Colorado Car Title Loans- What You Need To Know

There are some important things to know 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 ones, but they 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 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 title to the lender to secure the borrowed cash. 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. 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.

Underwriting Requirements For Car Title Loans In Colorado

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

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

The lender may repossess your car if you can’t repay your auto title loan. This is why it’s so important only to borrow what you can afford to pay and not fall behind on the monthly payments. If you ever have a chance of default, it’s best to contact the lender and try to work something out. Most title loan lenders will work with their customers if they have trouble repaying the debt.

Keep in mind that title loans in Colorado Springs 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 Springs 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

The majority of applicants for online title loans will be facing some problem with their credit and that’s ok. The bottom line is, car title loans online 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 lenders may require a down payment or credit check if your FICO score is below a certain threshold or additional collateral if there’s a recent bankruptcy or vehicle repossession from a lender in CO.

If you have bad credit and are looking for payday loans or traditional bank loans in Colorado, we can still help you get the funding you need. We work with numerous title loan lenders willing to work with customers with credit issues. Therefore, even with good credit or no credit history, we can help connect you with a title loan lender that best suits your needs.

Loan Amounts And Title Loan Values in CO

The average loan amount in Colorado 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 ability to repay the debt. These lending restrictions apply to payday loans and cash loans from a bank or unsecured lender.

To get an idea of your car is worth and how much you could borrow, use our online car title loan calculator. All you need is your car’s make, model, year, and mileage. 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. 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 using your car as collateral? If so, you should start by filling out our convenient application form for a loan. It can be completed from the comfort of your 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 review the title loan requirements, answer any questions, and help start your title loan approval process.

If everything looks good and you’re approved, 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 across Denver, Colorado Springs, and Aurora, so finding a convenient location should not be an issue! Contact Car Title Loans 123 at 844-567-5011 to see a funding amount with title loans near me!