If you’re looking for quick cash in Tennessee, a title loan online could be the right solution if you have limited other lending options. Title loans are short-term loans that use your car’s title as collateral. You can borrow up to the value of your car and use the money for any purpose. The interest rates are high and a lender can repossess your vehicle if you default. With that, these types of secured loans are ideal for someone facing a financial emergency with nowhere else to turn.
To get a title loan in Tennessee, you must bring your car to the lender for an initial appraisal and vehicle inspection. The lender will assess your car’s value and offer you a loan based on that amount – usually between 25% and 50% of the car’s value. You’ll also need to bring along a clear title (no other loans or liens against it), your driver’s license, and proof of income. In some scenarios, you may need proof of insurance and additional documents to verify your employment history. But the main requirement for title loans in Tennessee is your vehicle’s title.
Once approved for the title loan, you’ll hand over the title to your car as collateral and receive the loan amount in cash. You can use this money for any purpose – there are no restrictions. In exchange, the lender will put a lien on your title and collect interest on the loan as the monthly payments are made. The best thing about a title loan in Tennessee is that you can keep driving your car. There are no restrictions on how much you can use the vehicle and the title loan company will hold the car’s pink slip as collateral for the amount borrowed.
When looking for the best low interest title loans in Tennessee, you must compare offers from different lenders. Some title loan companies charge higher interest rates than others – so you’ll want to find the best deal possible. In addition, some title loan companies have shorter payoff terms than others. This means you could end up paying more in interest over the life of the loan if you don’t choose a lender with a longer payoff term. A general expectation for interest rates on a title loan is around 50%, with ranges that can be higher in certain parts of Tennessee.
As with any loan, understand the interest rates and terms before signing the dotted line. Title loans are expensive and should only be used as a last resort when you need quick cash. But if you’re in a financial emergency and have nowhere else to turn, title loans can provide the fast cash you need with a quick and transparent payoff term.
The amount you can borrow with a title loan in Tennessee will depend on the value of the financing company and its lending policies. Some lenders in Nashville are willing to lend on the title loan up to the full replacement amount.
Most title loan companies will lend you up to 50% of the value of your vehicle. If your car is worth $10,000, you could borrow up to $5,000 with a title loan. Those amounts are general estimates and your loan amount entirely depends on the car value’s resale value.
A local lender will appraise your vehicle to determine the current resale value in TN. The appraiser will look at the car’s make, model, year, and mileage to come up with a resale value. Once they have that number, the title loan company will offer you a loan based on a percentage of that amount.
Yes, title loans are possible with bad credit or a previous repossession. Title loans do not require a credit check, so your credit score will not factor into deciding whether to give you a loan. The only thing that title loan companies in Tennessee will look at is the value of your car and your ability to make the monthly payments. If you have bad credit or a previous repossession, you may still be able to get an auto title loan in Memphis, as long as your car is valued high enough and you have a source of income to make the payments. For someone who may have had a bankruptcy in the recent past, title loans may be one of the only options for borrowing money because most of what a lender looks at is the car’s value. Everything else that comes up during qualifying is secondary!
In Tennessee, title loans are regulated by the state’s Department of Financial Institutions. The minimum loan term is 30 days, and the maximum loan term is 24 months, and loan amounts range from $1,000 to $15,000. There are no limits on the interest rates title lenders can charge, so shop for the best deal possible. In addition, title lenders in Tennessee are not allowed to roll over your loan or extend the terms beyond 24 months.
Make sure your finance company is licensed by the state, and also check if there are any city codes or regulations that may limit the amount of cash you can borrow. For example, Nashville has limits of short term financing and city codes that regulate what a lender or repossession agent can do if you fall behind or default on payments.
If you’re in a financial emergency and need cash fast, title loans are one of the easiest and fastest ways to get the money you need. All you need is a clear title to your car and a source of income to qualify. No credit checks are required, so bad credit or a previous repossession will not affect your ability to get a title loan.
To get started, fill out our online title loan application form. Once we have your information, one of our loan specialists will call you to discuss your options and answer any questions you may have. If you decide that online title loans without a job are right for you, we’ll set up an appointment for you to come into a Nashville office and sign the paperwork. For people in rural areas of TN, you have plenty of options for getting a title loan online. Take a few minutes and fill out our application for a loan that’s completely online. One of our reps will contact you a few minutes after the form is submitted and we’ll get started!