Title Loans in El Paso, TX
There are a few options to get cash quickly when you are in need, but nothing is easier or more convenient than a car title loan. Using title loans El Paso borrowers can get their terms set up in just a few minutes, and have the money they need in their accounts in as little as a few hours.
Title loans are a simple type of loan that allows borrowers to use their car’s title to secure their loan money. The car stays with its rightful owner, but the lender holds onto the title paperwork so that they know the borrower is invested in the loan, too. This type of collateral allows for a few things from the lender.
First of all, having the value of the loan automatically secured means that your lender doesn’t have to go through lengthy or cumbersome application processes and background checks. This way, they can get your loan money to you faster so that you have cash when you need it most.
Likewise, when you take out a loan against your car you are eliminating the need for lenders to worry about your credit score since the loan is already secure. That means that approval decisions for many title loans are not based on your credit score, but simply whether you have a clear car title with no liens against it.
The Best Title Loans El Paso Has To Offer
Texas borrowers have a number of options when it comes to title loans, but borrowers want the best loans, not just any loans. That is why we at Platinum Lending are here to help. We set El Paso borrowers up with online title loans quickly and easily. In fact, to get started all you need to do is use our online form to provide a little bit of information about your car, such as:
- The vehicle’s model year
- It’s make
- It’s model
- It’s style
- And its estimated mileage
Using that information, we will get you a free, instant estimate letting you know how much you could be eligible to borrow. Then, a member of our team will work with you personally to determine your individual borrowing needs. They will go over all the title loans in Texas and find the ones that match your individual needs as a borrower. You will approve everything, but we will take care of all the hard work and research for you.
Understanding El Paso Title Loans In Texas
When it comes to title loans El Paso borrowers and borrowers all over Texas want to know that they are safe and secure when they put their car’s title in another’s hands. Unlike many other states, Texas does not have statewide regulations regarding how title loans should be handled. Instead, they have left this up to county and local governments.
That means that El Paso has its own ordinance, which has a few key provisions in it for borrows. Before you borrow, you should know that title loans El Paso requires that all loans should be no more than three percent of the borrower’s gross annual income or 70 percent of the value of the vehicle, whichever is less.
This should be spelled out in a written loan agreement signed off on by both the borrower and the lender. The agreement should detail not only the amount of the loan, but also its interest rate, date of maturation, and disclosures about the terms of your loan and what will happen if you default.
For help finding a loan you know you will be able to trust, simply reach out to us here at Platinum Lending. We can quickly match you with a loan you will love and one that you will feel comfortable with for the long term.