When you’re facing a financial emergency, it can be tough to know where to turn. If you have poor credit, your options may be even more limited. The fact is that the majority of finance companies in San Antonio won’t even talk to you if you have poor credit and are looking for a high dollar loan. Because of that, same day title loans could be a good solution for somebody with a newer vehicle that’s completely paid off.
Car title loans have been offered in San Antonio for years, and they’ve become more popular recently as borrowers have turned to higher loan amounts where credit isn’t a concern. A title loan is a type of secured loan, that’s unlike an unsecured personal loan. That means that the loan is backed by collateral – in this case, your car title. If you own your car outright or have a low balance on your loan, you may be able to qualify for online title loans in San Antonio.
The amount you can borrow with a title loan will depend on the value of your car. But in general, you could borrow up to $5,000 with a title loan in San Antonio. On the low end, you might be able to borrow $500 for a vehicle that’s not worth much but carries enough equity to be used as security. The interest rates will depend on a number of factors, but in general, it’s going to be higher than what you could get with a personal loan lender. That’s because title loans are seen as high-risk by secured loan companies.
To put that into perspective, if you borrowed $1,000 with a title loan and had to pay it back over 12 months at 25% APR, your monthly payments would be approximately $230. And the total amount you would have to pay back after one year would be $2,760 – more than double the original loan amount. Because of those rates you should try to pay off the loan fast and make double or even triple payments every month to bring down the balance and eventually get your pink slip back.
Of course, title loans with no credit check aren’t right for everybody. If you have good credit or if you’re looking for a small dollar loan in San Antonio then title loans probably aren’t the right choice. There are other personal loan companies in Texas that could give you a better interest rate and terms on a smaller loan like that. But if you have bad credit or no credit, title loans could give you the cash you need in a pinch and you’ll still have full control over your vehicle. The lender will hold the car’s title as security and you can drive the car around town as you please.
The process for getting online title loans in San Antonio is pretty easy and straightforward. All you need to do is fill out a short application – which you can do right here on our website – and then someone from our team will call you back to discuss your options. Once we’ve determined how much your car is worth, we’ll work with you to get the title loan amount that makes sense for what you’re looking to borrow.
Other options to get an auto money title loan may include applying in person with a local finance lender. By working with a company near you, you could get the cash you need fast. But the downside is that you may not be able to qualify for as much money and the interest rates on title loans in San Antonio may be higher than what we can offer you. Whichever way you choose to apply, we advise anyone within Bexar County, TX to spend time comparing quotes and payoff terms for companies both online and in person.
The most effective way to see if vehicle title loans are right for you is to fill out our short online form or give us a call today. We’re here to help and we’ll make sure you understand all your options before moving forward with a title loan in San Antonio TX.
These types of loans are in fact possible for those with bad credit or even no credit history because car title loans are a type of secured loan. That means that the title to your car or truck is used as collateral for the money you’re borrowing. So, even if you have poor credit – or no credit at all – you could still qualify for immediate financing in San Antonio.
One benefit that comes with title loans is the fact that some lenders will actually report the monthly payments on time to the different credit bureaus. So, someone who has poor credit can start rebuilding their credit report with timely payments that are made for car title loans in San Antonio.
Before you apply for title loans online in Texas, there are a few things you should keep in mind. First, vehicle equity loans are intended to be short-term solutions for financial emergencies. So, if you’re looking for a long-term loan then title loans may not be the best option for you. Second, collateral loans typically have higher interest rates than other types of secured loans like home equity loans or second mortgages.
That’s because title loans are seen as high-risk by lenders. And because of that risk, title loan companies will charge higher interest rates to offset the risk of non-payment. Third, you should only consider getting car title loans in San Antonio if you’re confident that you can make the monthly payments on time. If you happen to miss a payment or fall behind and default you will then face a situation where you can have your car repossessed. Any borrower in this situation would be best served to work with their lender and read through the repossession laws to see how to best move forward.
Are you ready to see how much cash you can get for your vehicle? With our online application, you can quickly find out what your car is worth and how much money you can get with online title loans in San Antonio. Apply Today!