Introduction to Temple title loans
There are many ways to get a loan if you ever get into a financial situation that requires taking a loan to ease the burden. An auto title loan is one of the easiest loan options if you have a vehicle in good working condition. Auto title loans are a type of secured loan. That’s why their interest rates will be lower than the unsecured counterparts.
Motorcycles, trucks, SUVs and sports cars qualify for car title loans Temple, Oklahoma. You may have to check with lenders to find out the loan value you can get on your vehicle.
Car loans vs auto title loans
Car loans are a form of personal loan taken to purchase a car. Car loans should not be confused with auto title loans. Auto title loans may also be referred to as car title loans or simply as title loans. Auto title loans are a type of secured loan where the borrower's vehicle is used as collateral against the loan.
There is one major difference between car loans and auto title loans. The car loans must only be used to purchase a car while title loans can be used by the borrower to settle any financial commitment. Another major difference is that car loans may be acquired with or without collateral. However, title loans require vehicle pink slip as collateral.
How to apply for American title loans Temple, Oklahoma?
To apply for auto title loans, you need to connect with auto title loan lenders. You can visit their physical office located in Temple, Oklahoma. You can check the local business directory to find out Temple title loan lenders near you. If you do not want to go through the stress of locating lenders' physical offices, you can visit their websites online.
Many auto title loan lenders provide online applications for their clients. So you can apply for car title loans Temple from the comfort of your house. As long as you have all the requirements, your application can be processed and approved online.
Requirements for car title loans Temple OK
There are certain documentation and requirements to be fulfilled before one can secure title loans in Temple OK. The basic requirements for a title loan include:
- Driver's license and any other valid means of identification
- Car or vehicle's pink paper
- Document relating to vehicle insurance.
Other requirements may include:
- A credit score in case of higher loan amounts
- Two to five references
- Documents indicating employment status and possibly salary range
Some lenders may require filling other forms apart from the ones listed here. However, almost all lenders of title loans in Temple will require the first five listed here.
Where to find auto title loans in Temple, Oklahoma?
American title loans Temple in Oklahoma have outlets in major cities. Some partner with car dealers to improve their visibility. You can ask at the nearest car dealer office for Temple title loans. You can also Google Search "Temple title loans locations near me" for online access to title loan services.
It is not uncommon to see title loan companies at trade fairs and racing competitions. You only need to look around and you'll find American title loans Temple in Oklahoma, OK.
How to determine how much auto title loan you can get?
The first requirement for getting Temple title loans is that you are the 100% owner of the car. Once this is guaranteed, you can certainly get a loan. The amount of loan you can get for a car depends on factors like:
- Vehicle type: Apart from cars and motorcycles, trucks also qualify for title loans. If you have luxury vehicles, you may be able to get higher loan amounts.
- Vehicle model and year: Old vehicle models often attract lower loan amounts than new model vehicles. The older the car, the more the value depreciates and even lower loan amount will be available to the borrower.
- Working condition: Vehicles that are in very good working condition also attract higher loan amounts than those that cannot be driven. Only a few lenders attend to borrowers whose cars are deplorable state. So the chance of getting a loan for borrowers with a poor car condition is very low.
- The vehicle looks: Clean vehicles also have slightly higher loan sum advantage over rough cars of the same model and year.
Why taking auto title loans may be advisable?
When the provisions of miscellaneous expenses are no longer enough, getting a loan becomes a promising alternative. Taking America title loans Temple in Oklahoma may be appealing for the following reasons:
- Instant approval: If you have all the required documents and you can complete the loan application process quickly. The loan approval takes only little minutes. You can also expect your bank account to be funded within 20 minutes of loan approval. This means you can use car title loans for emergency needs.
- More cash loans: Payday loans may not be able to offer you the amount of loan you need. Auto title loan lenders can give you loans that are up to 80% of the equity and value of your vehicle. This means there is a greater chance of securing higher loan amounts with title loans than with payday loans.
- Payment flexibility: Borrowers are allowed to repay Temple title loans over 1 to 3 years. This allows borrowers to choose which repayment plan would be more convenient for them.
- No credit check: Online title loans Temple in Oklahoma lenders give loans to anyone who meets their basic requirements, regardless of credit score. However, borrowers who need higher loan amounts will need to submit their credit scores to determine eligibility for higher loans.
