While most unsecured loans will look at your credit score or payment history, a title loan enables more people to qualify for funding simply based on the equity in their vehicle. That’s why It is recommended that when you need to borrow money, try to get a car title loan in California, instead of going to a bank. Car Title Loans 123 has been providing car title loans in California for years and we promise to help you throughout the application process. Our customer service agents can get your loan application started online or over the phone.
A title loan allows you to use the equity from your car as collateral or security for a loan. Anyone over 18 who owns a vehicle outright can qualify for an online title loan with Car Title Loans 123. When a borrower wants to get a title loan in California, it is important to use a reputable lender. Although, there are many lenders in California willing to offer title loans, avoid using a broker. Brokers get paid if you fail to pay your loan. In order to avoid this, use a lender that you have found through the Internet. There are many websites out there that offer loans and brokers are generally competing for your business. Title loan amounts are typically standard through the state, and you can often expect the loan amount to be greater than $2,510. Lenders may also compete for your business by lowering the interest rate or payoff amount and allowing you to pay the loan early with no penalty.
When looking for a title loan in California, you should first see how much money you can get for your vehicle. Do not inflate or lie on your loan application. Unless it is your last resort, do not borrow more than you can afford. It also is important to look at the repayment terms very carefully. Do you have a grace period and can you pay the loan off quickly if you cannot? If you can, ask if you will be charged a fee to get the loan paid off. Most likely, the lender will try to charge a fee.
If you have good credit, a lender will be more willing to extend a title loan. However, if your credit is not good, a lender may just deny you a loan, even if it is your best option. A bad credit score is often a problem for a personal loan, but with a title loan, a lender mostly wants to see how much equity you have available. Discharged debts on your credit score are the most important factor on your credit score calculator. Lenders will look at this to decide whether to extend a loan. Luckily, it will not affect your car loan process. You may be able to get a loan but must pay high interest rates because of your bad credit score.
Title loans will only disallow you from getting a car while the car is in the ownership of the lender. If you default on your payments, the lender will take the car from the owner if there is no other way to recover the loan. Therefore if you want to apply for a bad credit title loan you should first make sure you have the ability to pay back the full loan amount. Losing your vehicle to repossession is not ideal and is the worst case scenario.
When deciding whether to borrow money from a licensed lender or not, look for trustworthy title loan lenders in California who have a good history. Check with the Better Business Bureau to see if there are any unresolved complaints. Also, look up their information on online rating and review sites to see some of the most common complaints and reviews. If there are no complaints, it is usually safe to borrow money from a lender that has an active license with the California Department of Business Oversight. If you find a lender that does not follow these guidelines, look for another lender.
Before signing the loan papers, make sure that you understand the terms. Most lenders are eager to get paid on the loan. You should feel comfortable about your loan and agree to the loan terms before you sign. Be aware that a title lending company can revise the terms of the loan, including the interest and fees, at any time. Rest assured there is more than one way to get a California title loan. Apply online with our company or work with a lender near you in cities such as San Diego, Los Angeles, or Sacramento. The funding options in CA are numerous.