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 lending. 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 lending known as ChoiceCash Title Loans 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 ChoiceCash Title Loan for Title Loan Funding in Texas?
ChoiceCash Title Loans, serviced by LoanMart, are a unique kind of title loan lending available for residents of Texas.
Along with the standard benefits that come with title loan lending (ease and speed), ChoiceCash Title Loans 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 a lender is charging on the loan. With ChoiceCash Title Loans the interest rates are kept highly competitive.
- All Kinds of Cars are Accepted—ChoiceCash Title Loans accept all kinds of cars with title loans. Talk to a loan agent about your specific vehicle!
- Lower Payments Each Month—This is one of the loan rewards that could come with a ChoiceCash Title Loan. When a borrower makes steady on time payments, they can look forward to a lower loan payment each month2.
- Borrow Even More Funding—Just like the reward of lowered payments, a borrower must earn this one. With ChoiceCash Title Loans, a borrower can be given the opportunity to borrow more funding in the future at a discounted monthly rate1, 2.
- Unmatched Flexibility—With ChoiceCash Title Loans, a borrower can have up to 3 years to pay back their loan3. 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 ChoiceCash Title Loan, 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 ChoiceCash Title Loan despite having an existing lien on the car title1. Eligibility can be discussed with a loan agent.
To get started with a ChoiceCash Title Loan 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 lending process with ChoiceCash Loans only takes a few minutes, and funding can be made available as soon as the next business day1!
Title loan lenders in Texas will consider many factors for qualification. 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 lenders generally accept a wide range of cars for lending.
When looking for a title loan in Texas, start with ChoiceCash Title Loans, serviced by LoanMart!