Car Title Loans
In Memphis TN
- Keep driving your vehicle
- Borrow up to $15,000
- Bad Credit is no issue
- Most Paid Off Vehicles Qualify
- Keep driving your car
- Borrow up to 15K in Memphis
- Bad Credit is no issue
- Fair terms & rates
Apply To See How
Much Money I Can Get For My Car Title
How Title Loans Work In Memphis And What's Required
Are you trying to borrow $1,000 or more but keep getting turned down by personal loan lenders in Memphis because of your credit score? At Southeast Title Loans, we've offered access to title loans in Memphis for 5 years and these loans can be great if you have poor credit or no lending history! A title loan uses your car as collateral and you can keep driving the vehicle while the car serves as security for your loan.
The requirements are easy to follow for anyone with a paid off vehicle. You'll need a clear title on your vehicle to get a title loan in Memphis. This means you have to be the car's sole owner, and there can't be any other lienholders on the title. You need a steady source of income with proof of employment or bank statements, and in some cases, you verify income with disability or SSI documentation. Some other required documents may include proof of vehicle registration in Tennessee, and you'll have to show full insurance coverage on your vehicle.
Once approved for a title loan in Memphis, the lender will place a lien on your vehicle's title. This means they own the vehicle until the loan is paid in full. You can keep and drive the car as you please, but any missed payments can lead to a default and eventual repossession. On that same note, you can't sell the vehicle or add a cosigner while the title loan company is listed as a lienholder on the pink slip.
Loan Amounts & What Is The APR For A Memphis Title Loan
Funding amounts are based on your vehicle's value, and most lenders will lend you anywhere from 25% to 50% of the resale value of your car. In some cases, you may be able to borrow more or less depending on the lender's policies and how much you can pay each month to pay down the balance. Expect a loan of $2,000 to $10,000 in Memphis, with higher amounts of up to $20,000 for very well qualified vehicles.
Regarding interest rates, title loans tend to have very high APRs. This is because they're considered high-risk loans, and lenders must somehow offset that risk. You will pay much more interest on a title loan than on a typical bank loan.
The average APR for a car title loan in Memphis is around 100%; in some cases, rates can be over 200%. Some lenders may offer lower rates for customers with excellent credit scores, and you should try to reduce the interest rates after several on-time payments.
Is It Difficult To Get A Title Loan In Memphis & Can I Apply With A Company Near Me
Getting a title loan in Memphis is straightforward for anyone with a lien-free vehicle. Apply with Southeast Title Loans online or by calling 800-308-1905, and if you're approved, you'll receive cash via direct deposit within one business day. Even though a car, truck, or motorcycle is used as collateral for a Tennessee title loan, that doesn't mean you have to hand over the keys to your vehicle. Instead, your car's title is handed to the title loan company, and they keep the pink slip until the loan is repaid.
Look no further than Southeast Title Loans to find a top title loan company in Memphis! We are a leading provider of secured lending options and can offer $2,500 for the equity in your vehicle. It takes less than 5 minutes to get started with our online application. After that, we'll contact you to review some paperwork and confirm your vehicle's make, model and year. You can complete the vehicle inspection, sign your contract, and pick up your cash that day!
How Long Can I Keep My Car With A Car Title Loan in Memphis
You should be able to keep driving your car for the duration of the loan. However, you may face repossession if you're behind on payments or have already defaulted. Additionally, some title pawn companies may require that you keep your car at their facility to reduce the risk of repossession.
Southeast Title Loans is the perfect company if you need a Memphis title loan and want to keep driving your vehicle! We work with companies all over the state, and assuming you have a paid off vehicle, you should qualify and be funded in 24 hours or less.
Apply Anytime For A Memphis Title Loan
Contact us anytime at 1-800-308-1905 to see how much money you can borrow with your vehicle's equity! We also offer title loans in Memphis, where you can apply online and get your loan underwritten in less than an hour. We also offer refinancing options where you can lower the APR on your existing title loan. Southeast Title Loans also takes applications through our online form, and we'll get you an estimated loan amount and repayment term in less than an hour!