You Can Apply for a Title Loan in Texas if You Have Bad Credit History
The requirements for a car title loan in Texas can be straightforward. One of the most significant advantages of this financing option is that people from various careers or financial backgrounds can apply because the criteria aren’t that demanding! Traditional bank loans can deny people with poor credit, making obtaining approval quite challenging.
Missing bill payments can happen to anyone, especially if you’re struggling with your money because of an unexpected expense. Your credit score can be directly affected when you don’t pay bills. Building your score back up can take years of on-time payments, and only some have the luxury to wait that long.
If you need money quickly as a resident of Texas, you can inquire about online title loans! This option can be accessible to people with bad credit scores, and you may receive access to funding within one business day of applying.
Start your inquiry for a title loan today by filling out this pre-approval form or calling to speak directly with a title loan agent.
Who Can Apply for a Car Title Loan in Texas?
You can apply for a title loan in Texas online if you meet the initial requirements. This criterion may be easy, but you must understand this before getting started. If you don’t have any of the following, you may not be eligible for this financing option. For a car title loan, you must have the following:
- Be an Adult at Least 18 Years or Older
- Have a Qualifying Vehicle Title in Your Name
- Have a Qualifying Vehicle With Some Positive Equity
- Show Proof of a Consistent Income
Some loan options may allow minors to apply for them, but online title loans are not one of them. You must be an adult at least 18 years or older to inquire about car title loans in Texas! You must also have a qualifying vehicle title to be eligible. This option depends on using the vehicle title as collateral for funding, so with one, you may qualify. You can contact the DMV in Texas for information if you need help replacing a vehicle title or transferring one to your name.
You also must have a qualifying vehicle with some positive equity. Car equity means your car is worth more than what you owe. When determining approval and loan amount, lenders look at equity, so you must know where yours stands! Websites like Edmunds can provide you with a car value estimation.
Finally, federal law requires that lenders check income before approving someone for a loan. This criterion prevents predatory lending practices by ensuring the borrower can repay the loan! You don’t need to work a traditional job to qualify for funding potentially. Below are examples of alternative income that you may use during an inquiry for a title loan:
- Worker’s Compensation
- Social Security Benefits
- Alimony/Child Support Payments
- Settlement Income
- Some Self-Employment
Contact a title loan agent if you have questions about your income verification or vehicle title circumstances!
What Documents Do I Need for a Car Title Loan in Texas?
The great thing about a car title loan is that the required documents are paperwork that most adults have on hand. However, you must turn in the correct pieces if you want your inquiry to run smoothly and quickly! For an auto title loan in Texas, you must have the following:
- Valid Government or State Issued Photo I.D.
- Proof of Residency
- Proof of Qualifying Vehicle Title in Your Name
- Proof of Steady Income
- Recent Photos of Your Car
You can prove your age and identity using a government or state-issued photo I.D., like a passport or driver’s license. You also need to verify your residency in the state of Texas with an official piece of mail, like a bank statement.
Lenders will conduct a virtual inspection by looking at recent photos of your car. Make sure they’re clear and direct to make the inquiry process move quickly!
Apply for a Title Loan in Texas Today
The requirements for a car title loan in Texas can be accessible to people from various backgrounds. You can inquire about this financial option even if you have a poor credit score. Start your inquiry for an online title loan in Texas today by filling out this pre-approval form or calling to speak with a title loan representative.