Title Loans in Lompoc, California
The jury is out. Title loans in Lompoc are the source of financial help for people in Lompoc, California. Are you bogged down with financial issues that you are trying to get out of, but it seems difficult? You are at your wits’ end and don’t’ know what to do. You are like other Americans and cannot approach a traditional lender because of your bad credit. You are intimidated by the traditional loan process and don’t trust lenders. Wait! You haven’t given the title loan lender a chance yet before making that serious observation. Until you try a title loan lender, you won’t know that you could have a better experience. So get a title loan and obtain the money you need to cure your financial burden.
The City of Lompoc
The city of Lompoc is located in Santa Barbara County within the state of California. In 1888, the city received its incorporation. The city boasts a population of 42,434 as of the year 2010 according to the U.S. Department of Bureau. In the year 2000, the population was 41,103. Before the Europeans settled in the area surrounding the city of Lompoc, the Chumash inhabited the area. How did the city get its name? The Chumash inhabitants have a word known as “Lum Poc,” which had the meaning, “lagoon or stagnant waters.” The Mexican government extended a land grant to the area around the city, naming it Rancho Lompoc.
Title Loan Laws
California Finance Lenders Laws were initiated to govern the California title loan industry. This law allows the title loan lenders to grant short term loans to prospective consumers in exchange for collateral, which can only be a vehicle fully owned by the potential borrower. For loan amounts that are below $2,500, the rate of interest cannot exceed 30 percent.
The application process for a title loan is fast. The lender does not pull credit because the vehicle becomes the collateral. The vehicle used must be free of any liens. The applicant must provide:
- A valid identification card or driver’s license
- Proof of income
- The original title for the car
The prospective applicant must be 18 years or older and must have stable income in the form of regular employment, disability benefits, unemployment benefits, social security benefits or retirement funds.
The application process is also simplified by the fact that the lender does not check the borrower’s credit. Credit is the last thing on the lender’s mind because it carries no weight for the loan since the security interest removes the risks to the lender. In a traditional loan transaction, credit is important, especially when there is no collateral present.
To complete the application online, it will only take a few minutes. The lender will review your application prior to its submission. You will be asked specific questions about the vehicle so that the title loan lender can evaluate its value. You will be asked to let the lender know:
- The VIN number of the vehicle
- The most updated odometer reading
- Make, model and year of vehicle
When the lender receives this information about the vehicle, an assessment will be done through the Kelley Blue Book online website. A fair market value of the vehicle will be assessed, after which the loan amount will be decided by the lender.
Taking the Next Step
Take the next step by filling out your online loan application today. Your title loan quote will be estimated instantly based on the value of your vehicle. Remember, it only takes a few minutes. You owe it to yourself to get funded today.