Car title loans are common in Oklahoma and offer a chance for people to borrow a large amount of money even if they have bad credit. When you take out a title loan, you’re using the equity from your vehicle as collateral for the cash you borrow from a lender. The interest rates are high and you will need to sign your car’s title over to a financing company, but you can keep driving your car and you won’t need good credit to qualify for loan amounts of up to $15k in Oklahoma.
There is no one definitive answer to this question as online title loans are available through a variety of lenders with different qualification criteria. However, most title loan companies in Oklahoma will require that you be at least 18 years old, have a steady income, and possess a valid driver’s license. You’ll also likely need to own your car outright – meaning you won’t have any liens or encumbrances on the title – and have a clean driving record with updated proof of insurance.
The maximum amount that’s available with a title loan in Oklahoma depends on the value of your vehicle and the terms set by the lender. Typically, title loans range from $500 to $15,000 in OK and the loan amount is derived from the vehicle’s value. To determine the value you may need to bring your car in for an appraisal, but in most instances, the title loan company will simply use the Kelley Blue Book value or NADA value.
It goes without saying that a newer car will be worth more and have more equity. But don’t count out older vehicles or even those with high mileage. If you’re looking for a low loan amount then an Oklahoma title loan can be an option even when you have a vehicle that’s worth just a few thousand dollars.
Just like with any other type of loan, title loans have interest rates associated with them and these rates are locked in for your entire payment term. These rates are based on state financing regulations and will vary from lender to lender, but typically start at 30% and can possibly go much higher from there. However, keep in mind that title loans are considered high-risk products so you may be able to negotiate a lower interest rate if you have a good credit score.
The length of time you have to pay back your title loan will vary depending on the lender and your specific financing terms and schedule. Because of that, we recommend first getting an estimate of payment terms and interest rates by using a car title loan calculator.
Most companies will offer repayment terms between 12 and 36 months, but there may be some that offer longer or shorter terms. It pays to shop around if you live in Oklahoma City or Tulsa to get a few different quotes for both the payoff term and APR. Use your leverage and try to negotiate a lower APR and bring down the amount of time it takes to pay off your title loan.
Yes, you can keep driving your car as long as you make regular payments on the title loan. The title will be transferred to the lender until the loan is repaid in full, but you should be able to continue using your car just as you always have.
When considering a title loan in Oklahoma, it’s important to weigh all of your options and make sure you understand the terms and conditions of any potential loans. Be sure to research different lenders and compare interest rates, repayment schedules, and other important factors to find the best company and get your vehicle title back as soon as you finish the lending term.
One of the benefits of taking out an auto title loan is that you have many options when it comes to applying. Most applicants will choose to apply for fast cash online and it’s quick and easy, but also consider visiting title lending stores in Oklahoma City if that’s more your style. Keep in mind that you may have a few more requirements if you apply in person, but you will also be able to complete the required vehicle inspection that same day and get your cash directly from the lender.
So, if you’re in a bind for cash and need some help, an Oklahoma title loan may be the right solution for you. Just make sure to compare different lenders to get the best deals and evaluate the payoff quotes for both online companies and neighborhood lenders in OKC.
Car title loans are known for being a short term secured loans with high interest rates. However, there are a few other benefits you should be aware of if you’re thinking about taking out a title loan in Oklahoma.
– A title loan can provide you with cash quickly, oftentimes within 24 hours after approval and you can even get it quicker from a local financing company in Tulsa.
– You can use the money from a title loan for any purpose you choose, whether it’s to pay bills, fix your car, or handle other expenses that you didn’t expect.
– Title loans come with fixed interest rates, so you’ll always know what your payments will be each month and won’t have to worry about surprises.
– Keep driving your car as long as you make regular payments on the title loan.
Are you looking to get started with an online application? Feel free to fill out our short online form and you’ll hear back from a customer service representative within 20 minutes of applying. Car Title Loans 123 can also walk you through the application over the phone. Contact our agents at 844-567-5011 and we’ll get things going!