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 use your car as collateral for a secured loan of up to $25,000. Interest rates are high, and a licensed lender can repossess your vehicle if you default. 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. You need proof of income and your pink slip to qualify. 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 loan, you’ll give the pink slip to your lender, and they’ll allow you to keep driving the vehicle as you make the monthly payments.
Compare lending offers from different companies in Tennessee to get the best interest rates. With Car Title Loans 123, we’ll get you a handful of quotes from local companies so that you can find the best APR and payoff amount. A general expectation for interest rates on a title loan is around 50%, with ranges that can be higher in certain parts of Tennessee. Of course, that’s a very high interest rate, and it can take years to repay your loan if you’re only paying the minimum payments.
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 up to the total replacement amount on the title loan.
Borrow up to 50% of your vehicle’s value and expect a funding amount of $3,000 to $25,000. Those amounts are general estimates, and your loan amount entirely depends on the car value’s resale value.
Yes, title loans are possible with bad credit or a previous repossession. Anyone who applies for auto title loans in Memphis should expect a brief credit check, but it won’t be a big concern if you have normal credit issues. 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!
Online title loans are regulated by the Tennessee Department of Financial Institutions. There are no limits on the APR that lenders can charge, and there’s a maximum repayment term of 4 years in most circumstances. In addition, title lenders in Tennessee are not allowed to roll over your loan or extend the terms beyond 24 months.
Make sure the state licenses your finance company, 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 on short term financing and city codes that regulate what a lender or repossession agent can do if you fall behind or default on payments.
Car Title Loans 123 offers same day approval and cash funding for fast title loans in Tennessee. Some customers can apply online, complete the vehicle inspection, and get their funds within one business day by working with a local lender nearby.
To get started, complete the online form with Car Title Loans 123 or call 844-567-5011 to cash out equity from your car or truck!