Car Title Loans in Taylor

For the sake of your finances, you probably want to have a convenient financial option available to you that will help you deal with everyday expenses and challenges that come up. If you have a vehicle, you should probably learn more about title loans. This is a unique type of loan that allows you to use your vehicle as collateral and is often available to those with poor credit.

Learning the basic details about title loans Taylor

You need to know how this all works before you get started. It's important to know how to get title loan in Georgetown, and the first thing you'll always have to do with any type of loan is fill out an application. The application is fortunately very simple so that you'll probably be able to submit it after only a few minutes of your time.

The information that needs to be supplied on this type of loan application is the applicant's identity details and some data about the applicant's vehicle. The value of the vehicle being held as collateral is a very important factor in this type of loan, so the applicant will need to state what year the vehicle was made, who the manufacturer of the vehicle is, what model the vehicle is, and how many miles are on the vehicle.

A response will be sent quickly after applications are received. In the event of a loan offer, the applicant may evaluated the offer before deciding if he or she wants to proceed by taking out the loan.

State law in Texas and title loans Taylor

One of the first things you should do if you're getting ready to take out this type of loan is familiarize yourself with state laws that impact title loans in your state. You should know that laws regarding this type of loan are made on the state level. Laws in Texas place some limitations on the loans that can be offered in the state, but they also work to protect consumers.

You can borrow any amount of money on title loans Taylor according to the law, but the amount you are offered will likely be limited by the value of the vehicle you own and are offering as collateral. Although Texas law doesn't limit title loan amounts, it does limit interest rates and loan terms on these loans in the state. The maximum allowable interest rate on this type of loan in the state is 10 percent. It's also important to note that state law limits how long you can borrow for. The maximum allowable loan term on this type of loan is 180 days.

Here's how you stand to benefit

Still have questions about title loans? Perhaps you want to know why exactly consumers choose this unique type of loan. The following are five of the unique benefits offered by title loans Taylor:

  • There aren't very strict credit requirements- Even those with no credit history or a very poor credit history can be approved. This is great news for those who have been denied a loan before on the basis of credit score.
  • There's no need to give up use of one's vehicle- The title must be provided, but the borrower continues to use the vehicle.
  • There's no need to have a job or a very high income- Employment requirements are either not very stringent or nonexistent.
  • There's no need to borrow excessively high amounts of money- Borrowers have flexibility to choose if they'd like to borrow less.