How to Apply for Car Title Loans in Tacoma
If you need QUICK MONEY to pay off things like an emergency trip to the hospital, your rent, or your accumulated credit, then title loans are a possible solution for you.
If you own a vehicle, you can get an auto title loan in Tacoma to get the much-needed money!
What Are Car Title Loans?
A car title loan is a type of loan that uses the TITLE OF YOUR CAR as collateral.
With that in mind, you will be able to use your vehicle even if you take up a car title loan in Tacoma, WA.
The maximum loan term in Tacoma, WA, is 31 days.
Because of that, you’ll need to pay the loan back in that amount of time or even less.
Car title loans can also be called pink slip loans, vehicle title loans, or auto title loans.
How Much Cash Can I Get From Car Title Loans from Tacoma?
Tacoma allows lenders to lend people a MAXIMUM loan amount of 1000 USD.
The MINIMUM loan amount would be 100 USD.
The lender will determine how much cash you can borrow from them, but we highly advise you to only borrow the money you need.
It’s easy to fall into debt when dealing with short-term loans, and you risk the lender taking your car for REPOSSESSION.
How to Apply for a Car Title Loan Online in Tacoma
If you’re short on time to go to the lender’s physical store you want to apply to, you can always apply for an auto title loan ONLINE.
The online loan process is easy, convenient, and doesn’t cost extra.
Before applying for a title loan, you’ll need to gather important information and documents for the pre-approval loan process.
Here’s a list of documents you’ll need for a car title loan application in Washington state:
- One clean car title
- One government-issued ID
- Contact information
- Bank account details
- Proof of income
- proof of employment (not all lenders ask for this)
Here are the following details you’ll for the car you want to put up as collateral:
- License plate
- VIN (Vehicle Identification Number)
It’s also possible that other lenders will ask for other things to apply for title loans, so be sure to check their website for more information.
Once you have the necessary information, you should check the lender’s website and find the application form for car title loans.
After you’re done filling up the form for title loans, all you have to do is submit the necessary documents through their phone app, website, email, or any online means they have available.
During the approval process, you may be asked for an INTERVIEW so that the lender and vehicle experts can ask questions about the car and yourself.
They will also perform a CREDIT CHECK on you to determine your capability to pay back the loan.
Approving Your Title Loans Application
If they approve of your title loan application, they’ll contact you through the contact information you gave them and make you sign a DIGITAL CONTRACT with all the loan terms listed on it.
We highly recommend you and your fellow borrowers to read through all the terms of the contract.
That way, you know all about the applied interest rates, borrowing fees, and even the dates for paying the lender back.
After that, they’ll wire the money to your bank account, and you’ll finally have the emergency cash you need.
With the online loan application process, you get to SAVE TIME and KEEP YOUR CAR without even taking it out.
How Do You Get the Title Back?
Now that you have a pink slip loan in Tacoma, Washington, you may be wondering how to get the title of your vehicle back.
All you have to do is pay the lenders back the cash you owe them.
Once you’re in the clear, they’ll return the title to you, NO STRINGS ATTACHED.
Remember to pay the loan exactly the way it was written in the contract.
Some businesses will fine you with a fee if you decide to pay them back early, so be sure to double-check the loan terms.
Here are some frequently asked questions about car title loans in the Tacoma area.
Can I Use an Older Car for a Vehicle Title Loan?
Are you worried that the lender may turn your application down due to your old car?
There’s no need to worry on that front; lenders will happily take on auto title loans with cars that are up to 10 years old and more.
However, because the vehicle is older, the funds you receive from the lender may DECREASE IN VALUE, especially if it’s not in good condition.
Can I Still Apply with a Bad Credit Score in Tacoma?
If you have a bad credit score, it’s still possible for you to get title loans.
Lenders will assess the BEST DEAL for you to take when taking out a title loan so you can still pay back the money you owe them.
With that, you should expect that you won’t be able to borrow as much cash because of your credit score.
What If I Still Owe Payments On My Car?
If you desperately need money but still have pending payments over your car, you can still take out title loans.
However, you will be getting AUTO EQUITY LOANS instead.
This type of loan hangs on the money you still owe on the vehicle you possess.
Of course, this means you won’t be getting as much money from this loan, but it’s an option that exists when push comes to shove.
Are Pink Slip Loans Legal in Washington?
It is perfectly legal to get auto title loans in Washington state.
However, be sure to check that the business entity you’re dealing with is from Washington and is registered as a pawnbroker.
If not, you could end up in trouble.
What if I Can’t Pay Back My Loan Amount?
If you find yourself struggling to pay back the loan, you can always consider REFINANCING your title loan.
Contact the car title service you went to for your car title loans and ask them to help you refinance your loans.
This is a service that lenders offer to help you renegotiate your contract with BETTER DEALS, like a lower interest rate and longer repayment terms.
Is It Safe to Get a Car Title Loan?
While car title loans are by no means risk-free, they are pretty good alternatives to other short-term loans out there, such as payday loans.
To make sure that your lender won’t repossess your car, you should thoroughly read your contract to look at all the things you need to pay.
These include interest rates or any hidden fees that might have slipped your notice.
Aside from that, be sure that you CAN pay back your title loan on time with a secure way of income.
Are Cars the Only Type of Vehicle I Can Use as Collateral?
Some lenders will take on TRUCKS or MOTORCYCLES when giving out title loans.
However, these are uncommon, so it’s best to check with the lender you want to borrow from before applying for a loan.
Owning a vehicle is incredibly handy when you’re short on cash, as you can see.
Although taking out a title loan isn’t always the best route to go for, it’s fast, convenient, and straightforward.
You can take a loan and get it approved in the next 24 hours or apply for a loan even if you have credit that isn’t as desirable as you would want it to be.
So with this guide, we hope you get the money you need for whatever reason you need it for.