There are a couple of important things to be aware of if you’re interested in applying for title loans in Colorado. First, same day title loans are designed for people who need money fast and may not be able to qualify for a traditional loan. Auto title loans are typically much easier to qualify for than traditional loans, but they do come with some risks. These loans use a car’s title as collateral for the funding amount.
To qualify for a vehicle title loan in Colorado, you’ll need to have a clear title on your vehicle with no other liens or claimants on your pink slip. The car’s title must be in your name and you have to hand over the actual title to the lender to secure the cash borrowed. Virtually all vehicle equity lenders in CO will use the pink slip as collateral. There’s no need to hand over the vehicle as this is not a title pawn.
Title Loan Lending Restrictions in Colorado
In Colorado, title loan lenders must adhere to the following state laws and limitations:
-The financing term can range from 12 months up to 24 months
-The APR can range from 36% – 300%
-There is no limit on title loan fees or charges
-Car title loans are regulated by the Colorado Office of Consumer Credit Regulation
As you can see, there’s a lot to consider when taking out a title loan and it’s important to understand all the risks involved before signing off on a contract. When compared to other states it’s quite difficult to get a vehicle equity loan in Colorado as there are very few lenders and those that do offer financing must follow the strict lending guidelines in the state.
All title loan companies have different underwriting requirements and as always the main requirement for vehicle title loans in CO is your car’s title. Besides that, most lenders will require the following:
-The borrower has to be 18 years of age or older
-The borrower must own the vehicle outright or owe very little on it to qualify
-The vehicle must be paid off or almost paid off
-The vehicle must be registered and insured in the state of Colorado
-The borrower must have a valid driver’s license in CO
-The borrower must have proof of income or show bank statements
If you can’t repay your title loan, the lender may repossess your car. This is why it’s so important to only borrow what you can afford to pay and not fall behind on the monthly payments. If there’s ever a chance that you may default, it’s best to reach out to the lender and try to work something out. Most title loan lenders are willing to work with their customers if they’re having trouble repaying the debt.
Keep in mind that title loans are seen as a high-risk form of lending and should only be used as a last resort. If you’re contemplating a same day title loan, first be aware of what can happen if you fall behind or stop making payments. Contact your lender to see if they have any further repayment plans or if they are open to refinancing your lending agreement. There are only a few title loan companies in Colorado that offer buyouts or refinancing so make sure your original loan agreement works for you before you hand over your car’s title.
As many of us know, it can be hard to stay current on bills, and sometimes there are situations where you fall behind on payments. Colorado is an expensive state to live in and residents in Denver and Colorado Springs pay some of the highest sales tax rates in the country. With that, we know the majority of applicants for online title loans will be facing some type of problem with their credit and that’s ok. Bad credit online title loans are available in Colorado for individuals with poor credit.
While title loans for poor credit scores are available, it’s important to understand that you may be paying a higher interest rate because of your low credit score. It’s also worth noting that some title loan lenders may require a down payment if your credit score is below a certain threshold or additional collateral if there’s a recent bankruptcy or vehicle repossession from a title loan lender in CO.
If you have bad credit and are looking for title loans in Colorado, we can still help you get the funding you need. We work with numerous title loan lenders who are willing to work with customers dealing with credit issues. Therefore, anyone with good credit or bad credit, we can help connect you with a title loan lender that best suits your needs.
When it comes to title loans in Colorado, the average loan amount is $1,000 but can range from $200 – $5,000. The loan amount you’re eligible for will be based on your car’s value and your ability to repay the debt. In Colorado, the minimum loan amount is $200 and the maximum loan amount is $5,000.
To get an idea of how much your car is worth and how much you could potentially borrow, use our online car title loan calculator. All you need is your car’s make, model, year and mileage to get started. The resale value for cars in CO has never been higher and that’s good news as we’re seeing more cars qualify for higher loan amounts. Find out your car’s resale value and use that amount to get an estimate on how much you can borrow and what the expected financing term will be.
Are you ready to see how much cash you can borrow by using your car as collateral? If so, you should first start by filling out our convenient application form for a loan. It can be completed from the comfort of your own home and you could have cash in hand in as little as 24 hours.
You should hear back from one of our trained agents within 10-15 minutes after you complete the online form. During this call, we’ll go over the title loan requirements, answer any questions you may have, and help get your title loan approval process started.
If everything looks good and you’re approved for a title loan, we’ll work with you to set up a time and place for you to sign your lending contract and collect your cash. There are lending locations all across Denver and Aurora so finding a convenient location should not be an issue!