How Car Title Loans In Texas Work

By Author: Stam Bett
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If you're in need of money in a hurry, traditional loans from a bank are probably not going to help. After all, bank loans can take weeks. If you have bad credit, your options are even further limited and you may feel like you have absolutely nowhere to turn to get emergency money today.

The good news is there are options available, regardless of your credit history. One such option is car title loans in Texas, which give you access to money based on the value of your vehicle. Here's how title loans work, especially in the state of Texas.

How Texas Car Title Loans Work
A car title loan is a secured loan that's based on the value of your vehicle. To qualify, you must be over 18, make at least $800 a month after taxes and own your vehicle outright -- or owe very little. This is because the amount you receive is based on the equity of your vehicle. If you just have a few payments left on your loan, whether it's car financing, a bank loan or a title loan from another company, you can still qualify. The car title loan will be used to pay off the remainder of your loan and give you any extra cash that's left. ...
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When you take out the loan, you will still get to drive your vehicle and the title will be returned when you have paid off the loan in full. Depending on how much your car is worth, you can get anywhere from $500 to $15,000 in cash, same-day. This money can be used for anything, whether it's buying groceries, paying medical bills, getting your car fixed or paying utilities.

Car Title Loans in Texas
Unlike some states, car title loans in Texas do not have a dollar limit, so you can borrow the maximum amount of equity in your vehicle as long as you can afford it. Texas is actually one of the few states without such a limit, which can be a huge benefit to you if you have large expenses to cover.

You will need to bring along some documents to get your car title loan in Texas, although this should be easy. Basic paperwork includes junk mail or a bill that shows your name and address, proof of income to show that you can afford the loan and, possibly, personal references. Depending on how much you're trying to borrow, the lender may ask for additional documentation.

Are Title Loans Right for Me?
If you need money today and you don't have time to wait, or your credit is so poor that it further limits your options, Dallas car title loans may be your best option. If you make a late payment, it's possible that your vehicle may be repossessed but it's important to remember that this is always a last alternative because it's very expensive and time-consuming to lenders. Virtually all lenders who offer Dallas car title loans will work with you if you're having trouble making your payments.

Title loans are also very easy to qualify for, so you can apply online and get a call back to schedule a meeting for your money in just hours. If you're facing disconnected utilities, a late mortgage payment or you need money for daily expenses, there is really no faster way to get the money you need.

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