A car title loan is an accelerated method of obtaining small amounts of cash. The exact number is determined depending on the appraisal of the car. In order to apply, the client must present non-lien title and a verification of income, but having a job is not required. The credit score plays only a minimal role as the car serves as the collateral for the loan. The title is temporarily surrendered to the loan company and returned to the owner upon full repayment of the amount owed within a specified period of time, typically 30 days.
Title loans San Marcos can be especially beneficial for people who are experiencing financial difficulties such as bankruptcy or foreclosure. A title loan can possibly allow the consumer to gain an extra time to gather the necessary funds to avoid such events. Obtaining a car title loan is also significantly easier and quicker than applying for a traditional bank loan where the process is often long and does not provide an immediate help in emergency situations. The customer is still allowed to drive the car and participate in their daily activities. Title loans Texas are recommended for people who are experiencing sudden financial difficulties and need temporary money “boost” to prevent more serious consequences. Texas Title Loans can help you out no matter where you’re located in Texas, including residents of Austin.
The process begins with a simple application. The form requires providing the following information:
A title loan estimate of available funds is provided followed by a contact from an experienced agent to complete the process.
In order to be approved for the car title loan Texas, the applicant must be 18 years of age and provide a valid form of identification such as a driver’s license or a passport. He/she must also have a lien-free title without any judgments against it or unpaid loans.
Besides all the advantages mentioned above, the title loans San Marcos offer additional benefits.
This type of loan can also help people with disabilities or those who are retired and may have a difficulty visiting a loan center in person. The payment schedule is determined upon final approval and included in the agreement. If unexpected circumstances arise, the payments can be deferred without any significant burden to the borrower. It is imperative to contact the lender to avoid additional late fees and interest. In Texas, the late fees are assessed on the 11th day past due. Pre-payment penalties usually do not apply.