How To Get A Bad Credit Title Loan

Have you found qualifying for an unsecured loan challenging because of a low FICO score? Or have you been turned down for a bank loan because you don't have any verifiable credit history? In situations where you need cash in one business day or less, why not consider a title loan for bad credit that uses your car's equity as security for the loan?

Bad credit loans are now possible and easier to get than ever with Car Title Loans 123. We offer same day access to title loans for anyone with a bad credit score, and all you need is a car with equity and proof of income to qualify. These loans can be approved in less than an hour, and some customers can qualify for $5,000 or more with just their lien free vehicle title serving as the collateral for the loan!


Bad Credit Title Loans - How To Apply

Car title loans are offered to anyone looking to borrow cash quickly. While most applicants can't be approved for a personal loan because of a low FICO score, these secured loans are available to anyone with equity in their vehicle who can prove their income. You must provide collateral: a car, SUV, semi truck, or anything that can be titled. This will be the lender's security in case of default, and they can repossess your vehicle if you fall behind on the monthly payments.

Vehicle equity loans can be offered for up to 60% of the car's value. Title loan lenders in Los Angeles, CA, will probably provide less than 50% because there are strict limits on the APR and the amount you can borrow in CA. That means that even with a low FICO score, you can borrow $4,000 or more with a vehicle valued at $8,000. Title loan companies in Georgia and South Carolina typically offer high loan amounts approaching 75% of your vehicle's value. That's because there are very few lending regulations in these Southern states, and your loan amount can reach $10,000 with a high value vehicle.


Get a loan with a bad credit score


Requirements For A Vehicle Title Loan With Bad Credit

Other than a clean and clear vehicle title, the requirements for a title loan are few and far between. When applying for a car title loan, you can get funds by the next business day if you have a lien free vehicle. The car's title must be completely paid off, and there can't be any cosigners listed on the pink slip. Your vehicle's title must be in your possession and signed over to the lender upon approval.

These loans are offered to customers with poor credit; you don't need an extensive credit check to get approved. That's the best part about this type of financing, as most companies will not even check your credit score! The verification depends on the vehicle's value and proof of income, not your FICO score!


Improve Your Credit To Avoid A Title Loan

A good FICO score is often required in applying for personal loans, particularly from banks or credit unions. With a high credit score, lenders become more confident that you can stay current on the payments and will offer a higher loan amount. Bad credit won't preclude applicants from getting cash for their vehicle. But it's still imperative to improve credit and payment history.

Although your credit rating is not essential when applying for auto title loans, you can anticipate the repayment terms will be pricier than conventional personal loans. This is because a lender is taking on added risk by not doing a full credit check or detailed underwriting of your application. Yes, they can always tap into the equity from your vehicle in the case of default, but repossession is a costly process for everyone, and it's best to keep current on your payments.


It's Possible To Qualify For Car Title Loan With Bad Credit

The bottom line is that you should only apply for a title loan if you own the vehicle and are comfortable with the risks of this type of collateral loan. At Car Title Loans 123, we take applications online and over the phone at 844-567-5011, and there's a decent chance we won't check your credit when we put together an initial title loan quote!  Apply now to see how much you can get with a bad credit title loan.

Susannah Harmon