Get A Car Title Loan In Tennessee
Are you interested in learning more about how you can use the equity in your vehicle as collateral for a loan? Title loans are a viable option for eligible borrowers in Tennessee who own a car and need fast cash. They don’t take long to underwrite, and most customers can be approved and funded in less than 24 hours.
Start by applying online with Highway Title Loans, or you can call us at 877-433-5454 to get a quick quote with a loan amount and payment options. After that, you can determine the best loan terms for you, set up a time for vehicle inspection anywhere in Tennessee, and ultimately sign off on the financing contract.
A lender will then give you cash based on the car’s value; sometimes, the loan amount can reach $20,000! Funds can be sent straight to your bank account with direct deposit, and you can keep driving the car while making monthly payments. 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, and no cosigners or lienholders are noted on the title. The bottom line, a free and clear car title is the main requirement for any title loan. The next most important requirement is proof of income. We need to know you can make monthly payments to pay down the loan balance and you can prove your income with bank statements or employment records.
You need to show Tennessee residency and an active driver’s license or state issued ID. Residency can be established with a utility statement or lease agreement showing you live within the state. Most companies will require comprehensive insurance coverage for the full replacement amount of the vehicle. They’ll also need proof that the vehicle is registered with the Tennessee Department of Revenue. Some companies require an in-person inspection, which is almost always true with loans over $2,000. There are multiple inspection locations in Memphis, Nashville, and Knoxville and it should take less than 45 minutes for them to inspect your car and confirm the current mileage.
Cash From A Title Loan Company In TN With Bad Credit
Online title loans are available for Tennessee residents with bad credit or no credit history. Title lending companies are more interested in the value of your car rather than your credit score, which can be a welcome situation for anyone who’s tried to get a personal loan with a low FICO score. However, a really low credit score may limit the money you can borrow, even if your car has a good amount of equity. Getting denied a title loan because of poor credit is rare and typically only occurs when you’ve recently declared bankruptcy or had a vehicle repossessed. Are you only dealing with missed payments on a few credit cards or personal loans? If that’s the case, you should have no problem getting approved for a TN title loan!
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 Tennessee can repossess a vehicle being held as collateral for a loan. Once the auto lienholder gets custody of the vehicle, they’ll likely attempt to resell it at auction 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.
Loan Amounts And Interest Rates For TN Title Loans
While you can borrow well up to $20,000 from a local lender in TN, that’s often not the norm and high loan amounts like that are only available for low mileage cars and trucks valued at $30,000 or more. The average loan amount for title loans in Tennessee as of 2024 is $2,500, and some companies in Nashville and Chatanooga offer loans down to $500. The bottom line is that your loan is based on the equity in your vehicle, and you can tap into 45% to 65% of a vehicle’s value with an online title loan.
Interest rates will also vary widely based on the vehicle’s value, your lending profile, and where you live within the state. Expect an APR of 40% or more with a title loan in TN, and some lenders will offer rates exceeding 75%. For those in Nashville, you can typically shop around for multiple quotes from different lenders. Go with the company you feel most comfortable with, but also go with a lender offering the best APR. There are fewer lenders in smaller cities like Gallatin or Bartlett, so you don’t have as many opportunities to get a low rate. But even in those situations, you can apply online with Highway Title Loans and get quotes from multiple licensed lenders in Tennessee!
Apply With Highway Title Loans
Highway Title Loans is committed to offering excellent customer service, and we stand by our years of service in Tennessee. We know what’s required to get your loan approved and across the finish line for funding and our team is dedicated to our customers. By applying with us, you can get access to cash quickly, especially for borrowers who don’t have excellent credit. Apply online with Highway Title Loans or call us at 877-433-5454 to get started on an application!