Title Loans in Angleton, Texas
Title loans are very popular in Corpus Christi and other parts of Texas. However, there are many myths and misconception surrounding Corpus Christi auto title loans, making some people to fear them. This post will shed more light on how title loans work, their benefits, the legal framework governing them and how to get one.
A title loan is a type of financing where you provide your belonging in exchange for a loan. In this case, the item you have provided acts as a security for the loan. If you fail to repay the loan in time, the lender may take the item, sell it and use the proceeds to recover the loan. Most people in Texas provide the title of their vehicles as security. In this case, the lender will keep the title of the vehicle until you repay the amount you borrowed. If you fail to repay, the lender can use the title to repossess the vehicle, sell it and use the amount obtained to recover the loan.
Title loans are known for their short repayment periods. In normal circumstances, the repayment period does do not exceed 30 days. And unlike traditional loans, you cannot get a title loan that is worth more than a quarter of the total value of the car. This means if your car is worth $20,000, then you can only qualify for an amount not exceeding $5,000.
How to Apply for Title Loans in Angleton
There are two ways to apply for a title loan in Angleton. You can either walk to the lender's offices or apply online. The online application is very convenient and effective, especially for tax deductible title loans. You will have to provide the vehicle's registration number, year of manufacture, model and mileage. You will also be required to fill out your full names, home address and cell phone number. Upon completion, you will be provided with a title loan estimate. The estimate will depend on the model, year of manufacture and mileage of the vehicle. The lender will also schedule a visit to your residence at your own convenience.
Legal Regulations Governing Title Loans in Angleton
The State of Texas has put in place various rules to help protect borrowers from rogue lenders. The rules require all lenders to sign an agreement letter indicating all the loan terms, including the interest payable and hidden charges. If the borrower fails to repay the loan, the lender is free to repossess the car and sell it to recover the amount borrowed. However, the lender should return to the borrower any proceeds remaining after he deducts the amount owed on the loan. Above all, all lenders must have a valid operating license issued by the state. The license should be at a place that is visible to anyone who comes to the lender's office.
Benefits of Title Loans
People like title loans in Angleton mainly because they provide a perfect alternative for cash during emergencies. Unlike traditional loans, you do not have to wait for days or even weeks for cash to reflect in your bank account. The application process is quite simple and fast, making it possible to get cash within minutes or hours. Unlike other loans, you don't need a good credit score to qualify for a title loan. You can still get a loan even if you have the worst credit score.
Another benefit is that title loans allow you to use the car for your own errands without interference from the lender. The lender only takes possession of the title, not the vehicle itself. And if you fail to repay the loan on time, the lender can choose to do a rollover on the previous loan for another 30 days. This will give you more time to look for funds and repay the loan.