Poor Credit and Getting Car Title Loans

Almost anyone that has a job or a source of income can get a car title loan. No matter what you have heard in the past, loans based on car titles do not use credit scores to get the loan application approved. It is rare to find a car title loan company that will ask for information so that they can order a credit report. The main interests of a car title loan business is that you have a car with some value and a current form of income.

Figuring out if car title loans are right for you

Before you decide to borrow against your car title, think about how much money you actually need. Your next question should be how long it will take for you to pay back the money you borrow. Both of these questions will need to be  before you take out a car title loan. In some cases, you may find that it will be impossible to repay the loan. Once you make your decision, you can expect a car title loan payout of between $500 to $10,000 — depending on the current value of your car.

Bank loans versus car title loans

When you do not have a good credit history, getting a loan with the bank can be a long and complicated process. In addition to waiting for several weeks before the loan application is processed, they may deny you because you have a bad credit history. However, this does not mean that you have nothing of value. Car title loan companies only require that you have some value to your car before they loan you money and the application takes less than 30 minutes to process. Your credit history is not important because your vehicle counts as collateral for the loan.

The quick and easy loan solution

Before you bog yourself down with paperwork from a financial institution that is likely to deny your loan application because your credit history is bad, give us a call.  At Bay Area Title Loans, we are happy to help you understand the application process and terms.  You can contact us over the phone or visit one of our 7 Bay Area locations.  Once you have an understanding of what we do and what is required to get the loan, you will understand why so many people in the Bay Area rely on us for loans with no credit history required.