Once you understand what’s required for title loans in Georgia, it’s easy to see how they can be so popular. After all, with online title loans, you can get fast cash without a credit check and keep your car while you repay the loan. But secured loans are also expensive, so you must understand the costs before taking one out.
A title loan allows an applicant to use their car’s title as security for a loan. You can borrow $5,000 or more using your car’s equity, and these loans are often paid off in 6 months to 2 years.
You must show income verification to get approved for a title loan. A lender requires this to know you can stay current on the monthly minimum payments. Qualified borrowers must have a job and show verified income for each month. One requirement consistent with all lenders is that you’ll need proof that you are who you say you are. This means a valid Federal Government or State of Georgia photo ID.
Applicants for a car title loan will always be asked for the vehicle title as security. This is often the sole requirement with secured vehicle equity loans, and without the title, you will most likely be denied a loan. The lender holds your car’s pink slip, and they’re added as the sole lienholder.
The average interest rate for title loans in GA is 55%, but some companies will assess an APR above 120%! Because of these high finance charges, we recommend only working with a company that allows you to make early payments. Pass on a lender that even considers charging a pre-payment penalty.
Loan amounts are derived from your car’s worth and the region’s current resale rates. Auto title lenders in Georgia typically lend you 25% to 50% of your car’s value minus any outstanding loan balance you might still owe. These loan amounts will start at $2,000 and can approach $15,000 for people with vehicles that are in excellent condition.
Looking for the best financing amounts and terms doesn’t hurt if you live in a larger city like Atlanta with multiple title loan companies. Contact a few lenders and tell them you’re comparing shopping title loans.
Yes, title loans are available to people with bad credit. Lenders in GA know that you likely don’t have a decent credit score, and many won’t even run a standard credit check. Making timely payments could improve your credit score and avoid using a vehicle as collateral!
There aren’t many requirements for online title loans in Georgia. The main requirement is to own your vehicle and show possession of the car’s title. Some lenders require your vehicle registration info, car insurance documents, and proof of employment or steady income.
As for regulations, title loans have repayment limits for amounts over $3,500, and some companies require they be paid back within 12 months. The finance charge can’t exceed a certain percentage of the loan amount, and there is no pre-payment penalty if you want to pay off your loan early.
If you need fast cash and have a vehicle with equity, you might be able to get same day cash from a lender in Atlanta or Macon. Some companies will offer cash funding within 24 hours, with funds sent straight to your bank account.
Another option for applicants in Atlanta is to apply with a local lender anywhere in the state. Many direct lenders in Georgia can inspect the vehicle and hand over the funds within an hour of you signing the loan docs.
It is that easy! Car Title Loans 123 works with online and in-person borrowers, and we’ll do what we can to get cash for your vehicle!