Rising costs in Abilene can make covering unexpected expenses difficult. This is particularly true in situations in which less than optimal credit histories make it harder to get loans to cover them. This is where title loans in Abilene, TX can be useful. The cash you need could be just a few clicks away if you have a vehicle in your name and a steady income.1 Here is what you need to know to get title loans in Abilene, Texas.
What is a Title Loan and How Does it Work in Abilene?
A car title loan is a vehicle-secured loan that can be used for any personal or household need. To be eligible for one in Abilene, you must live there, be at least 18 years old and have a steady income. Traditional employment is not required; alternative income such as disability benefits, Social Security, retirement benefits, or alimony may also be accepted.1
The vehicle you pledge as security for the loan must be worth enough to support the requested loan amount. The value is determined based on its make, model, mileage, age and overall condition. You’ll review and sign your loan agreement when your application is approved, after which the loan will be funded and a lien will be placed on your title.1 You can continue to use your automobile during the loan period, as long as you make payments on time. Once you’ve fully repaid your loan, the lien will be removed.
How Easy is the Title Loan Process in Abilene?
Applying online for a car title loan serviced by LoanMart can take as little as five minutes, with the proper documents in hand.3 Required documentation includes the title to the automobile, a government-issued photo ID, proof of your Abilene address (such as a utility bill or apartment lease) and recent pay stubs or other income documentation. You’ll also be asked to provide clear, current photos of your car’s or truck’s exterior and interior, along with its VIN and odometer reading. In some situations, you may have to submit a form from the Texas Department of Motor Vehicles authorizing the placement of a lien on your title.
Once you’ve gathered the documents, you’ll be ready to complete the quick and easy application process:
- Fill out the short online form, or apply by phone at 855-422-74121
- Submit the required documents
- Review and sign the loan agreement upon approval
- Provide your vehicle title
- Receive your funds
How Much Can I Borrow with a Title Loan in Abilene, and How Fast Can I Get Cash?
In Texas, you may qualify to borrow up to 50% of your vehicle’s equity, with a maximum loan amount of $15,000 when obtaining a LoanMart-serviced loan. Within your approved range, you’re free to choose the amount that best fits your needs.1 Approval for a title loan serviced by LoanMart can take less than an hour and you could receive your funds within one day – sometimes even sooner.3
Can I Get Title Loan Funds Without a Bank Account in Abilene?
You have a number of flexible options for receiving the funds of a loan serviced by LoanMart, many of which do not require banks. These include cash pickups at authorized money transfer locations, wire transfers, ACH bank deposits or checks. The same flexibility is available for payments, which include MoneyGrams, telephone payments, automatic payments from bank accounts or debit cards, and cash payments at participating money transfer locations.
What About Interest Rates on Title Loans in Abilene?
Interest rates for title loans vary based on state regulations, the lender’s assessment of your credit risk, the amount you borrow and the length of your repayment term. Here, it should be noted the interest rates on car title borrowing can be higher than those for loans from traditional banks and credit unions. However, borrowers who secure car collateral loans serviced by LoanMart can expect rates that are competitive with similar forms of lending.
Will a Title Loan in Abilene Affect my Credit?
While your income and the value of your vehicle are the main factors in qualifying, a car equity loan serviced by LoanMart will include a credit check.1 This could lead to a slight, temporary dip in your credit score. However, making your payments as agreed can help strengthen your credit over time. If you have a limited borrowing history, responsibly managing a car collateral loan may also help you build a positive credit ranking.
What Sets Title Loans Apart from Other Loan Options in Abilene?
Compared to payday loans, vehicle-secured loans serviced by LoanMart typically offer larger loan amounts and longer repayment terms. Interest rates are also usually lower than those of payday loans. Additionally, as mentioned above, Abilene title loan customers can keep driving their vehicles while making payments as agreed. This is usually not the case when cars are pawned, as pawned vehicles typically must be left with lenders until the loans are repaid.
Compared to traditional bank loans, another difference is that traditional bank loan decisions usually rely heavily on borrowers’ credit scores, whereas approval for car collateral loans serviced by LoanMart depends more on the vehicle value and the applicant’s income.1 Approval and funding can also be faster with auto title loans serviced by LoanMart compared to bank loans.
In Summary
Whether you live in Abilene or another Texas city, such as Arlington, El Paso or Laredo, a title loan serviced by LoanMart can potentially help you in a financial emergency. Throughout your experience with LoanMart, you can also expect top-notch customer service and support, along with transparent terms. Apply for your LoanMart-serviced auto title loan today!1
