What is a Car Title Loan?

11 February 2015
by Autopawn

A car title loan, sometimes called a title loan, is simply a loan secured by a car. Borrowers give the lender the title to their car as security or collateral for the loan. One of the major advantages is that a title loan not only lets you borrow some needed cash, but you’re able to continue driving your car.

A car title loan can be easier to get than other forms of credit because the lender tends to look at the value of the car and doesn’t just consider an individual’s credit score when making the loan. As a consequence, the interest rates tend to be a bit higher and the term of the loan is shorter than other types of credit. A car title loan is also for a fixed period of time with a specified number of payments.

If you own your vehicle, we can loan you up to 50% of the wholesale value. If your vehicle is not entirely paid off, we can refinance your loan and allow you to access the cash equity that you have built up. In some cases, we may even be able to lower your monthly payments. YOU MAY PAY OFF THE LOAN AT ANY TIME WITHOUT A PREPAYMENT PENALTY OR ADDITIONAL CHARGE. We clearly state all charges and amounts to be paid before you finalize your loan so you never have to worry about hidden charges or unexpected penalties.

In order to receive a loan on your car’s title you must have the following:

  • Own the car outright; that is, you must hold the title and not be making payments on it.
  • Have a car that is in good condition.
  • Maintain the car’s insurance during the lifetime of the loan.
  • Have a job or some other sort of verifiable income.

The application process for a car title loan is fast, and normally can be done in minutes. Once you know you’ve been approved, it’s fairly simple to complete the paperwork and receive the money you’re borrowing.

Not all car title lenders have the same standards so it is always good to shop around. AutoPawn.com prefers vehicles with a wholesale value of at least $3,000, and it is our goal to help you get the cash you need when you need it. So if your vehicle value is less than $3,000 or you don’t currently have a steady source of income, we may still be able to help you.

By applying with us, you will have the greatest chance of getting approved and will get the best loan for your needs. If we can’t loan money to you, we are able to help you find someone who can.

If you would like to find out if you qualify, just click on the Apply Now button, or call 888-463-3322 and we can pre-qualify your vehicle over the phone. We will also be happy to answer any other questions that you may have. If you click on the Apply Button and complete a loan application, we can approve you in less than a minute.

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