A car title loan is one advantageous way for people to obtain the money they need when finances are tight. It can be difficult for people to receive a personal loan if their credit is bad, but they can obtain a car title loan because the VIP Title Loans will not ask to do a credit check. The car title loan is like a home equity loan; the borrower will be advanced a sum of money based on the equity in the car, and credit scores will never be a factor.
Some people have had vehicles repossessed in the past. Even those with repossessions can apply for a car title loan Dallas with VIP Title Loans and receive the money they desperately need. They may have tax liens, but these will not matter either. If they have tried to obtain a loan from other lenders and were unsuccessful, this company will not take this into consideration.
Documents Needed to Apply for the Car Title Loan
VIP Title Loans makes the entire application process as simple as possible.
Future clients will only need to bring the following to one of six locations:
- The vehicle for inspection
- The car’s title
- A document demonstrating the car owners’ incomes
- A document that serves as proof of their residence
They can enter without an appointment and receive a loan with a six percent interest rate.
After the loan amount has been determined, the car owners will be able to take their cars home with them. They will remain the owners of the vehicles, and VIP Title Loans will place liens on the titles as is customary with all lenders who accept collateral for their loans.
Re-Paying the Loan
Those who qualify for a car title loan in Dallas will have small weekly payments to make until the loan has been paid in full. They can even agree to make payments as low as $30. Car owners will not be able to find another lender who allows for payments lower than this amount. If they are able to pay their loans in full early, they can do so without incurring a penalty.
Replacing a Current Car Title Loan
VIP Title Loans even has an option for those who have a car title loan with another lender. Other lenders charge higher rates than this company does, but those who obtained their loans from these other lenders are not too late to take advantage of this company’s lower rates. These car owners can obtain a loan from this company to pay their current loans in full, and the VIP Title Loans will replace the old loans with their six percent loans.
Once car owners replace their high-interest loans with this company’s low-interest loans, they will have much lower monthly payments to make. As an added benefit, their payments will not begin until the next month. As with their other clients, this company will not ask to do a credit check, and the borrowers will be able to keep their cars.