A car is a valuable asset for a lot of reasons like being able to use it to get access to quick cash. Most people know they can put up their vehicles to get secured loans in Irving, but not everyone may be aware that auto title loans operate differently. When you own a car outright and have a steady flow of income, a title loan is a viable solution to emergency money problems.
As with any conventional security loan, a lender will need the title of your asset as collateral, but it doesn’t take quite as long to get approved. A majority of lending businesses approve title loans within a day or two. Title loans in Irving are small dollar interest loans, which borrow against the equity of a vehicle. A lending company in Irving gives you a certain amount of money, which you repay after 30 days or more. Since your borrowing power lies in the value of the asset, lenders don’t focus on your credit history. Whether you have other creditors or not, an Irving title loan lenders will consider your application as long as it meets the requirements.
One eligibility factor when applying for an Arlington title loan is to have a car title that doesn’t have any lien or judgment attached to it. It means your car should not have stood as collateral for any other loan. Some businesses may agree to lend you money even if your title has lien conditions on it. However, in these instances, customers receive much less than they expect because the lender will use the loan to pay off the lien first. Using a lien-free car title offers a better chance of getting the financial assistance you need.
Application for title loans in Irving is straightforward due to the few procedures required to verify your eligibility. Anyone in Texas who is over 18, holds a title, and a valid government ID can apply for a title loan. We also require proof of income before approving a title loan. On our online application form, you will provide the vehicle;
We also request your particulars including name, zip code, email address, and telephone number. Our online calculator then gives an estimate of the loan you will receive based on the condition of your vehicle. We take only a few hours to process applications, and if approved, our customer representatives will contact you.
Being a secured loan, a lender can repossess your vehicle if payments are not fulfilled within the required period. Auto title loan lenders in Irving, however, offer customers the option to roll over their loans. When a borrower is not able to meet the payment deadline, he/she can ask for an extension by paying a small fee. Texas has a loan term limit of 180 days for car title loans. Therefore, a customer can only roll over a 30-day loan five times.
The state also has interest rate limits although credit access businesses are allowed to charge other fees when facilitating title loans in Irving. Title loan companies offer competitive interest rates and flexible payment terms, which are a welcome relief when you need cash in a matter of hours.
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