Do you find yourself googling car title loans Houston TX? Are you wondering how the car title loan process works? Did you know that millions of people obtain car title loans to help pay for unexpected expenses every year?
Contrary to popular belief, car title loans can help you more than harm you. If you are looking for more information on car title loans in Houston TX, you came to the right article. We will briefly go over Houston car title loans and who you can contact today to get approved!
What Is a Car Title Loan?
A car title loan, also known as a title loan, is a loan for which you use your vehicle as collateral. These loans are outstanding if you are looking to get a quick loan.
A car title loan is similar to a payday loan because it has a short payback period. There are usually no credit checks required to obtain a car title loan. Find out what types of car title loans we offer same day funding.
How to Get a Car Title Loan in Houston
To qualify for car title loans Houston TX, you must have equity in your vehicle. Some lenders require you to have a clean title before they consider offering you a loan.
The average loan amount awarded to people ranges between $100 to about $5,000. Some lenders will allow you to borrow upwards of $10,000.
Requirements for Car Title Loans Houston, TX
There are locations where you can easily apply online, but you may have to print out your application if you cannot apply online.
Make sure to bring the completed application along with your auto title and your most current check stubs. Some lenders may request that you bring at least two to three of your most recent check stubs.
Other things you will need to bring:
- Proof of insurance
- Valid driver’s license
Most importantly, you will also need to bring your vehicle to the lender’s storefront location. They will need to inspect the car to check its condition.
The lender will also want to confirm the vehicle’s year, make, and model to make sure it matches the vehicle listed in the application. Your lender will make the loan offer after they inspect the vehicle.
What Happens After Approval?
Once you receive approval for your online auto title loan, you will have to provide the lender with your vehicle’s title. You will still be able to drive around in the car, but the lender may put a GPS tracker in your car. If you default on your loan, the lender has the right to repossess your vehicle.
Repayment Time for the Vehicle
Depending on your lender, you can expect to pay back the loan within fifteen to thirty days. The repayment time can also depend on the amount of the loan that you are approved for.
Some fantastic lenders provide car title loans in Houston TX that are flexible with their repayment time. These lenders can extend your repayment time from a month to a year if applicable.
It is important to note that not all car title loan places are the same; some are more predatory than others. Some companies prey on those of lower-income and who are subject to accepting loans with high APR.
When a company preys on people subject to receiving these loans, it is considered predatory lending. These lenders’ abusive loan terms are meant to target those who lack an understanding of significant financial transactions.
Make sure that you do your research before you settle with any car title loan location. Some fantastic lenders can get you better rates and who are a bit more understanding of your circumstance.
What Is an APR?
APR stands for annual percentage rate, which is the yearly rate you are charged for borrowing from a lender. Before any agreement is signed, the lender must disclose the APR.
Be wary of any lenders who hide the APR up until it is time for you to sign. Some lenders may even go as far as not letting you know of the APR.
How much you will have as an APR on your loan depends on your credit. Make sure to ask about the possibility of having a lower APR offer or ask your lender why they are offering you such a high APR.
I Can’t Repay My Loan
If you cannot pay your car title loan, you need to reach out to your lender immediately. Your lender may be able to give you a grace period so you can catch up on your payment.
They also may be able to roll over your loan. When you roll your loan over into the next month, you will be required to pay that rolled over amount in addition to your monthly scheduled payment.
If you never repay the loan, the lender will most likely repossess your vehicle. They will then sell the car and keep the money from the sale.
Are There Restrictions on Spending?
Once you are approved for the loan, you can use it for whatever you need to use it on. If you need to use that money to pay a bill, you can do that. If you need the money to cover another unexpected expense, you can also use the loan for that.
Car Title Loans Houston TX
Car title loans are outstanding for those who are looking for quick cash to help with unexpected expenses. As long as you follow your repayment terms and communicate with your lender, you should be able to get back on your feet in no time. We are helping the residents of Texas across the state.
If you or someone you know is looking for car title loans in Houston TX, contact us now. We at Champion Cash Loans believe in giving you affordable solutions with competitive rates. We understand that life happens, so we want to make the process as easy as possible.