A title loan is a type of secured loan where the security comes from the vehicle involved. When looking for a title loan in Texas, a person may have some questions related to what kinds of cars qualify for a title loan.
The great thing about title loans is that lenders are usually extremely flexible with the kinds of cars they accept for funding. Here is more information on applying for a title loan in the state of Texas, along with details on a unique type of title loan known as a title loan serviced by LoanMart.
What Do Lenders Look at to Qualify a Car for a Title Loan in Texas?
In order to figure out whether a car qualifies for a title loan, lenders will take a look at several aspects of the vehicle, such as:
- The Value of the Car—The value of the car will be determined by the make, model, year, mileage, and overall condition. This is an important part of the title loan process, as the value of the loan will largely reflect whatever the car is worth.
- The Condition of the Car—Lenders will look at the condition of the car, both from the inside and outside. With a title loan, lenders will require that vehicles be in safe, working condition.
- The Body Style/Type of Car—Another factor that will play a role with car eligibility is the body style/type of vehicle that is being used. Generally, most lenders will NOT accept cars like tractors, ATVs, and pocket bikes.
What Kinds of Cars Usually Qualify for Title Loans in Texas?
The car types that most title loan lenders in Texas will accept are:
|· Sedans||· Minivans||· Recreational Vehicles|
|· Coupes||· Sport Utility Vehicles||· Motorcycles|
|· Hatchbacks||· Convertibles||· Electric Vehicles|
|· Station Wagons||· Trucks||· Classic Vehicles|
|· Sports Cars||· Trailers|| |
What Role Does the Car Title Play with Qualification for a Title Loan in Texas?
In addition to the details of the vehicle, the car’s title will play a role with qualification for a title loan. With a title loan, as mentioned above, the security for the lender comes from the car. The car title serves as proof of legal ownership over the car, for the lender, until the loan is paid back.
When a car is being used for a title loan or is financed, then there will be a lien on the car title.
When it comes to getting a new title loan in Texas, most lenders will ask that your car title be free of any liens. Although there are some title loan lenders out there that may be willing to work around an existing lien.
Why Choose a Title Loan Serviced by LoanMart for Title Loan Funding in Texas?
Title loans serviced by LoanMart are a unique kind of title loan funding available for residents of Texas.
Along with the standard benefits that come with title loans (ease and speed), title loans serviced by LoanMart come with tons of extra perks:
- Competitive Interest Rates—When looking for a title loan, it is extremely important to pay attention to the amount of interest that is charged on the loan. With title loans serviced by LoanMart, the interest rates are kept highly competitive.
- All Kinds of Cars are Accepted—Title loans serviced by LoanMart typically accept all kinds of cars with title loans. Talk to a loan agent about your specific vehicle!
- Low Payments Each Month—With a title loan serviced by LoanMart, payments are low each month.
- Unmatched Flexibility—With title loans serviced by LoanMart, a borrower can have years to pay back their loan. This is a huge increase from the standard loan length of one year. In addition to that, there are no early repayment penalties!
- Transparency Throughout the Process—With a title loan serviced by LoanMart, a borrower will know exactly what they are getting into. A loan agent will make the loan details as clear and concise as possible. There are no hidden fees with repayment.
- May Be Able to Work with Existing Lien—An applicant may qualify for a title loan serviced by LoanMart despite having an existing lien on the car title1. Eligibility can be discussed with a loan agent.
To get started with a title loan serviced by LoanMart in Texas, head over to the website. There will be a short inquiry form to fill out, and a loan agent will contact you shortly after review! The funding process with title loans serviced by LoanMart only takes a few minutes, and funding can be made available as soon as the next business day1!
Many factors are considered for qualification in Texas. Variables like the kind of car a borrower has, the value, the condition, and the car title will all be looked at. The great thing is that most title loans generally accept a wide range of cars for funding.
When looking for a title loan in Texas, start with title loans serviced by LoanMart!