Requirements for Title Loans in Dallas, Texas
You’re in Dallas with a problem for which you need cash right away. A bank loan is not possible, so you’re not sure what to do.
Well, if you have a vehicle in your name and its title, you can likely get what’s called a vehicle title loan. With that said, here are the requirements for title loans in Dallas, Texas.
photo/Gerd Altmann
Explain Title Loan
Typically due in 15 to 30 days, these short-term loans are secured by your vehicle, which you can keep and continue using while you’re paying off your loan. The rub is that if you do not make payments as agreed, the lender can seize your vehicle and sell it to cover its losses. So, be 100 percent certain of your repayment ability before taking a loan out.
In exchange for a loan, you’ll merely have to let the title company hold onto your unencumbered title until the loan is repaid.
And note that, in addition to car and truck, “vehicle” can also mean RV, boat or motorcycle.
How Much Can I Borrow?
This varies depending on where the lender’s located, since state governments regulate the industry. It also depends on the company. Generally, though, you’ll be able to borrow between 25 percent and half your vehicle’s value. Most loans are between $100 and $10,000.
The title company fixes your vehicle’s value based on factors such as make, model, year produced, condition, and mileage. Modifications and trim level can also be considerations.
How much you can borrow also hinges on your loan repayment ability. So, you’ll need to have steady income. The amount you’re offered will not, however, depend on your creditworthiness, although some lenders will pull your report. So, even if you have bad credit, or a “thin” file, you can still get a loan.
What is Required?
You know you need a vehicle you own and a lien-free title. You also must submit proof that you have the income to pay the loan back. You can use bank statements or pay stubs for that.
You need not be employed, however, if you have other consistent income. People who have income from, for example, a pension, retirement fund, pension, Social Security, or rental property, are approved every day.
Another requirement is photos of your vehicle, inside and out, and including the rear and hood. Don’t forget clear shots of the VIN and odometer.
For title loans in Dallas, you’re also required to be at least 18 years old and possess a government-issued photo ID. You also must submit personal or professional references, or both, which need not originate from Texas.
For your part, be certain to find a title company that doesn’t sneak in hidden fees. While most do not, some do.
How Long Does All This Take?
This is a fast process. In Dallas, you can apply completely online. After you’ve done so, you’ll get a decision that day, often within minutes. Once you’re approved, you can have funds in hand by the next day.
You’ll have options in terms of funds delivery, including via an overnight check, wire transfer, in person, or direct deposit. For the latter, make sure you have an account set up for ACH transfers before you apply.
Now that you know the requirements for a title loan in Dallas, Texas, you can size them up against your personal and financial needs. While such a loan is a boon for people like you who can’t get a bank loan — which would take more time than you have to process anyway — you must be sure you can repay it.
Author: Amara Etter
