Title Loans in Lago Vista, Texas
Debts and other financial crises like bankruptcy and foreclosures can cause irreparable damage to your future. Car title loans Fort Worth is one alternative that can prevent you from ending up in some of these situations. By using your vehicle title to get cash, you can pay off some of your debts as you wait to get the money you need. Lago Vista has a fair number of title loan lenders like Platinum Lending that offer competitive interest rates. Before you think of applying for a title loan, though understand what it entails.
The Basics of Lago Vista Title Loans
Title loan lenders leverage the equity of a vehicle for cash. A customer has to present the title of a car for a certain amount of money, which is due in 30 days or more. Title loans Lago Vista are short-term loans, but some lenders can extend the duration for more than 30 days. The title that is put up as collateral must not have any liens on it. After filling out an application, the lending business will process the request, and if approved, the money is available to the borrower within the same day. The lender holds the title, but the customer gets to keep the vehicle, making it possible to keep earning. Once full payments are made, the lending business releases liens on the title.
What is Outright Ownership of a Vehicle?
Most lenders will only approve a title loan if the customer has outright ownership of the vehicle. It means that you must not have taken out another loan with the title. Some lenders offer to refinance title loans if the customer already has another one from a different company. However, you have to consult with a specific lender to find out if refinancing is possible. The title must also be in your name. In instances where two people are listed on the title, you have to ask the lending company if the other parties have to apply for the loan with you. Alternatively, you can choose to have the title changed to your name only, which requires a trip to the local DMV.
Repaying Your Title Loan
Before you apply for a car title loan, it’s crucial to know what type of repayment options are available. Title loans Lago Vista provide flexible payment plans for customers. Platinum Lending structures payments to cater to individual needs. In circumstances where a customer is unable to meet all payments, there is the choice of rolling over the loan. Texas has a loan term limit of 180 days, which means you can roll over a 30-day loan 5 times.
Applying for Lago Vista Title Loans
Anyone requesting for a title loan in Lago Vista must have a valid ID such as a driver’s license or passport, be at least 18 years old, and hold a lien-free car title. Our online process ensures that you spend very little time applying for a loan. You must submit the vehicle;
- Year
- Style
- Make
- Model
- Approximate mileage
We also need your email address, phone number, full name, and zip code. Our online calculator will then use the information to give an estimate of the amount you can get. Once approved, our customer representatives will contact you, and they are also available for any questions about title loans Lago Vista.
Regulation of Title Loans
Auto title loan customers in Lago Vista, Fort Worth, and the nearby regions have federal and state protections. For one, lending businesses are required to provide clear disclosures when granting loans. The agreement between the lender and customer must include all the fees associated with the loan. Texas limits title loan interest rates at 10%, but credit access businesses are allowed to charge other fees. Customers can negotiate favorable rates for title loans in Lago Vista depending on car value.
