Title Loans Jackson, Tennessee
A car title loan in Tennessee is basically a type of secured loan that enables borrowers to use their lien-free vehicles as collateral. Borrowers surrender the hard copy of their title in exchange for some quick cash. Title loans can be a great way to get money if you’re in a real jam, but if you can’t pay the loan back you’ll be in a way bigger jam than when you started. By giving the title to the lender, you are agreeing to him or her repossessing the vehicle and selling it to recoup the loan amount if you default on payments. This is usually a last resort for lenders, as it costs them time and money to go through the process of repossessing and selling a vehicle, so if you want a title loan in Jackson, Tennessee, make sure you use your best negotiation skills to get terms that you can handle.
Since title loans Jackson, Tennessee, are short-term transactions, they typically carry higher interest rates than other more traditional sources of credit. Lenders can charge anywhere from 36% to more than 100%, so keep that in mind when you’re working out the loan terms and don’t get into a situation where you can’t swing the payments.
Title Loan Requirements
To get a car title loan in in Jackson, Tennessee, you need a lien-free vehicle title; a government-issued, photo ID; and some proof of income. If you don’t have a job that does not put you out of the running for a car title loan in Jackson, Tennessee. Lenders are required to consider disability payments, unemployment benefits, and even pension plan money as income. After you fill out a short application, the lender makes a visual inspection of your vehicle and figures out its worth by looking at Kelley Blue Book. Lenders will usually be willing to front borrowers about 50% of the vehicle’s worth. Once the visual inspection is finished and you and the lender agree on the amount of the loan and its term, you basically sign on the dotted line and leave with your cash. Most of this can be finished in less than half an hour, which works quite well for those who need their cash yesterday.
Lenders make it easy for borrowers to pay their loans. Most accept money orders, cashier’s checks, cash, debit cards, or even Western Union. Some lenders make it so easy that borrowers can make online payments.
Title loans gained popularity in the 1990s and opened up a whole new avenue for those with poor credit or no bank account to borrow money. Car title loans are similar to payday loans, but they usually offer more money. Car title loans in Jackson, Tennessee, are not for everyone, but if you’re in a bad spot and experiencing a financial emergency, this may be the right choice for you if you can work out decent loan terms and pay it back on time or early.