A title loan could be a good option if you are in a financial bind and need cash fast. Title loans are simple to get and can give you the money you need within 24 hours. The most important aspect of these secured loans is that you can borrow a large amount of cash and you don’t need an excellent credit score! Here is everything you need to know about title loans in Memphis, TN.
There are many title loan companies in Memphis, TN. Most of the larger lenders offer both online and in person application services. With Car Title Loans 123 you can get started by inputting your info online. We’ll then contact you to review a couple of options and process the application. At this point, we’ll find a direct lender in Memphis that will fund your loan and get your cash instantly.
The amount of money you can borrow with a title loan will depend on the value of your car. With Car Title Loans 123, you can borrow up to $15,000 sometimes! The great thing here is that you can keep your vehicle while making payments. Compare that to years past when you to give up the car as collateral to a title pawn company. It turns out they’re just fine using the pink slip as collateral instead!
Interest rates for title loans are typically much higher than traditional loans because they are considered high risk. However, the terms are usually much shorter, and you can always pay back the full amount at any time. Most online title loans last between 3 and 16 months. Regarding the actual APR, you should count on a rate of at least 36% with higher amounts in certain circumstances At Car Title Loans 123 we work with lenders who offer flexible repayment options so you can find a plan that works for you. Check and see if your lender is abiding by the financing regulations that are in place with the State Of Tennessee.
Yes, there a couple of things to keep in mind. The most important is that you continue making payments on time. If you don’t, your car could be repossessed and sold at auction. It would help if you also remembered that taking out a title loan will put a lien on your car or truck until the loan is repaid in full. This means if you try and sell the car or get another loan using the same collateral, the new lender will come first.
Another aspect of title loans in Tennessee is that you can quickly get the cash. In fact, most local companies in Memphis will offer funding in less than an hour once you complete the vehicle inspection and sign off on the paperwork. That means the options are to apply online and send the cash to your bank or credit union checking account within 1-2 days. Or do everything in person with a neighborhood company in Memphis and pick up the funds directly that same day. By applying with us, we’ll give you a few different quotes for vehicle equity loans and low interest loans. With that info, you can choose the option that works best for you.
Car Title Loans 123 will take your application online or over the phone, and we’ll explain the benefits and drawbacks that come with your different secured lending options. Contact us at 844-567-5011 to find out what the title loan value of your car is and exactly what you can get with a title loan in Memphis!