Rev Up Your Finances with Nashville Auto Title Loans
As rent prices increase and salaries struggle to keep pace in Nashville, more and more working professionals look out for additional financial assistance. And when the need is urgent and you have poor credit, loan options become quite restricted.
However, if you’re a resident of Nashville with a lien-free car title, you can use it to secure a loan amount of 25%-50% of your vehicle’s value.
The process is swift, allowing you to use your car during the loan period, and approval is possible even with a bad credit history.
Auto Title Loan Benefits You Can Get Today!
Title loans are short-term loans that you may get within one day- sometimes on the same day. While an auto title loan comes with the risk of losing your car, there are some potential benefits to consider.
Bad Credit Accepted
Most title lenders run a soft credit check, which means you can get approved for the loan even with bad credit. This can be beneficial for those with poor or no credit.
Keep Your Car
With a title loan, you can keep driving your car while repaying the loan. This is different from other types of secured loans, such as pawn shops, where you must surrender your property until the loan is paid off.
High Approval Rates
Because title loans rely heavily on the value of your vehicle and your income, approval rates are generally higher compared to traditional loans for people with bad credit. This means you’re more likely to get approved, even with bad credit.
Some Important Title Loan Information
| Interest Rate | 25% per month |
| Loan Amount | $100 – $2,500 |
| Loan Fee | Not more than 2% per month |
| Loan Duration | 30 Days |
Source: Tennessee Department of Financial Institutions
Can I get a Title Loan if I have a lot of Debt or Credit Card Bills?
Yes, you may get a title loan even if you have lots of debt or credit card bills. Lenders understand that unexpected things happen and you may need urgent financial assistance to cope with them.
So, if you can fulfill the two major criteria, i.e., the ability to repay the loan, which means proof of steady income sources and enough equity in a vehicle, you can still get a loan regardless of your existing debts. In fact, debt consolidation is among the reasons why people seek out a title loan.
So, don’t let excessive debts stop you from getting the much-needed help; complete our form!
How Easy Is It to Get a Title Loan?
Getting a title loan is pretty easy and straightforward. All you need to do is visit our website and follow the three easy steps mentioned below:
Apply Online
You can start your request by filling out our simple online request form. Provide us with some general personal (name, identity, income) and vehicle information (make, model, mileage).
Get Approved
Once you submit the form, the lender will access your form and determine your loan eligibility. If you get approved, you’ll be offered a title loan agreement that outlines the loan terms and conditions.
Receive Funds
We advise you to carefully go through the loan agreement and check the interest rate and repayment schedule before making a final decision.
If everything checks right and you sign the loan contract, you may receive the funds in your bank account the same day. Provided you have signed the loan agreement before 2 p.m. on the same business day.
Documents Required for Title Loans in Nashville, TN
To apply for a title loan in Nashville, Tennessee, you will typically need to provide the following documents:
- Lien-Free Title
- Valid government-issued Photo
- Proof of Income
- Proof of Residency
- Vehicle Registration and Insurance
Is there a Prepayment Penalty on Car Title Loans?
Most lenders do not charge prepayment penalties on a car title loan, and instead, they often encourage borrowers to pay off their loans early to save on interest and become debt-free faster.
However, it’s always a good idea to review the terms and conditions of your specific loan agreement to confirm this information and make sure there aren’t any other fees associated with early payment. This way, you can pay back your loan sooner without any surprise charges, making your financial journey smoother.
3 Alternatives to Title Loans for Nashville Residents
If you are not sure about title loans and want to consider their alternatives, then we have mentioned three of them below:
Payday Loans
A payday loan is a short-term, high-interest loan typically due on your next payday. They provide quick access to cash and can be approved with poor credit; since they are unsecured loans, they come with extremely high fees and interest rates.
Credit Union Loans
Some credit unions offer small-dollar, short-term loans to their members. To be approved for a credit union loan, you generally need a fair credit score of 640. However, credit unions, under specific circumstances, offer bad credit loans like credit builder loans and payday alternative loans.
Pawn Shop Loans
Unlike title loans, where lenders just put a lien on your vehicle and you can keep driving it, in pawn shop loans, lenders keep your valuable items, like jewelry or electronics, as collateral for a short-term loan.
When you repay the loan within the agreed-upon time, you can retrieve your items. If not, the pawn shop can sell them to recover the loan amount.
People in Student Loan Debt, Tennessee (Based on Age)
| 24 or younger | 124.8k |
| 25 to 34 | 317.4k |
| 35 to 49 | 284.5k |
| 50 to 61 | 122.1k |
| 62 and older | 39.6k |
Source: US Department of Education
Frequently Asked Questions
If I Do Not Pay, Will My Car Be Repossessed?
Yes, if payments are not made and the loan defaults, the vehicle can be repossessed. However, repossession is against both the borrower and lender due to associated challenges and risks.
In any case, you must avoid defaulting on your loan agreement and incurring additional fees. If you face any payment issues, it’s better to contact the lender and explore options and assistance.
What Can Be Used for Collateral?
When it comes to title loans in Nashville, you can use multiple vehicle types that have a title as collateral for the loan. Generally, collaterals that lenders accept are listed below:
- Car
- Truck
- RVs
- Motorcycle
- Boat
- Commercial Vehicle
- Powersports
Can I Refinance my Title Loan?
Yes, it’s possible to refinance your title loan. Getting a title loan refinance can help you get more manageable payment options or secure lower interest rates. So if you are not satisfied with your current title loan, you can consider refinancing it.
Contact us today for more information on title loan refinancing.
Get an Emergency Title Loan
Are you in need of urgent money?
With Montana Capital Car Title Loans, you can use your vehicle title to request a loan in Nashville, Tennessee. With our online process, you can request a title loan using your personal computer from the comfort of your home.
Find out how much cash you can get with your car title. Check your eligibility with our fast, secure, and obligation-free service!