempo Loans, our goal is to help you with your financial needs. We are licensed and regulated by the Office of Consumer Credit Commissioner (OCCC). We pride ourselves on staying in the business for over 20 years. Our highly-qualified agents will be happy to assist you. Pick up the phone and call us.

Now, are you ready to take out an auto title loan? Apply now!

Frequently Asked Questions About Auto Title Loans

Still have questions? Here are some of the most frequently asked questions about auto title loans:

What are the Benefits of Auto Title Loans?

  1. Super easy to apply
  2. One of the fastest ways to get cash
  3. No need for a good credit score

Do Auto Title Loans Affect Your Credit Score?

Most of the time, auto title loans do not have any effect on your credit score. 

It doesn't matter what your credit score is when you apply for the loan. That is why once you've paid off the loan, it won't touch your credit score either.

Can You Have Two Title Loans at the Same Time?

The short answer is no. You cannot use the same vehicle to get two title loans. However, if you have another vehicle, you may use that to apply for another title loan. 

What Happens if You Total a Car With a Title Loan?

If you total your car while it is under a title loan, you are still responsible for paying off the loan and interest. 

However, if you have auto insurance, your insurance company may be the one to pay off the loan. This depends on the type of insurance that you have for your vehicle.

What Happens if You Don't Pay a Title Loan?

If you fail to pay your loan before the due date, you will lose ownership of your vehicle. 

Some lenders may give you more time to pay off your loan with penalty fees, while others will claim your vehicle right away.

Either way, make sure you pay off your title loan immediately to avoid these.

Apply For An Auto Title Loan Today!

Ready to apply for an auto title loan?

Get up to $1,460 in cash when you apply with Tiempo Loans today!

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