CAR TITLE LOANS IN FRESNO

How Does A Title Loan From Hyperlend Work And What To Expect When I Apply In Fresno

Car title loans are a great option for anyone who's struggling to make ends meet as they allow you to borrow money with a car, motorcycle, or truck serving a collateral. These secured loans are an option for anyone in Fresno and you typically have 8 to 48 months to repay the loan. Upon approval, you'll sign over the car's title to your lender and they're added as a lienholder to the title. Make the payments each month and you'll keep driving the vehicle as normal. After the balance is fully repaid you get the car's title back and in some cases, the on time payments will be reported to the credit bureaus. That means you may see an increase in your credit score with a car title loan in Fresno!

Title Loans In Fresno - What's Required

Fresno title loans are easy to get as long as there's equity in your vehicle. The vehicle has to be fully paid off and you can't owe money to the original lender or have a cosigner. The title should be in your name and you must have the actual title as it will be signed over to the lender. Other requirements include proof of income, through bank statements, employee records, or other payment stubs showing part time employment or side jobs. Basically we need to know that you make enough monthly to afford the required payments. You need insurance coverage on the vehicle in case it's stolen or damaged in an accident. Fresno residents may also need an umbrella insurance policy that covers 10% or more above a comprehensive policy.

Lastly, you need proof of vehicle registration from the California DMV, and there's a good chance the vehicle will need to be brought in for inspection. The inspection takes around 35 minutes and is typically required to verify the vehicle has no additional damage and to confirm the odometer reading and VIN.

Loan Amounts & Interest Rates With A Fresno Title Loan

There's really no limit on the amount you can borrow with a Fresno title loan. Depending on the vehicle's resale value you should be able to borrow up to 50% of it's value and that means cars and trucks that are worth $20,000 can lead to a loan amount of around $10,000. The average funding amount in California as of 2024 is $3,500 and most loans will be underwritten for less than $10,000. As of 2020, there are new regulations for title loans in Fresno between $2,500 and $10,000. Interest rates for these loans are capped at 36% plus the Federal funds rate.

Benefits of A Title Loans In Fresno

Title Loans have been around for years in Fresno and while there are some drawbacks, they can be a lifesaver for those who can't qualify for traditional loans. Consider what happens if someone with poor credit applies with a personal loan company in Fresno. They will likely get denied for a loan unless their FICO score is 700 or higher. With a title loan on the other hand, the emphasis is on the equity that's present in your vehicle. If you have a car that's paid off and valued at $5,000 or more, you shouldn't have any trouble getting a title loan and most lenders won't even check your FICO score! Another benefit is that you can repay these loans early without a pre-payment penalty! While some personal loans tack on extra interest and fees for early payoffs, a title loan is designed to allow early payoffs and they can truly function as emergency loans. So why not see how much you can borrow with a car title loan in Fresno? There's no risk to get a no hassle quote and Hyperlend can offer multiple repayment options and interest rates that fit your budget. Call us at 800-971-3022 today!