What to Consider When Taking Out a Car Title Loan

Car Title Loans in DFW Metroplex

At VIP Title Loans, we make it fast and easy to get the money you need when you need it. We offer the most competitive rates on car title loans in the DFW Metroplex area. Our online car title loan process is simple and stress-free. Just fill out our application, and provide vehicle information, a valid photo, and your vehicle’s title details. You can pick up instant cash at any of our five convenient locations in Richardson, Arlington, Hickory Creek, Garland, or Dallas, TX. Before rushing into an emergency car title loan, however, take a moment to read through this post for information about car title loans and what to consider when taking out a car title loan in DFW.

What Is a Car Title Loan?

A car title loan is a quick, easy way to get cash when you need extra money for bills, rent, or an unexpected expense. You are using your car as collateral, so the condition and value of your vehicle may play a part in how much money you are approved for. After signing the documents for a title loan for cars, we will take possession of your car’s title. You will get it back when you make your final loan payment. You will still be able to use your car, however.

When & Why Do I Need a Title Loan for Cars?

You might consider an emergency car title loan if you are short on money and have an upcoming bill or expense that you can’t put off. Getting a traditional loan takes time, sometimes months. You also have to provide a lot of documentation, prove you have a stable income, and have a good credit score. Applying for an online car title loan is not as complicated or strict. Your car’s title will secure the loan, so you might get approved for more money than you would with a traditional loan, or you might be able to get approved even if you don’t have great credit. A car title loan offers instant cash and more flexible, convenient repayment plans. You will typically get an answer instantly or within 24 hours, even without amazing credit or adding a co-signer or guarantor.

What Should I Consider Before Taking Out a Car Title Loan?

You should never rush into the decision to take out an emergency car title loan. Always take some time to consider your options before entering into any loan agreement. While car title loans are less complicated than traditional loans, they are still a legal contract that has consequences for non-payment or late payment. Make sure you understand the terms of your loan contract before signing anything, and consider these factors before taking out a car title loan:

• Interest Rates – Auto loans include interest rates that may change over the lifetime of your loan repayment schedule. At VIP Title Loans, we offer the best possible rates for a Texas title loan. Our interest rates are reasonable and manageable.
• Alternatives to a Car Title Loan – If possible, you should talk to a friend or family member and ask for a short-term loan without interest. You may be able to get more money and a less strict repayment schedule when you borrow from friends or family. You can also try to get a loan from your local credit union or community bank. They often offer lower interest rates than other lenders. You should also consider talking to your utility company, landlord, or creditor to explain your hardship and ask for a slight extension on your due date so that you won’t need to take out a loan.
• Costs and Fees Associated With Your Title Loan – Many auto title loan companies charge costs and fees along with the interest rate associated with your loan. Look at your contract to see if there are late payment fees, returned check fees, or a monthly fee. At VIP Title Loans, we offer convenient payback plans with minimal fees or penalties.
• Consequences of Missed Payments – When you take out a car title loan, you will have to provide the lender with a copy of your car keys. This means that if you miss a payment, they can repossess your car. You will no longer have a vehicle, and you will have to pay more than the loan amount to get your vehicle back. If you can’t, they have the right to sell it at auction to recoup all or part of the remaining loan amount. If they don’t recoup the entirety of the outstanding loan amount, you will no longer have your car, and you will still owe them money. Your credit rating will also suffer when they report your defaulted loan to the credit bureaus.

What to Know About Online Car Title Loans

There are some other important things you should know about applying for an online car title loan. While our car title loans are fast and easy, we want our customers to make an informed decision and have all the facts before entering into a loan agreement with us. Here are a few more things you should know before getting a car title loan:

• You Must Have Sole Ownership of Your Car – Your car’s title must only be in your name. If someone else owns the car with you, they must transfer the title to you.
• The Car Must Be Registered and Insured – You will need to provide proof of current registration and insurance when you apply for an online car title loan.
• The Car Must Be In Good Condition – We will assess your car’s condition and confirm its value before we finalize your loan amount. You may qualify for a higher loan amount if your car is in good condition and has low mileage.
• Can I Get a Title Loan Without Anyone Seeing the Car? When you fill out an online car title loan application, we will ask for photos of your car and information about its condition. We will also need to assess its condition and value in person.
• Can I Get a Car Title Loan Without the Title? You need to have the car’s title, and it needs to be in your name only in order to get a car title loan.

Contact VIP Title Loans for Your Next Auto Title Loan

If you need a low-interest car title loan in the DFW Metroplex area, our team at VIP Title Loans can help. We offer the best rates in the area and make applying online for a car title loan easy. You can get instant cash at any of our five convenient locations if approved. Fill out our quick, easy application today, or call us to learn more about our low-interest car title loans in Arlington, Dallas, Garland, Richardson, or Hickory Creek.