Title Loans in Lucas, Texas
A title loan refers to a short-term loan that uses the title of borrower’s car as collateral. The loan should be repaid in less than 30 days. Car title loans give the lender a temporary ownership of your vehicle until you clear your debt. However, you can still drive the vehicle and pay the loans when it is due. These loans offer a short-term financial assistance hence requires you to pay on the scheduled date. Title loans are easy to apply, particularly through online sites of various companies like Title Loans Lucas. The qualifications are simple because there are no credit check processes.
Application Process
Applying for Title Loans in Lucas is simple. Plano car title loans are available for clients who have little access to traditional banks. The process of applying for car Title Loans Lucas involves three steps: filling out an online application form indicating both your personal and the vehicle’s information. After that, the customer is given a free loan quote. Lastly, a loan representative is appointed to call the customer to pick his/her money from the store.
Legal Regulation
Many states do not have interest rate limits on car title loans. However, Texas has set its interest limit at 10 percent. Even so, there is an exception to this rule regarding fees. Since many title loan companies operate as credit access businesses, they often charge extra fees. This is because they are facilitating a loan between a borrower and a third party. Fortunately, the best title loan plans existing in Texas have a zero interest rate and an annual percentage rate of zero, particularly during the introductory period. If you repay your loan on time, you will not incur any interest.
Benefits of Lucas Title Loans
- Title loans have an easy application regardless of the credit problems and cases of bankruptcy.
- They have fast approvals; thus you can get the money the same day
- Title loans are convenient since you receive the money
A Comparison between Lucas Title Loans and Fast Loans
Fast loans such as payday loans offer you a loan that compared to your next paycheck. Conversely, lenders of a car title loan allow you to borrow more money, especially if your car is of high value. In payday loans, lenders will not give you a loan with an irregular income. On the other hand, title loans lenders give you a loan since your car will act as collateral. Payday loans require you to repay the entire loan quickly on your payday. On the contrary, title loans are safer even for an unemployed person and have a longer payment period.
Car Titles
The main difference between lien title and a clear title is that the lien title has encumbrances, but the title can be sold at a fair market price. On the contrary, the clear title is free from encumbrances including liens from the previous car owner.
How to get a Title
If you have just bought a car without a title, you should make an effort to apply for a title. First, you should fulfill the requirements such as being a resident in Texas. The vehicle should be in your possession and not considered stolen. It should also have an operational form, body, and motor. After that, you should take or mail documents including an acceptable photo ID, a statement of fact for a bonded title, and support ownership evidence to the Regional Service Center. You should take the documents from the Regional Service Center to an insurance agency. Later, you will be allowed to apply for a bonded title.
