If you're short on money and you need to deal with unpaid bills that have piled up or sudden expenses that took you by surprise, title loans Lufkin are among the fastest and most convenient options on the market. Instead of getting a loan based on your income and credit, you can get one using the value of a car that you own. This means that a poor credit score won't disqualify you. It's nice to not need a loan at all, but if you get hit with an unexpected bill and you don't have much money saved, then at least you can get a financial boost through a title loan.
Here at Middle Creek Title Finance, our goal was to expedite the title loan process even more for our customers. To accomplish that, we built a quick and easy online application for title loans Lufkin, which you can find right here on our site and fill out within a minute. It doesn't require much information, and you'll likely know everything it asks off the top of your head. The first part of the application will ask for the following info about the vehicle you're going to put up as the loan's collateral:
After that, the application will require these pieces of basic contact info:
With your vehicle information, we can figure out the vehicle's current value and, based on that, come up with a free title loan estimate. We will also have a Middle Creek Title Finance representative call you right away to explain more about the title loan process and coordinate a time for you to come pick up your title loan.
With traditional bank and credit union loans, you often need to bring in all kinds of documents, such as tax returns, paystubs and financial records. Fortunately, that's not the case with title loans. You only need three things when you come to get your loan:
The ID is so that we can verify you meet the age minimum of 18 to be a title loan borrower. The car is so that we can make sure you have possession of it and to evaluate its condition. We need to keep the title at our office while you repay what you borrowed, but once your title loan is paid off, we return your title to you.
We know that time can be of the essence for many title loan borrowers. If you need money right away and you're searching for title loans Lufkin, it's annoying to get lender listings from other areas. A title loan becomes far less convenient when you need to drive a long way to pick it up. That won't be a problem when you choose Middle Creek Title Finance, as we chose a central location here in Lufkin for our office. It's easy to get here whether you prefer taking surface streets or highways, and parking is plentiful nearby.
Once you arrive, one of our friendly representatives can provide you with the paperwork to sign for your loan. This is a great time to mention if you got a preapproval by going through our online application process. The next step is us determining the car's value, which we do using a vehicle value guide to look it up and by performing a short inspection of it. This helps us determine how much we can lend you. Finally, we just need to get your car title and we can issue the loan. You'll be leaving with the loan money, and the entire process is typically completed within the hour.
It's smart to fully understand how a loan works before you apply for it, and fortunately, title loans Lufkin are fairly simple and straightforward. A title loan is a secured loan where your car functions as the collateral. You keep your car during the repayment period, but the lender keeps your car title, and failure to repay the loan means the lender can send someone to repossess your car, and then sell your car to make back what you owe. Repossession is rare when it comes to title loans, though, and can typically be avoided by communicating with your lender.
The federal government set that title loan age minimum of 18, but other than that, states set their own title loan regulations. In Texas, the maximum title loan interest rate is 10 percent, although the state does allow lenders to charge extra fees besides interest. It doesn't limit the amount that can be borrowed through a title loan, which means that will depend on your car's market value.
The longest a title loan can last in Texas is 180 days. There's no minimum term length, and most lenders end up setting title loan terms at 30 days. This is standard not only in Texas, but many other states throughout the nation.
What if you don't have the money to pay off your title loan when your 30 days are up? You can extend the loan, which is often called rolling it over. You simply need to pay any fees and interest the loan has accumulated, and you can then start another term. This term will be the same length and have new fee and interest charges, along with the entire unpaid loan principal.
Even though extending your loan costs a bit more than paying it off on the due date, it's better than having your car repossessed because you defaulted. If you have a 30-day title loan, you can extend it up to five times before you'll run into that 180-day limit. At that point, you need to pay off whatever is left on the loan.