Getting a car title loan in Texas is both easy and quick. A title loan can put substantial amounts of cash into the hands of people who have run into tough life circumstances or sudden expenses that they must pay off. In this article, we'll discuss what's involved to get a title loan a the large number of ways these loans can strongly benefit those in need.
Title loans in Lockhart, Texas are some of the best means for those who need quick cash to get it. Many people think of title loans as being like a sort of pawn shop arrangement, where collateral is put up for a short-term cash loan. But there are important differences.
Getting a title loan in San Marcos or Lockhart is usually a far better option than going to a pawn shop, for a number of compelling reasons. The first is that pawn shops typically won't lend you anywhere near as much as a title loan company can. This is true both in absolute dollar amounts as well as the proportion of the car's value that can be loaned. Our title loan partners routinely lend up to 75 percent of the vehicle's resale value, in amounts that frequently exceed $10,000. That's a lot more money for a lot less collateral than you're likely to get from any pawn shop.
Another huge benefit of title loans is that you can always continue using the collateral, your vehicle, throughout the loan period. And while some other business models that use collateralized loans actually seek to take possession of as much collateral as possible, title loan companies rarely have any real interest in possessing the vehicle. This is because the work and time involved in selling a vehicle at auction and complying with all regulatory requirements is often great. Although it is possibility of last resort in the case of non-payment of the loan, very, very few people who take out title loans actually end up losing their vehicles.
Texas has a generally favorable climate for title loans. This is good news for both title loan companies and consumers. For those looking to get title loans in Lockhart, there are few hurdles, with most loans being approved inside of 15 minutes. All you need is a Texas title loan application or the title itself.
Also, due to not being encumbered by red tape, title loan companies in Texas can generally offer much more favorable terms than in neighboring states. These include low rates and low fees. Title loans in Texas rarely have prepayment penalties and only extremely rarely result in the possession of the collateral by the lender.
Title loans are, by far, the easiest and simplest loans to apply for and understand, given the dollar amounts typically involved. If you have a car and a modest source of income, the chances you'll be approved are nearly 100 percent. In fact, all you need to apply for a title loan on our website is your full name, address and zip code. You'll be pre-approved within 15 minutes. At that point, you just need to go to the nearest loan center with the vehicle's title in hand and pick up your cash!
People with newer cars are routinely approved for loan amounts up to $15,000. And with title loans, there's no need for the borrower to have good credit or any credit at all. Title loans are only dependent on the borrower's ability to pay the loan back and the value of the vehicle being put up for collateral.