What is a Title Loan?

A car title loan is usually a short term loan that uses the value of a qualifying vehicle as collateral. These loans are usually financed for a period of up to 48 months but can be paid off at any time (even the same day) without having to pay a penalty. In fact, title loan lenders will often encourage you to pay your loan off as soon as possible so that you do not pay excessive interest. The lender is placed as a lienholder on the title but you will keep possession of your vehicle while repaying the loan.

What is Needed to Qualify For a Loan?

Every loan situation is different but here are some of the basic guidelines for getting a title loan.

  • Obviously you will need a qualifying vehicle. This is usually a car, truck, van, SUV that has a value of at least $3,000.
  • You will also need to show that you have a way of making the payments. That means that you will have a job or receiving income of some sort that is sufficient to make the payments along with your other monthly obligations.
  • You will need to prove where you live. This is most often done with a utility bill but an agent can help you with alternative documents if you do not have one.
  • Identification (driver’s license or photo ID) and proof of insurance are other items that will be required along with the original title and photos of the car.

What About Credit?

Since a car title loan uses the value of your vehicle, your credit score is not as important. A credit report is pulled to ensure that you are not in active bankruptcy or have not had more than 3 repossessions. Title loan lenders will usually consider your loan even if you have a very low credit score as long as you have some good credit lines to go along with it.

Get Approved For Your Sacramento Title Loan Today by Calling (916) 229-6400.

If there is no signing location near you, a notary will be sent to meet you, sign your paperwork and distribute your funds as soon as the same day.