CAR TITLE LOANS IN CA

Underwriting Requirements For Title Loans In California

Do you own a vehicle that's paid off and licensed and titled in your name? Is the vehicle worth more than $5,000, lien free and can it pass a vehicle inspection? If so that means you should have no issues qualifying for a car title loan in California! Since these loans are secured by the collateral from your vehicle, there's less of a need for good credit or other documents that are typically required for personal loans. Listed below are a few other requirements for California title loans:

• Proof of income - We can often accept income verification using bank statements, or employment pay stubs. 
• Insurance coverage on the vehicle - Even if your vehicle is fully paid off, it still needs comprehensive insurance coverage while it's being used as collateral for a car title loan in California.
• Valid registration - Your car must be registered with the California DMV.
• Proof of identity and residency. We accept identity verification with a drivers license or state issued ID Card. Verify residency with a mortgage statement or rental agreement.

Credit Requirements With Hyperlend For A California Title Loan

You don't need excellent credit to be approved for a Hyperlend car title loan. Unlike personal 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 must meet some standard credit requirements. For lenders in California, the minimum credit requirement is typically a FICO score of 550 or higher and you can't be in bankruptcy proceedings or dealing with vehicle repossession. 

Loan Amounts And Interest For Car Title Loans In California

The maximum loan amount in California is not capped and title loan amounts range from $2,500 to $25,000 in California. 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.

Repayment Terms And  Schedules For Title Loans 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 48 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 title loan company in CA will negotiate with you or set up a repayment plan versus dealing with the stress and hassle of vehicle repossession.