Colorado Car Title Loans- What You Need To Know

Do you need to borrow money but are unsure whether it makes sense to use a car as security for a title loan? Car title loans are typically much easier to qualify for than traditional personal loans but come with risks. These loans use a car's title as collateral for the funding amount, and Car Title Loans 123 can get you a pre-approval quote in less than 30 minutes when you apply online.

To qualify for a vehicle title loan in Colorado, you'll need a clear title on your vehicle with no other liens or claimants on your pink slip. The car has to be titled in your name and be worth $4,000 or more to qualify. 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, and most customers can qualify without a traditional credit check. Read on to learn more about what's required for a title loan in Colorado and how the application and underwriting process works!

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%

-All short term loans are regulated by the Colorado Office of Consumer Credit Regulation

Requirements For Car Title Loans In Colorado

Title loan companies have different underwriting requirements, with the primary requirement being ownership of a vehicle for $4,000 or more. Besides the title, most lenders will require the following:

A paid-off vehicle - Most newer vehicles will qualify as collateral, and you can't have any liens on the car's title.

The vehicle must be registered and insured in Colorado - You must submit a copy of your vehicle's registration and proof that your car or truck has comprehensive insurance coverage.

Valid driver's license and proof of residency - Title loans are offered in most states, but you must submit proof of residency and ID to qualify for a title loan in CO.

Proof of income from bank statements or employer pay stubs - Income verification is required to ensure you can afford the monthly payments. Most applicants will qualify if they earn more than $2,000 a month.

What Happens If You Can't Repay Your Colorado Title Loan?

Your vehicle's title secures the loan, meaning a lender can repossess your car if you default on the loan payments. Most companies work with customers who face financial issues and can't repay their debt, so it's advisable to contact your lender and let them know if you can't make your payments.

Keep in mind that title loans in Aspen, Colorado Springs, Denver and other parts of Colorado 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 are open to refinancing your lending agreement. Only a few title loan companies in Colorado offer buyouts or refinancing, so make sure your original loan agreement works for you before you hand over your car's title.

Online Bad Credit Title Loans In Colorado

Most applicants for car title loans will have some problem with their credit, and that's okay. The bottom line is that car title loans online are available in Colorado for individuals with poor credit.

We work with numerous title loan lenders who are willing to work with customers with credit issues. Therefore, whether you have good credit or no credit history, we can help connect you with a lender who best suits your needs.

Loan Amounts And Title Loan Values in CO

Loan amounts in CO are lower than in other states, and you can expect an average funding amount of $3,000. Loan amounts can be much higher in some cases, with some customers qualifying for over $15,000. The resale value for vehicles in CO has never been higher, and that's good news as we see more cars qualify for higher loan amounts, especially with larger lenders in Denver and Fort Collins. Find out your car's resale value and use that amount to estimate how much you can borrow and what the expected financing term will be.

How To Get Started With Car Title Loans 123

Are you ready to see how much cash you can borrow with a car title loan? Please apply online or call us at 844-567-5011. During this call, we'll review the title loan requirements, answer any questions, and help start your approval process with the possibility that you can get cash in one business day from a local lender in Colorado!