A car title loan is a type of lending which many people turn to when they need fast funding. These loans are available across the United States, including Tennessee.
Those who are unfamiliar with title loans may not know that they can come with extremely flexible eligibility terms. And so, even those with bad credit may be able to get approved for a car title loan in Tennessee1.
Here is more information on the approval process with car title loans, what to look out for, and some details on a unique type of funding in Tennessee known as a title loan serviced by LoanMart.
If Not Credit, What Qualifying Factors Will Title Loan Lenders in Tennessee Look At?
At this point, a person may be wondering what qualifying factors car title loan lenders will look at for approval.
Here are some common factors that title loan lenders in Tennessee may use to determine approval:
1. The Value of the Vehicle
With car title loans, the car involved will play a huge role with approval. Because it is the asset for the loan, its value will determine whether a lender can approve funding. In order to determine a car’s value, lenders will look at the make, model, year, mileage, and overall condition.
2. The Applicant’s Income
Income will be looked at both in annual and monthly terms. Lenders will analyze income in order to figure out if a person can afford to repay the loan within a reasonable amount of time.
3. The Applicant’s Ability to Repay the Car Title Loan
This variable combines other factors such as an applicant’s income, their expenses, and the amount of existing debt that they currently have. This information will give a lender an overall idea of whether an applicant will be able to handle paying the loan while simultaneously managing their existing expenses.
Will There Be a Credit Check at All?
Every title loan lender is going to be a little bit different, and that includes their process. Some lenders may perform a credit check (both a hard inquiry and a soft inquiry) with their applicants. This allows them to get a better overall look at the applicant’s existing finances. Even with a credit check, individuals with bad credit may still be approved for a title loan1.
What Should I Pay Attention to When Looking for a Car Title Loan in Tennessee?
When looking for any kind of loan, especially when you have bad credit, it is important to pay attention to a few details before making a final decision.
The Title Loan Lender
When choosing a title loan lender to work with, it is extremely important to do extensive research before choosing one to work with. Take a look at online reviews and consider the experiences of others. Additionally, learn what red flags to look out for, such as guaranteed approval.
The Interest Rate
Bad credit loans can come with high interest rates, and there are some lenders out there who may take advantage of that. Before signing up for a loan contract, make sure to compare averages and quotes.
The Repayment Terms
Make sure you know how soon the loan must be paid back, the terms of default, and what the monthly payments will look like.
Terms Related to the Vehicle
Although most car title loan lenders allow their borrowers to keep and drive their car, some don’t. Make sure to verify this detail with the lender and ask about the car repossession terms as well.
Why Choose a Title Loan with Bad Credit Loan Options in Tennessee?
A title loan serviced by LoanMart is a unique kind of car title loan funding, now available for residents of Tennesse! Not only do title loans serviced by LoanMart come with fast and easy funding, but they are also a great deal1. And for those who have bad credit, the best part is that credit history may not be a hindrance with approval1.
Here are a few reasons to check out these loans when you need funding in Tennessee:
- Competitive Interest Rates—The interest rates with title loans serviced by LoanMart are incredibly competitive.
- Short Inquiry Process—Finding out approval for a title loan serviced by LoanMart only takes a few minutes and can all be done from the comfort of home1.
- Flexibility—These loans offer flexibility throughout the process, from the inquiry to repayment!
To learn more about title loans serviced by LoanMart, or to apply, head over to the website. Once you fill out the initial inquiry process, a loan agent will contact you shortly to talk about eligibility!
If a person with bad credit is looking for a title loan in Tennessee, the great news is that credit is not the main factor with eligibility. Instead, attention is placed on income, the equity of the vehicle, and a borrower’s ability to repay the loan.
As a borrower, it is important to look around and research title loan options before choosing one to work with. One place to start when looking for a title loan in Tennessee is with title loans serviced by LoanMart1!