Short-term loans are sometimes badly misunderstood by critics who have always done things the regular way such as visiting their banks to request loans, or asking family for help with money. Those ways may be good options for some, but others cannot go those routes because their situations don't allow it. Texas residents have access to a kind of short-term loan known as a vehicle title loan that is great for short-term situations and comes with less strings attached than most other personal loans. Basically, vehicle title loans in League City, TX are contingent on one thing; having a vehicle.
So you might be wondering, "how does having a vehicle help me qualify for a loan?" Vehicle title loans in League City, TX are fairly similar to home equity loans where you can borrow a portion of money from the value of your home to pay for certain things. But they use your car's value instead, and whereas home equity loans don't require you to completely own your home, you do have to completely own your vehicle to use title loans. The main thing is making sure your title is clear and your vehicle is in good enough condition to get the loan amount you want. Generally, you can borrow about 25-50% of what your vehicle is worth, though occasionally you might borrow up to 75%.
It's important to have your title with you so that our vehicle title loans in League City agents know that the vehicle isn't stolen, and it has to be clear in order to legally put the vehicle up as collateral. If you had the vehicle financed from a dealership, it should just be a matter of paying off the financing. If you had it in a private sale or it was given to you by somebody, you need to make sure you have the title taken down to the DMV so that they can give you a new official Texas title in your name. If nothing is currently owed on the vehicle but you still have liens on your title, you may be charged a small fee to have them removed.
There are other loans besides vehicle title loans that are easy to qualify for such as payday loans, but vehicle title loans are better because of what you can do with them and the fact that they're secured. There are several reasons you might consider them over payday loans:
As part of our application process for vehicle title loans in Houston, your vehicle has to be brought to the lender's store so they can make sure it's in the proper condition to take out a loan. The inspection won't be long, just a basic check to make sure the vehicle matches the loan approval amount. While it's being inspected, you'll be filling out paperwork stating that you understand the loan terms, and also showing a personal photo ID that's government-issued and proves you're over 18 and live in Texas. Once you've completed that, you should receive your vehicle title loan shortly. To get started with this process, just fill in the information on our title loan quote form.