Solve Unexpected Expenses with Auto Equity Loans in Chattanooga, TN
Chattanooga attracts both tourists and local residents with its outdoor activities, like hang gliding, bass fishing, mountain climbing, caving expeditions, etc.
However, sometimes, funds are not enough to fully enjoy what the city has to offer. That’s when title loans can serve as a valuable lifeline, providing you with the financial support you need.
Title loans are short-term loans that let you use the title of your vehicle to secure a loan in as fast as a few hours. Regardless of your financial background, you can get a title loan with ease.
Are the Interest Rates on Title Loans Too High in Chattanooga?
In contrast to various states where the annual percentage rate on title loans can be as high as 300%, in Chattanooga, TN, the maximum loan amount a lender may charge a borrower is 24% per annum. This provides borrowers with more flexible lending terms and protects against excessive interest rates.
For Instance, if you take a loan of $500 in Chattanooga, TN, it will turn into $620 with an annual interest rate of 24%.
*This calculation excludes potential loan fees, which may differ among lenders.
Some Useful Information on Title Loans in Chattanooga, TN
|Loan Term||30 days (Can be extended)|
|Interest Rate||24% per annum|
|Loan fee||Not more than $40 for a loan of $200|
What Documents are Needed for a Title Loan?
The requirements for title loans are pretty straightforward. While certain requirements can vary from lender to lender, the basic documents you will need are as follows:
- Clear Vehicle Title
- Proof of Income
- Proof of Residency
- Proof of Identity
- Vehicle Registration and Insurance
Steps to Take Out a Title Loan Online
Taking a title loan online allows you to skip the visit to a physical store, apply online, and borrow money in three very easy steps:
Step-1 Apply Online
The very first step is to visit our website and fill out a convenient online application form. Just provide us with some basic information about yourself and the vehicle before submitting the form.
Step-2 Get Approved
Once our lender accesses your loan application, they will form a lending decision based on your profile. If approved, you will be presented with a title loan agreement with a clear mention of all the terms and conditions of the loan.
Step-3 Receive Funds
You must carefully review all the details mentioned in the agreement. If you are satisfied and want to continue with the loan application, you must sign the agreement. Once done, you can choose to receive the funds any way you like, including by online transfer, check, or collect in person.
Can I Finance my Car Title Without Proof of Income?
Having proof of steady monthly income is required to be approved for a title loan in Chattanooga, TN. While lenders want to make sure you can make the monthly payment without fail, this doesn’t necessarily mean you need to have a regular job. So, even if you have alternative monthly sources of income, you can apply for a title loan.
What Can Be Accepted As a Source of Income for Auto Title Loan?
- Pay Stubbs
- Bank Statement
- Tax Returns
- Disability Income
- Settlement Income
- Pension Scheme
- Trust Fund Income
- Passive Income
Including all the pointers mentioned above, there are various other proofs of income that title lenders accept.
Do I Need Good Credit to Get a Title Loan?
Title loans are a type of loan where you use your car’s title as collateral. Lenders just want to ensure your car is worth enough to cover the loan and if you can pay it back.
Bad credit is usually okay and you can get title loans with poor credit with ease. Though lenders might run a credit check, it doesn’t have much impact on your loan approval.
The main factor in obtaining a title loan is the value of your vehicle. The lender will assess the value of your car, truck, motorcycle, RV, or other vehicle to determine how much they are willing to lend you. The higher the value of your vehicle, the more you can potentially borrow.
Ability to Repay
Lenders will want to see evidence of your ability to repay the loan. This might involve providing proof of income, such as pay stubs or bank statements, to demonstrate that you can cover the loan payments.
Is there a Prepayment Penalty on a Title Loan?
When it comes to title loans, you might be worried about being stuck with a pesky prepayment penalty.
But don’t stress; most lenders won’t charge you extra for paying off your loan early. In fact, it’s a great idea to pay off your loan as soon as you can because it’ll save you money in the long run. Just make sure your loan doesn’t have a prepayment penalty like we offer at Montana Capital Car Title Loans.
The longer you take to pay off your loan, the more interest you’ll end up paying. And no one wants to throw away their hard-earned cash on interest. By paying off your loan early, you’ll avoid paying all that extra interest and save yourself some serious dough.
Important Facts About Chattanooga, TN
|Persons Per Households||2.25|
|Median household Income||$50,437|
|Per Capita Income||$34,080|
Source: The Census Bureau
Frequently Asked Questions
What Can Be Used for Collateral?
When it comes to obtaining a title loan, most people assume that they need to have a car to use as collateral. However, this is not the case. In reality, you can use the title of a variety of vehicles as collateral to secure a title loan, including Motorcycles, trucks, RVs, Boats, etc.
Can I Get a Loan on a Car with a Salvage Title?
Yes, many lenders offer loans on cars with salvage titles, but approval and terms depend on various factors, including the extent of damage, the car’s current value, and your creditworthiness. It’s important to shop around and compare offers from multiple lenders to find the best deal for your situation.
What Can I Do with the Money I Borrow?
One of the benefits of title loans is that there are no restrictions on how you can use the money you borrow. Unlike personal loans, which often come with strict requirements on how the funds can be used, title loans offer more flexibility and can be used for medical expenses, a trip, education, etc.
Get an Instant Title Loan in Chattanooga, TN
Financial needs can arise at any time, and not all of us have the funds to address these needs. But with title loans, Chattanooga residents can use their car title to get money quickly. At Montana Capital Car Title Loans, we help people get title loans even with a bad credit history.
So, why wait? Apply online now and get quick approval!