Now, Get Online Title Loans in 3 Easy Steps .
Our process is quick and hassle-free. Provide us with some basic details and submit the online request form.
Once pre-approved, you’ll be asked to submit some documents. Once all the requirements are checked, you will get a title loan agreement from the lender.
Upon signing the loan agreement by 2 PM on a business day, you can get funds in your bank account the same day.
How Does the Title Lending Process Work?
Title loans are short-term loans secured by the title of your vehicle. When you take out a title loan, the lender puts a lien on your vehicle for the loan duration. This means you can still retain possession of your car and use it according to your needs throughout the loan period.
And, once you pay the entire loan amount you owe, you are entitled to get the title back in your name.
Loan Amount, Fee, Duration, and Interest Rates on Title Loans In Murfreesboro
Title loans in Tennessee are regulated by the Tennessee Department of Financial Institutions. They have put some caps on various aspects of title loans, as mentioned below:
|Interest Rate||25% per month|
|Loan Amount||$100 – $2,500|
|Loan Fee||Not more than 2% per month|
|Loan Duration||30 Days|
For instance, you take out a loan of $1000 for a month at a rate of 25% per month. After the end of the month, your total amount, along with interest, would accumulate to $1250. You will need to pay this amount before the due date to avoid a late payment charge or car repossession by the lender.
What Documents Do I Need for Title Loan Approval?
To get approval for a title loan, you typically need the following documents:
You must have a clear and lien-free title to your vehicle, proving that you are the legal owner of the vehicle.
A valid government-issued ID will be required, such as a driver’s license, to verify your identity.
Proof of Income
To demonstrate your ability to repay the loan, you may need to provide proof of income, such as pay stubs or bank statements.
Proof of Residence
You may be required to present documents like utility bills or lease agreements to confirm your current address.
Proof of insurance might be required by certain title loan lenders to ensure the vehicle’s coverage during the loan period.
How Do You Get Approved for a Title Loan?
Whether you qualify for a title loan or not is usually determined by your ability to repay the loan and your car’s value. Lenders need to make sure your car has enough value to be eligible for a title loan and a steady monthly income to repay the loan.
Ability To Repay The Loan
You must have proof of income to be eligible for title loans. Proof of income doesn’t mean you must be employed. Even if you have an alternate source of income like disability benefits, investment income, freelance income, etc., you may get approved for a title loan.
Value in Your Vehicle
The current value of your car is one of the main factors that determines your title loan eligibility. Lenders consider the make, model, and mileage of your vehicle to determine the amount you can get. Usually, you can get up to 25-50% of your current car value.
Can I Get a Title Loan with a Salvage title?
If you have a salvage loan, you can still get a title loan, but it comes with stringent requirements. Though salvage title is considered risky by most insurers, it affects your chances of getting a title loan.
To increase your chances of approval, you must provide the lender with complete documentation of vehicle damage along with the receipt of repairs. It makes the lender more comfortable offering you a title loan for a salvaged title.
Payday Loans Vs Title Loans
When looking for a quick short-term loan, a title loan, and a payday loan are two popular and easy options. But before you choose to go with any of them, make sure you have a proper understanding of both. Here are three major differences between the two:
Title loans are secured loans that use your vehicle title as collateral for the loan, whereas payday loans are unsecured and usually based on your next paycheck.
Title loans provide more money based on your vehicle’s value, while payday loans are smaller and depend on your income. While you can get up to 25% – 50% of your car’s value through a title loan, most payday loan lenders offer $500 as a loan amount.
Risks and Repayment
With title loans, there’s a risk of losing your vehicle if you default on the loan; payday loans often trap individuals in cycles of ongoing debt. Moreover, payday loans are usually due on your next paycheck, while you can pay title loans in equal monthly installments over a certain period of time.
Make a wise choice, considering your finances and which loan suits you best.
Some Interesting Stats About Murfreesboro’s Economy
|Recent Job Growth||-5.8%|
|Future Job Growth||56.8%|
Source: Best Places
Frequently Asked Questions
Can You Get a Title Loan on a Leased Car?
You can’t use a leased car to get a title loan. However, you can get a title loan if you have enough collateral in your vehicle. The lender may use some funds to buy out the lease, and you can use the rest for your own use.
Can I Still Get A Title Loan If I’ve Had Bankruptcy In The Past?
Yes, if your bankruptcy is discharged, you can still qualify for a title loan in Murfreesboro. Lenders prioritize your current financial situation and your ability to repay the loan for approval. And past events won’t stand in the way of your eligibility.
Do Title Loans Check Your Credit?
When you apply for a title loan, some lenders might run a credit check. However, it won’t affect your eligibility very much. As long as you can prove you have enough value in your car and that you can repay the loan with ease, you can get approved.
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