Texas Title Loans
One moment, it seems like everything’s financially swell; the next, you’re separating pennies from pocket lint in an effort to pay off an emergency expense.
You might know the drill by now: You find yourself laid off, a sudden plane ticket is needed, your car broke down, or perhaps you’re in the middle of moving.
A Fresh Start with Texas Title Loans
Unexpected expenses crop up from time to time, and there isn’t always someone there who’s willing to throw a few bucks your way and help you get moving once more. That’s where Velocity Cash steps in to provide a way out.
Online Title Loans Texas
Auto loans are a form of secured short-term lending solution that focuses on using your car title as collateral instead of checking your credit score when assessing your eligibility to borrow cash.
Because of how this system works, a poor credit score isn’t accounted for when we’re determining the amount you can borrow; instead, we ensure that you’ve provided us with a clear title (one without holds, fees or outstanding payments left over) and reference authoritative guides such as Kelley Blue Book to determine the fair market value of your vehicle based on its year, make, model and mileage.
How Texas Title Loans Work
Online title loans in Texas are ideal for when you need the responsiveness of cash advance or payday alternatives without the excessive annual rates or inquiries into your credit history.
Typically, title-based loans will occur as installment plans that can be paid over months, and Texas caps out title loan terms at 180 days (six months). This extends into credit service history as well, meaning that you can only refinance a 30-day loan plan up to five times or 180 days total.
Fast Car Title Loans
Most loan terms are set to 30 days, and while the amount that you can borrow isn’t directly limited by Texas law, it is limited in varying degrees based on your income.
It’s usually possible to carry out Texas title loans even if you’re collecting government benefits and the title isn’t clear. You can also normally trade titles for all kinds of motor vehicles, which means that boats and motorcycles can be offered as collateral too.
Market Value of Your Car
However, keep in mind that how much you can borrow against your car will typically be limited to 50-70 percent of the fair market value of your motor vehicle, and that’s only if your income, title clarity and other factors allow you to borrow that much.
Keep in mind that there are a plethora of state laws that keep your end of the deal covered when taking out online title loans in Texas.
Title Loans Business Ethics and Legal Details
Velocity Cash is beholden to a number of state laws that restrict what title-based service companies may do.
Texas is one of the strictest states when it comes to the range of motion that auto loan vendors have, and this is thanks to the many years that companies in our trade have placed clients in a cycle of debt as a result of unethical lending practices.
In our effort to extend transparency, we’d like to tell you about a few of the most important laws that prevent the same from happening to you:
1. 10 Percent Interest Cap
Texas is one of the few states that imposes limitations on how much interest a title loan company can assess. That limitation is a mere 10 percent, which is starkly contrary to other states where as much as 500 percent can allowed, and that’s on top of the crazy fees that some lenders can get away with.
Here in the state of Texas, you’ll borrow on the lowest rates in the country, and violating that law on our part constitutes a business-breaking felony known as usury.
2. Official Licensing
Generally speaking, no lending company in Texas is permitted to lend without identifying and licensing itself as an entity that can legally do so. This involves varying levels of college education and legal certification that asserts the competence and ethical potency of a business to carry out lending services.
We’re not exempt from this ourselves, and that means every one of our loan specialists has been educated, tested and certified to work with your sensitive information toward the creation of Texas title loans.
3. Loan Terms
Like interest rates, the specifics on how long a title loan may last varies by state, but Texas caps it off at no more than six months. This also means that renewal terms (refinancing) can’t extend the loan term past 180 days, so if you take out a three-month loan term, you can only refinance it once.
Likewise, a one-month term can be renewed five times to a total of six months. When this term is maxed out, you must pay off the remainder of your dues.
4. Repossession
You’re given one month after your loan payments become overdue before you’re required to surrender your vehicle for repossession. Texas doesn’t require us to provide any forward notice or a grace period prior to moving on the vehicle, which contrasts with states such as Florida where a seven-day notice must be posted before seizure can occur. However, repossession isn’t the end of the line for you since you can still pay off the remainder of your dues and reclaim the vehicle; however, you’re expected to pay for the costs of repossession if you do so.
The One-Minute Application for Title Loans
The coolest thing about online title loans in Texas is how easy it is to get started with them. Typically, auto loans are known for the quickness, allowing clients to receive the money they need within the very same day.
Because our loans are secured with your title, your credit history isn’t factored into your eligibility.
All you need to do to get started is check out our free title loan application and fill in your name, number, ZIP and vehicle information.
The information includes make, model, style, mileage and year; these details are run through Kelley Blue Book or another reputable evaluation service to assess an estimate of the vehicle’s market value and work out your borrowing power from that figure.
Once you’ve submitted your information, a specialist will contact you at the provided information and begin to work out a plan that’s optimized to your requirements.