How To Get A Same Day Car Title Loan In Tennessee
Many people turn to title loans when they can’t get approved for traditional loan offers because of a bad credit score or because they want to borrow a larger amount of money. Here in Tennessee, you can borrow up to $15k with a title pawn and you don’t need good credit to apply. All you need is a car with a paid off title. That means you have to own the vehicle outright and no other lender or cosigner can claim the title as their own.
If you’re looking for a title loan in Tennessee, there are a few things you’ll need to know before applying. For starters, you can apply for a title loan either in person or online. You really can’t go wrong with either option and whichever method you choose to apply you can typically get your cash in 1-2 business days. And while you can get a title loan with bad credit, the amount of money you’ll be able to borrow will be limited.
What’s Required To For Tennessee Car Title Loans
As far as requirements go, you’ll need to have a paid off car title in your name to qualify for a title loan. You’ll also need to provide some proof of income, as well as your car’s registration and insurance information. There are situations where you can still be approved for a title loan with no income verification, but the loan amounts are small and it’s much easier and quicker to get a title loan online when you have some proof of employment or pay stubs.
Additional significant requirements may include proof of insurance that shows your lender you have coverage for the vehicle in cases of an accident or theft. Also, you must provide proof of identity in the form of a Tennessee driver’s license or identity card.
Bad Credit Is Okay – You Can Still Get An Auto Title Loan In Tennessee!
Even if you have bad credit, you can still qualify for an auto title loan in Tennessee as long as your vehicle is paid off and you have the title in your name. And while bad credit may limit how much money you can borrow, it won’t necessarily prevent you from getting cash for a paid off vehicle.
Secured loan companies know that most of their applicants have some type of credit issue and that’s why the focus is more on the vehicle’s equity. Lenders will often bypass a credit check and instead focus on the value of the vehicle and ensure the car can pass inspection. That is more important to them than what happened a few years back with your credit score!
Interest Rates & Payment Terms To Expect For A Vehicle Title Loan In Tennessee
Interest rates on title loans in Tennessee vary depending on the lender, but they are typically quite high. And because title loans are usually short-term loans the APR can seem really excessive. Rates in TN will start at 30% and go up to 140%. Because of the high interest rates, you want to pay off the amount borrowed quickly and if possible make extra payments to get out of the contract before excessive fees and interest kick in.
Payment terms will also vary depending on the lender, but in most scenarios, you’ll have anywhere from 30 days to 2 years to repay the original amount borrowed. If you can’t make a payment or pay off the outstanding balance within that time frame, some lenders in Nashville will allow you to renew or roll over the title loan into a new one. But beware, this will likely result in even more fees and interest charges. Always try to avoid a rollover if possible and find a licensed title pawn company in Tennessee that allows early loan payoffs with no prepayment penalty.
Online Title Loans In Tennessee – Apply Online Or With A Local Licensed Lender Near Me
Applying for online title loans in Tennessee is easier than ever because you can now apply online with most title loan lenders. The very same companies that offer cash in Nashville and Memphis will let you get started with a title pawn application online and then you can wrap up everything at their local office. And because the process is so quick and easy, you can typically get your cash in as little as 1-2 days.
But if you prefer to apply in person, there are still plenty of local title loan companies all over the state of Tennessee where you can do that. Just be sure to work with a licensed title pawn lender in your area to avoid any scams or illegal loan offers.
No matter how you choose to apply, getting a title loan online in Tennessee can help you get the cash you need when you need it most. So don’t wait, apply today! The team at Title Pawn Online is here to assist you and get you started with an online application. Don’t hesitate to reach out to us with any questions or concerns about our title lending offers in TN!