Tennessee Title Loans
Borrow cash based on your vehicle’s equity and get funded that same day. We offer no inspection title loans in TN with minimal credit requirements!
Online Car Title Loans In Tennessee With Sunshine Title Lending
Unexpected events and emergencies can disrupt your financial life, but they should not define your future. You can get an online title loan using the vehicle’s car as collateral. A title loan can be obtained by using your motorcycle, car, RV, boat, or boat title. Two main reasons why title loans are popular are: The first is that a loan applicant’s credit score is not taken into account. They only consider the vehicle and its value when determining the eligibility of the loan. Because credit is not a main requirement, a title loan in Tennessee can often be approved in a matter of minutes for amounts of $500 to $5,000!
Online title loans are a common type of secured loan. Also known as title loans, and vehicle title loans, car title loans can also be called “title pawns”, “title pledges”, and “car-title loans”. The term “pink-slip” is derived from the pink paper on that California car titles were once printed. In this instance, the potential borrower must be able to drive a car and give the title to an auto loan title agency. The loan company will lend anywhere from $100 to $5500. This amount usually corresponds to 45 to 70% of the car’s value. Additionally, the loan company will retain your car’s title in case of default.
The typical funding amount with a car title loan in Tennessee is $3,000. In many cases they can approach $5,000 or more for newer car’s with low mileage. The typical pay off term is between 150 and 300 calendar days. However, it could be extended. Borrowers have two options: repay the title loan in one payment (typically after one month) or pay the loan over a series of payments. The auto title company can take the vehicle if the borrower fails to repay the title loan as per the agreement. The loan company can also allow a default borrower to make interest only payments for periods up to one month. This allows the borrower to roll over the loan amount indefinitely till it is fully repaid.
After the title loan is repaid the lien is lifted and the car title returned to its owner. If the borrower defaults in their payments, the lender has the right to repossess and sell the car to repay any outstanding debt.
How Does A Title Loan Work In TN & How Can I Apply?
These are the facts you need to know about online title loans before you apply directly.
A title loan allows borrowers to use their vehicle for collateral. If you fail to pay the loan back on time, the lender will repossess your car. To obtain a title loans, you must give the lender the vehicle title. This can be your car, truck, motorcycle or other vehicle. To borrow the money, you will also have to pay a fee to the lender. Title loans are typically short-term high-interest loans, with low requirements. If you have poor credit you will still be eligible. Many times credit scores and histories don’t get considered.
As long as your vehicle is free from any lien, you can apply to a title loan lender. You’ll need to show the lender your vehicle, proof of ownership (your license) and proof that you have your car.
A title loan company in Tennessee will evaluate your ability and vehicle’s value and offer you a loan.
If approved, you will not have to surrender your vehicle in exchange for the loan. Title loans usually have terms of 30 day, which is similar to payday loan terms. This means that you will make one lump-sum payment at end of loan period. In addition to the loan amount, you will also have to pay interest and fees. Most lenders charge a monthly service fee of 25% of your loan amount. This will translate to an annual rate of 300%.
You will continue to pay the lender until your loan is repaid. During this period you are allowed to drive your car for the duration of the loan. When all payments have been made, your vehicle title will be returned.
Benefits Of Online Title Loans In Tennessee
With loan amounts starting at $100, most title loans can typically be obtained within 15 minutes. Because these loans are not financially profitable or too risky, many financial institutions won’t loan less than $1,000 to anyone without credit. Lenders verify collateral in addition to checking that the borrower has income. The lender does not typically consider the borrower’s credit score.
Many states offer alternative title loan funding options, also known as auto title loans and installment loans. Similar to traditional car title loans, a car pawn uses both your vehicle and the title to secure the loan. While there are similar risks and factors to secured loans, most borrowers will receive more cash as they have both the title AND the vehicle.
Fast Approval Title Loans That Are Completely Online
In most cases, there’s no need for you to meet with a lender in person if you want a title loan in Tennessee. Apply today with Sunshine Title Lending to find out how much cash you can get with your paid off vehicle!
Tennessee Title Loans - Frequently Asked Questions
How do title loans work?
Title loans allow you to access cash by using a paid off car as collateral for a loan. These secured loans are often issued to people with bad credit and you can expect a loan payoff term of a few months to 3 years. Lenders offer them as a way for borrowers who are an in a financial bind and need quick cash.
What is the downside to a title loan?
