Instant Online Car Title Loans In Tennessee
Title loans are a viable option for eligible borrowers in Tennessee who own a car and need fast cash. People who take out these types of secured loans can get some money quickly, without any significant credit requirements that cause problems for people who apply for personal loans.
For these types of loans, someone will first apply with a company that offers funding online or in person anywhere in Tennessee. You can start with a title loan interest calculator to break down different loan amounts and payment options and better understand the financing amounts. A lender will then give you cash based on the car’s value (less any outstanding liens you owe or other financial obligations attached to the car title or vehicle itself). Once you repay your loan in full, you can reclaim possession of the car title or “pink slip” the lender was holding as collateral.
What Do I Need To Qualify For A Title Loan In Tennessee?
The first thing to remember is that Tennessee title loans are an excellent option for people with a paid off vehicle. This means you don’t owe money on your car or truck. If you do, you’ll need to make sure all payments are up-to-date before applying for a guaranteed approval title loan as a free and clear car title will always be the main requirement for a title loan.
You also need to show Tennessee residency and an active driver’s license. If you have a lien against your car, getting a title loan in TN may be possible if the lienholder agrees not to hold this financial obligation against the company offering your cash for the pink slip.
Cash From A Title Loan Company In TN With Bad Credit
Online title loans are for Tennessee residents with bad or no credit. Title lending companies are more interested in the value of your car rather than your credit score. However, a really low credit score may limit the money you can borrow, even if your car has a good amount of equity.
The bottom line is that most finance companies aren’t going to check credit when you apply for a collateral loan or even with a title loan for older or classic cars. Yes, having a decent credit score is good as you can borrow more cash and get a preferable finance rate. Still, most borrowers in Tennessee who apply for vehicle equity loans have already been turned down for personal loans and bank loans with lower interest rates.
What Happens If I Fall Behind On Repaying My Tennessee Title Loan?
If you fall behind on repaying your secured loan, a lender in Memphis can take back possession of the car title that was being held as collateral. Once the auto lienholder gets custody of the vehicle’s documentation, they’ll likely attempt to resell it at an auction house to recoup some of their investment into funding your auto title loan.
It’s always important to contact your lender and work out an alternate payment arraignment or payment plan if you fear falling behind on monthly payments. The State of Tennessee has regulations and consumer protections that control what a lender or 3rd party collector can do if your car is repossessed. But again, you want to make sure it doesn’t get to this point and reach out to customer service if there’s a chance of falling past due.
How Much Money Can I Borrow With A Title Loan In Tennessee
In some cases, you may be able to borrow well over 10k from a local lender in TN. These situations aren’t the norm, but you can expect larger amounts if your car has fewer miles and is in great shape. Also, consider companies near me within your neighborhood that offer title loans without a credit check.
Can I Keep Driving My Vehicle If I Get A Tennessee Title Loan
It doesn’t make sense to borrow money using your car as collateral if you give up that vehicle to get the cash. All the lender needs is your car title or pink slip, which is security for the amount you borrow. Some companies may ask for your vehicle as collateral, and these lenders are known to offer title pawns.
By applying with Highway Title Loans, you can get access to cash quickly, especially for borrowers who don’t have excellent credit. Apply online or call us at 877-433-5454!