- Easy way to key into business opportunities: If you suddenly come across a business opportunity that requires immediate action in terms of financial commitment, don't let it slide. Rather than dump the idea due to lack of cash, you can use title loans to your advantage. However, you need to be cautious and do your due diligence on the opportunity. All of life involves taking risks. If you find that the risk of pursuing a business opportunity is worth taking a loan for, you can take a title loan.
Why taking auto title loan may not be your best option?
From all the different loan options available to borrowers, payday loans and car title loans are not much considered. This is because they both have relatively higher interest rates. Also, people who have taken auto title loans have had to forfeit their cars.
If you are in any of the conditions listed below, taking a car title loan may not be your best option.
- If you are still repaying your car loan: Most title loan lenders require that you must have 100% ownership of your vehicle before granting a loan. However, some lenders can grant loans to people who have 80% equity of their car value. It may seem a nice offer to get a title loan while you are still repaying your auto loan but it takes its toll on your finances. Having to repay loans on two fronts is not very good for one's finances.
- If you have a high credit score: Having a high credit rating puts you in favor with lower interest loan options like those of traditional banks. You can expect to repay almost three times below those required by title loan lenders. If you use your car as collateral for traditional loans, you will get better deals. However, you may experience some delays in getting approval or having the loan disbursed.
- If you need to spend on everyday expenses: Since the interest rate on auto title loans is quite high, it is not advisable to use the loan for paying regular living expenses. In case you need to make some personal expenses and you have no cash, try borrowing from friends or colleagues. If you can wait till your next pay, that is better.
How to get good deals on auto title loans in Temple OK?
Despite the high APR on many title loan packages, you can get affordable title loans Temple in Oklahoma if you follow the tips below.
- Compare deals from multiple lenders: Repayment plans and loan fees vary among lenders. There is also a healthy competition between lenders for clients. You should capitalize on this advantage. Start with comparing the quotes you get on your car from the best title loans in Temple Oklahoma lenders. Usually, you will find quotes vary among lenders by a couple of bucks. This can be quite significant when it comes to the type of loan deals you get. Take note of the lenders that give the highest quote on your vehicle.
- Compare APR and loan fees: Some lenders offer relatively lower APR but higher loan fees. You have to be able to gauge the lender that gives relatively lower APR and lower loan fees at the same time. If you find Temple affordable title loans cheap deals, you can save a lot of money.
- Check the policy on loan default: It is important to know what options are open to borrowers if they find that they cannot meet up with the repayment of their title loans. Some lenders may offer to extend the loan while some may take the borrower's car. Be sure that your lender's policy is lenient enough in case the need to default in title loan repayment becomes inevitable.
How to improve the value of the vehicle for secure auto loans?
When you improve your vehicle, you stand a chance of getting higher quotes on your vehicle and that brings a higher loan amount. Below are a few tips.
Make sure the electrical components of your car are in perfect working conditions. Check the radio and all the other components of the dashboard to ascertain that they are not faulty. If you discover any fault, fix it if you can or take it to an approved automobile mechanic.
Wash your car before the lending company sends its representative to value your car. This is very important especially if you have left the car in the garage for quite a while. Removing dust from your car makes it more attractive and adds to the value of your car.
Check your tires to see that they are well gauged and the rims are in good condition. Test drive your car to be sure it has no hiccups.
Once you are sure your car is in perfect working condition, make a rough estimate of its worth. You can also go online to see scorecards that Temple car title loans companies use for determining car value. Once you have a pre-determined value in mind, you can reduce it by about 10 -20% to get what the Temple auto title loans company might offer as a quote on your vehicle.
Other alternatives to auto title loans
Rather than taking auto title loans in Temple, Oklahoma OK some better alternatives are
- Asking friends or colleagues to lend you cash
- Seeking support from a charity organization
- Running a crowdfunding campaign
- Take low-interest traditional bank loans
- Apply for zero-interest credit cards.
Taking easy title loans Temple in Oklahoma requires lots of financial discipline. If you are not sure of the state of your finances, it is better to delay taking an auto title loan. You can seek financial advice from experts on how to manage your income and expenditure. Also, if you take Temple car title loans, make sure you take only the amount you can easily repay without very serious financial constraints.