Posts tagged with "Title Loan Application"

Debunking 5 Title Loan Myths

If you’re in a situation that warrants applying for a title loan, then you should first educate yourself so you don’t end up in an even worse financial situation. There are many myths out there about auto title loans and how they work, but we’re here to debunk those myths and give you the truth. For title loans in Texas, we can help. If you have more questions after this blog post — about title loans or another type of loan — be sure to contact us. Otherwise, you can apply for a car title loan online with Your Loan Depot.

1. You’ll no longer have a car.

This is one of the more common myths out there, but it’s completely unfounded. Title loan companies don’t take your keys as soon as you finish your title loan application and receive your money — that’s simply just not how title loans work. Though you hand over your vehicle title, you’re still able to drive your car around to get to work or wherever else you need to.

You only risk having your car taken from you when you default on your title loan payments and lenders aren’t just waiting to take your car from you (but more on that later).

2. You need good credit.

If you have negative factors affecting your credit score, you’re not without hope. So many people have gone through negative financial situations in the past that have damaged their credit scores. You don’t have to let your past define you, though, when it comes to seeking help from a title loan company.  

As long as you have the money and resources to buy a car, truck, or RV, we can help you. This vehicle, after all, is your collateral for the loan amount. This means that we don’t even need to check your credit score, let alone require a good credit score. Instead, we evaluate the condition of your vehicle and its current value, and we review documents to ensure you are indeed the vehicle’s legal owner.

3. Lenders are trying to take your vehicle.

Many people believe lenders are preying off of your misfortune and want to keep your vehicle title and vehicle. Here at Your Loan Depot, though, we’re more interested in helping you get back on your feet financially after an emergency than we are with taking your car away from you.

Whether you visit our Rosenberg office, Corsicana office, Pearland office, or another one of our other Texas title loan companies, you’re in good hands. Our title loan service includes easy repayment plans so that you can establish how and when you’ll repay your title loan so you don’t lose your vehicle.

4. Interest rates are too high & you’re penalized for early payments.

There are definitely title loan companies out there that will charge excessive interest rates or penalize you when you try to pay early.

However, car title loans don’t necessarily carry as high of an interest rate as many consumers believe they do. Whenever you’re researching a loan that will work for your current financial needs, look into the title loan company and determine how much you’ll pay in interest. The interest rates will vary from company to company, so you can search around for one that best fits your needs.

You can also check to see if you’ll be penalized for paying your loan earlier than scheduled. Many title loan companies actually like when you repay your loan faster and are on top of your payments, but others will sometimes penalize you. Doing your research beforehand on different title loan applications can save you money and stress later on.

Here at Your Loan Depot, we’ll be forthright with you about your interest rates and payments. And remember — we help you establish an easy repayment plan so that you can go into the repayment process with all the knowledge, information, and resources you need.

5. You’ll never be able to repay your loan.   

This myth plays off of some of the insecurities, fears, and myths present throughout the entire auto title loans process. At Your Loan Depot, though, we want to fill you with optimism for your future and help you repay your title loan.

We offer a 30-day or term payback, and your loan can be up to $10,000 (based on your collateral). We specialize in personal relationships and truly want to help you succeed.

When you work with Your Loan Depot, you’re working with one of the most dependable, reliable loan companies in Stephenville, Tomball, Mansfield, and many other Texas locations. When you’re facing a financial emergency and find yourself asking “Are there title loans near me?”, we hope you’ll think of us. Contact Your Loan Depot for title loans in Texas today!

How Do Title Loans Work?

When you’re in a tight financial situation, it can be hard not to feel alone, anxious, and desperate. At Your Loan Depot in Texas, we’re here to provide you with car title loans and payday loans that can help you can get back on your feet. No matter the financial emergency you’re experiencing, we hope we can help. From our blog, you already know the benefits of using a payday loan in a financial emergency. Because there’s a lot of confusion about title loans, in our blog today we’re going to briefly and simply explain what a title loan is.

What is a title loan?

In a car title loan, you use your vehicle title as collateral in order to get the loan and you pay the lender a fee. You must own the vehicle and have its lien-free title in order to do so. If you were to get a title loan, you would temporarily surrender your vehicle title (this could be to your car, truck, or RV). Once you repay the loan, the vehicle title is returned to you. Your vehicle is never out of your possession. This is important to note, so that you know you can still get to work and other activities even though you used a car title loan. If you default on your payments, the lender is legally permitted to repossess the vehicle and sell it in order to repay the outstanding debt.

  • The amount of money you’re able to borrow will depend on the title loan company and what your vehicle is worth.
  • These are generally short-term loans, meaning that they’re scheduled to be repaid in less than one year and often as quickly as 30 days.
  • Auto title loans typically carry higher interest rates than other credit options.
  • Title loan applications can be quick — at times taking as few as 15 minutes — because lenders don’t always check your credit score or history and primarily considers the condition and value of the proposed vehicle.

How do you pay it off?

Payment terms and options will vary by state, product, and case. Before you hand over your title, make sure that you’re comfortable with the established regulations and that you’ll be able to pay it off on time. You can accrue interest and other fees the longer you wait to pay it off, so be aware of what you’re getting into from the start and make a plan of action. You don’t want to be out of cash and a vehicle a year from now.

Your Loan Depot

When you have unexpected events or need extra cash for a special event, don’t hesitate to work with us. At all of our locations throughout Texas, our title loan services will allow you to borrow up to $10,000 based on your collateral.

  • After you repay your loan in full, your vehicle title will be immediately returned to you.
  • We offer a 72-hour cancellation period if, for any reason, you decide the auto title loan isn’t for you.
  • We require vehicles to be in working condition before we agree to lend you money.
  • We offer a 30-day payback policy.
  • All loans are subject to approval and not all applicants will qualify.
  • We’re licensed by the Texas Office of Consumer Credit Commissioner.

At Your Loan Depot, we specialize in personal relationships. Whenever a need arises, we hope you’ll think of us for payday loans and car title loans. We aim to be a title loan company you can trust. Call, email, or visit any of our locations today to ask questions about and fill out a title loan application. Eliminate stress from your life and get cash now.