Title Loans in Bellaire, Texas
It’s easy to see how the title loan can be such a helpful product for many people in times of need. If you’re struggling to meet some of your financial obligations, you might worry that you’ll be stuck because of your credit score or lack of a credit history. You should know that you can probably be approved for a loan that suits you if you look around for the right opportunities and solutions.
Any consumer who owns a vehicle can often be approved for the perfect loan. Are you wondering what loan product will help you out? Title loans Bellaire is a type of loan that you can get if you use your vehicle as collateral. While you use your vehicle as collateral, these loans are called title loans because they only require that you temporarily hand your title over to the lender and not your entire vehicle itself.
How The Process Unfolds With Bellaire Title Loans
You need to know all about the process of taking out auto title loans Corpus Christi to best benefit from this unique financial product. You’re going to need to fill out an application to get started. The application can be filled out in only a few minutes and accessed online so that you don’t need an in person interview to apply.
One big detail of your application that it’s important to fill out and provide are the questions pertaining to your vehicle. You need to provide details about what the make, model, and mileage of your vehicle are to get a good title loan quote and to complete the application for a title loan.
You just wait for a response about your application once you’ve submitted it. You’ll quickly get back all the necessary details regarding the loan you’ve been offered. If you’re offered a loan, the loan offer will tell you how much it’s for, how you’ll be expected to pay it back, and how much the interest charges will be.
The State Legal Regulations Impacting Bellaire Title Loans
In Texas, there are certain state laws that are going to provide the details of title loans in Bellaire that are available to you. Texas law does not limit the amount of title loans, but it does limit the maximum interest rate that’s permitted to only 10 percent. Another limit placed by state law is a limit of 180 days on the loan term.
A Few Additional Things to Keep in Mind
Before you get started, it’s important that you become familiar with some more important points about this special type of loan. They are as follows:
- A secured loans- When it comes to a title loan, there is collateral that’s necessary to secure the loan. This collateral is the vehicle of the borrower. The need for collateral makes this a secured loan.
- A lien on the vehicle title- Liens don’t automatically disqualify applicants. A lien on the vehicle is ok as long as the borrower has enough equity in the vehicle in question.
- A convenient repayment schedule- Lenders are generally flexible and work with borrowers to set up a doable repayment schedule.
- An alternative lending product- Although title loans Bellaire are alternative lending products, they are distinct from a payday loans. They involve using a vehicle title and a vehicle as collateral on a loan and don’t depend on taking payments directly out of the borrower’s paycheck.