Car title loans can be a lifesaver if you’re in a financial bind and need cash fast. These short term loans are simple to get and can give you money within 24 hours. The most important aspect of these secured loans is that you’re able to get a large amount of cash and you don’t need an excellent credit score! Here is everything you need to know about equity lending offers 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 that will fund your loan and get your cash instantly.
The final funding amount available with title loans depends on the car’s current value on the resale market. With Car Title Loans 123, you can get pre-approved for $10,000 or more and the great thing here is that you can keep your vehicle while making payments. Compare that to years past when you had 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 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 We have established relationships 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.
The basic requirements for Memphis title loans are the same as in other parts of Tennessee. You need a paid off car or truck and the vehicle title must be in your name with no other lienholders. You must show proof of employment that verifies you can make the monthly loan payments on time and not default. Companies may also require proof of ID, and valid vehicle insurance with full coverage, and they will likely ask for you to come in and complete a quick vehicle inspection before signing the paperwork. The loan amount you receive will ultimately be based on these requirements, and that’s why you should only use the title loan money for urgent expenses.
Yes, there are a couple of things to keep in mind if you’re interested in a title loan in Memphis, Tennessee. The most important thing to consider is that you must stay current on the required monthly payments. If you don’t, your car could be repossessed and sold by the lender. 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 will offer funding in less than an hour once you complete the vehicle inspection and sign off on the paperwork. Compare this timeframe to the days or even weeks it takes to get your money from a typical loan company that runs multiple credit checks and does extensive underwriting!
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 your car or truck is worth, and ultimately what you can get with a vehicle title loan in Memphis! It will take less than an hour to completely underwrite your application and after that, we’ll connect you with a loan provider in Memphis, Tennesee that get you cash in less than 24 hours!