How Car Title Loans Work
Clients must meet four very basic qualifications to be eligible to apply for our title loans. These are:
- They must be 18 or older.
- They must be legal U.S. residents.
- They must have some form of income, even if it isn’t from a job.
- They must own a vehicle and be in possession of a title in their own names.
If a client meets these criteria, they can apply for a loan. The application process is very short and simple. We will need:
A copy of the driver’s license or other photo I.D.
To inspect the vehicle itself (we won’t hold it)
Proof of income (bank statements or paystubs)
A list of personal references with phone numbers included
Our clients don’t need to be working to qualify for our loans. They do, however, need some sort of income with which to pay their loans off. We can accept child support, alimony, unemployment, worker’s compensation, disability payments and more as income. Present your situation to us and we’ll work with you.
The title must be in your name and the vehicle must be fully paid off. This means you don’t owe the seller any more money for it. If the vehicle was a gift and doesn’t have your name on the title, ask the person who gave it to you to sign the title over to you. If you’ve lost your title, simply visit the Department of Motor Vehicles nearest you to apply for a duplicate title. There is a small fee associated with this. Then bring the duplicate title with you when you apply for our loans.
Once the application is complete, we’ll inspect the vehicle and offer a loan amount based on that vehicle’s current market value. We’ll go over the loan terms and repayment plan thoroughly. If everything is satisfactory to our client, he or she signs the documents, leaves the title in our care and collects the loan money. The vehicle itself stays with the client.
What do we at Pearland Title Finance do with the title? We will file for a temporary lien on the title, which grants us a short-term right to pick up the vehicle and sell it to pay off the loan in the event that a client goes into default.
We’re happy to say that repossessions are a rarity. Most of our clients listen fully when we explain the repayment plan, and if for any reason they find themselves unable to make a payment, they call us and we will work together with them to find a solution. Repossession is the absolute last step when all else has failed, when clients have abandoned making payments and refuse our calls for months.
Once a client makes his last payment, we close the account, rescind the lien on the title and return the title itself. Our auto title loans Pearland provide clients who have been turned down by everyone else access to loan money at reasonable repayment terms. Are our interest rates high? They may be slightly higher than the rates someone with perfect credit would pay on a loan from his personal bank. However, our interest rates are competitive and fair, and our payment plans are flexible. We make sure your payments are affordable and the length of your payment contract fits your budgetary needs.