These loans are hard to pay off because most borrowers who apply for a loan have bad credit and lender's have terms that are difficult to pay down. At first the interest rate is low, but every month you need extended, the interest rates rise to high levels. When you are borrowing a high amount, it may be tough to pay it back in the short period of time.
Do I need proof of income for a title loan?
As with any type of loan you will need to show some type of money coming in each month. That way your lender knows you can make the future monthly payments for whatever amount you borrow. Most lenders will accept part time work and monthly annuity payments in the place of full time employment.
Do title loans hurt your credit?
Most borrowers who apply for title loans already have a credit score that can be classified as poor. But did you know you may be able to improve your credit rating with a title loan? Some larger title loan companies actually report on time monthly payments to the credit bureaus and that can improve your overall credit score.
Are car title loans worth it?
As long as you can show that you have a reliable source of income, and a car worth more than the loan you are requesting, typically the title loan provider can approve your loan application. Car title loans are also an excellent option if you need money immediately.
How much is my car worth for a title loan?
People often want to know how much they can access with a paid off title loan. You can access 40-65% of the vehicle's equity when you get a title loan. The average loan amount is $100 to $5,500 for most secured loan, but some lenders will let you take out up to $10,000, and even more. Once you're approved for a loan, you'll give the lender the title to your car.
Can I access cash from a title loan on a car I just bought?
I just bought my car and haven't had the title transferred. Is it possible for me to borrow money using my car as collateral? Yes, unless we are prohibited by laws in your state.
Can you get cash from title loans online?
Title loans let you get cash and use your car as collateral to secure the money borrowed. These are a great option for someone with bad credit and the process is made even easier if you want to apply for financing online. Simply take a few minutes to fill out an application for a title loan online and you can get a pre-approval in less than 20 minutes.
Is getting a title loan a good idea?
A car title loan an option for someone who needs cash quickly. But is it the best way to get cash? That depends on your financial situation. If you really need the money and can't qualify for other funding options like a personal loan or bank loan that it may be the best alternative. As always, do you due diligence and compare lending terms and rates for any company you work with.
How much will I pay and what are the fees with car title loans?
The interest rate and other fees that come with a title loan are really high and you can end up paying more in fees and interest than you initially took out with a title loan! The exact cost of a loan ultimately comes down to what rate and payoff term you agree to. But some companies may have interest rates that are well over 100% for a title loan.
Can a borrower take out a registration loan if they already have a title loan?
Registration loans are only offered in a few select states, but they offer the possibility of using your vehicle's registration as security for a loan. Compare that to a title loan which uses the vehicle's equity as collateral and there may be a chance to get cash from both title loans and registration loans if you can qualify.
Is it possible to get a title loan online without my car's pink slip?
The majority of title loan lenders will require proof that you have paid off the vehicle and that you can provide the actual car's title as collateral for the funding amount. You don't need to hand over the vehicle, but it will be nearly impossible to tap into the vehicle's equity without proof that's in yours and owned outright.
Can you use a bill of sale to get an online title loan?
Some title loan companies will be ok with the use a bill of sale for a loan, but that's really secondary. Any legitimate lender will also require a paid off car title or pink slip as collateral.
Does the title have to be in your name to pawn it?
Similar to if you wanted to apply for a title loan with a pink slip that's not in your name you can't get a title pawn with that scenario either. A title pawn company will hold the vehicle itself as collateral for the cash borrowed, but the lender will still want to know that you're the only owner on the pink slip.
Can you pawn a title that's not in your name?
The only way this may work is if the person who's name is actually on the car title let's you apply for a loan and use them as a cosigner. Most other scenarios will not be acceptable because the only way yo can borrow cash with a title loan is to actually have a pink slip that's in your name.
How can I borrow money against my car?
To be approved for a typical title loan you have to have enough equity in your vehicle. The amount of collateral required to be approved varies depending on the amount you're looking for and the car's make and model. But if you have a newer car with low miles then it's likely you can borrow cash by using the car as collateral.
Can I get a loan on my car if I still owe on it?
Yes! Even if you still owe on the car, you could qualify for fast financial support through title loans!
What's the difference between a title loan and a title pawn?
These two types of secured loans may be the same when talking about vehicle equity loans, but they have a few differences. With online car title loans, you are using your car title as collateral for a loan but the lender allows you to keep driving the car while you make payments. Title pawns also let you get cash for a paid off vehicle title, but the auto pawn lender will keep the car as collateral for the loan.
Do you have a paid off vehicle with equity?
Anyone can qualify for up to $15,000 with a title loan in TN. Get pre-approved in minutes with cash in 24 hours or less!