Car Title Loans In Louisiana
Highway Title Loans offers pre-approval for online title loans in Louisiana, with loan amounts ranging from $1,000 to $25,000. These loans are secured by your vehicle's equity, and you can get approved with a FICO score of 500 or above. Compare that to an unsecured loan that requires excellent credit, and you'll see how popular these loans are for anyone with a paid-off vehicle.
You may be wondering how a vehicle-secured loan works and how it's possible to get cash in 24 hours or less. It turns out that lenders are much more willing to offer fast approval for someone who's willing to put a car or truck as collateral. You can keep driving the vehicle while the monthly payments are made on time, and most borrowers will repay the loan in 9 to 48 months. Here in Louisiana, we work with applicants looking for title loans in cities such as New Orleans, Shreveport, and Lafayette, and we get you a quick lending estimate and quote.
Requirements For A Louisiana Title Loan
- Driver's license or photo ID from the Louisiana OMV. You can also use an out-of-state ID or passport to verify your identity.
- Proof of residency (utility bill, bank statement, etc.). We need to verify you live in Louisiana, as secured loans are subject to various state regulations.
- Vehicle title and registration. Your car title is the main requirement for a title loan. A lender is added as a lienholder to your car's title, and you get the pink slip back once the loan is fully repaid.
- Proof of income. Do you have a full-time job, or can you show proof of income from part-time work? All we need is bank statements or pay stubs to verify income.
- Proof of insurance. Your vehicle must be insured for the car's total replacement value
Funding Amounts And Interest Rates For Title Loans In Louisiana
Loan amounts for title loans in Louisiana depend on your vehicle's equity value, and you generally should be able to borrow $600 to $25,000. Expect a higher loan amount if your car is in excellent condition or has low miles. The resale value of your vehicle will determine the loan amount, and most companies will allow you to borrow up to 75% of that value.
Even if you have an older vehicle with high miles, that doesn't always mean you will be denied a loan. Some lenders in New Orleans and Baton Rouge offer car title loans starting at $1,000. Many factors determine the amount you can borrow, and a newer car will mean you can borrow much more money.
The interest rates for a Louisiana title loan are high and can be over 100% in some circumstances. Expect an APR between 40% and 200%, with some companies offering better rates for repeat customers. You can also contact your lender after making consecutive on-time payments and see if they're willing to lower your rate or refinance the loan.
Car Title Loans In Louisiana With Bad Credit
Bad credit title loans in Louisiana are possible because your credit score is not a significant underwriting requirement. Unlike personal loans that aren't backed by collateral, a title loan has security in the form of your vehicle if you default.
Expect a higher APR with a bad credit title loan, but by making timely monthly payments, your lender will report that to the credit bureaus, and you may see your FICO score increase. Contact your lender if there's ever a chance you may miss a monthly payment and see if they're on board with an alternate repayment plan. Your credit score will be affected if you miss any payments, and you also risk repossession, where the lienholder will take your vehicle and sell it at an auto auction.
Apply For A Vehicle-Secured Loan In Louisiana With Highway Title Loans
At Highway Title Loans, you can apply using our quick online application, and we'll then match you with a local direct lender in locations throughout Louisiana. There are dozens of licensed lenders in Baton Rouge, New Orleans, and Lafayette, and all these companies are prepared to offer $1,000 or more for your vehicle's equity. Apply with us, and we'll do our best to offer multiple lending options and get you a fast online quote. Apply online or call 877-433-5454 today.
