A car title loan provides access to short-term financial support by using your vehicle’s title in order to secure the loan. A title lender will appraise the value and condition of the vehicle in order to define the terms of the loan, and in this way, replaces the need for credit. You will be provided with a free car title loan estimate. Because of the lack of a credit check in this way, a Texas title loan makes for an efficient alternative to a traditional bank loan. However, a borrower must be financially secure and responsible in order to properly utilize the loan.
Title loans in Texas are intended to offer access to a loan to those who would not normally meet a bank loan’s criteria or who require immediate access to their loans. However, what all borrowers must take into account is the ability to repay the final cost of the loan. The best way to be secure in a title loan is to set up bank accounts with overdraft protection and maintain a budget to plan out your finances.
Congress and the FTC have recently put up $32 million in order to provide aid to those that were affected by a recent scam in the lending industry.
U.S. Rep. Rubén Hinojosa has criticized the interest rate trends in Texas in a recent column with the Monitor, a publication of South Texas.
Title lending is a landscape of financial and legal jargon, and can be difficult to manage without assistance. In addition to the links and information found here, there are additional resources, reachable by telephone, that can also provide you with assistance.
Texas Consumer Credit hotline:
Texas Attorney General’s Consumer Protection Hotline: