Anyone in California can borrow cash using their vehicle’s title as collateral. Other than your car’s pink slip you don’t need much to qualify and you may get cash the same day you apply. With a title loan offered by Hyperlend, you don’t need a good credit score and some customers can qualify for $4,000 or more!
Online Title Loans In California – What To Know
Title loans have been offered in California for years but for most of that time customers dealt with huge interest rates that would approach 100%. Now the APR is capped at 36% plus the prime funds rate and that applies to loan amounts between $2,500 and $10,000. All licensed lenders offering online title loans in CA must follow these regulations.
Also keep in mind that a California Title Loan should only be considered when you can’t be approved for an unsecured loan. Yes the finance rates are lower than they used to be, but you still risk having your vehicle repossessed if you default on the payments. A title loan company holds the vehicle as collateral and they are noted as the sole lienholder on the title. By defaulting on the loan you can face a scenario where the car is taken by your lender and sold to the highest bidder. Because of that you should first apply for unsecured loans that don’t require any security.
Underwriting Requirements For Title Loans In California
California’s underwriting standards for auto title loans are some of the toughest in the nation. The interest rate caps and the soft minimum loan amounts of $2,500 means it takes a bit longer to underwrite and approve each application.
The bottom line is that you need to own the vehicle outright and no co-signers or lienholders can’t be attached to the car’s pink slip. Other requirements for online title loans in San Diego or San Francisco can include proof that your vehicle is registered in the state with evidence that you currently have full insurance coverage. You may also need to show references from family members or friends and document recent loan defaults or payment lapses. Even with all these requirements for title loans, the underwriting process can take as little as 24 hours, and you could have cash in hand to use however you want!
Credit Needed For Online Title Loans In California
It’s mostly true that you don’t need excellent credit to be approved with Hyperlend. Unlike personal unsecured loans from a bank, these loan offers are secured, and your car is collateral for the loan amount. That collateral is more important than your recent credit history, but you must still meet some standard credit requirements. For lenders in California, the minimum is usually a FICO score of 550, but some finance companies have set their sights a bit higher. A few title loan companies in Irvine,Los Angeles, and Riverside, CA, require that applicants have a FICO score of 600 or higher and six months of work or employment information. If your application is approved with a lower credit score, you will likely get a lower approval amount with higher interest rates.
Amounts And Interest For Car Title Loans In California
The maximum loan amount in California is not capped, but the average lending offer is between $2,500 and $5,000. The interest rates for secured loans in CA are 36% APR or lower, including all fees and finance charges. Most companies will also charge additional fees for processing, document preparation, and lien recording. Your estimated loan amount will include all those fees, the interest rate, and the repayment term length, so there are no surprises down the road!
Be sure to take time and review your lending contract to ensure no unexpected expenses or hidden fees were not explained upfront. Confirm with any company that you can keep driving your vehicle while the monthly payments are made, and ask your lender if they charge a pre-payment penalty for early loan payoffs.
Financing Terms And Repayment Schedules For Title Loans Near Me In California
All title loans in California have a repayment term that is negotiable and agreed upon between the applicant and the lender. While there is no maximum or minimum repayment term, the average car title loan is written for between 12 and 36 months.
Missing a title loan payment can result in your vehicle repossessed by the title lender, so work to have the funds available or set up automatic payments to avoid any late fees or issues with collections. Don’t hesitate to contact your lender’s customer service department if you feel there’s a chance you could default on the monthly payments. Any licensed finance lender in CA will negotiate with you or set up a repayment plan versus dealing with the stress and hassle of vehicle repossession.
If You Can’t Repay Your Title Loan In California
If you default on the required payments, you’ll be left without a vehicle and still owe any remaining balance. Because of those repercussions, you should only borrow the needed amount. If you have good credit, look into other lending opportunities in CA that don’t use your vehicle’s equity as collateral for a loan. As an example you can find online loans in Rancho Cucamonga with no pink slip required.
Apply Today For California Title Loans Near Me
Call 800-971-3022 or complete our short online form to get pre-approved for a title loan in California! Hyperlend works with customers throughout the state, and we know what it takes to get your application approved and funded within that same day!