Have decent credit? Need a small loan?
An auto title loan might be right for you!
A title loan (prestamo por el titulo) is a small loan — $3K to $15K — that uses your car’s title as the collateral. A title loan is a short-term loan, so it must be repaid within 24-36 months.
To get a title loan, you must have:
- a car
- that’s paid off
- that you own title to.
It doesn’t have to be a new car, but your lender will take into account the car’s value when determining the size of the loan.
At California Auto Finance, we also consider a few other factors:
- your job
- your income
- your credit score
Don’t worry, if you get a title loan, you do get to keep driving your car throughout the duration of your loan.
One of the best things about title loans is that you can get fast cash in a bind. Our customers apply for title loans for some of the following reasons:
- family emergency
- death in the family (funeral expenses)
- wedding, graduation, or quinceañera
- medical bills
- home repairs
- student loans
If you’re researching short-term lenders for your title loan, we recommend you read our handy guide about choosing a short-term lender. Unfortunately, there are some unscrupulous lenders out there.
Applying for a Title Loan
Applying for a title loan is fast, easy, and FREE. Simply click here to fill out our online application — or, if you’re in the OC area, feel free to come into our Orange office for a cup of coffee and to apply in person! We will respond quickly — in some cases, you can even get cash same-day!
Next, we will send someone to you to finalize the process. We have notaries all over California, so don’t worry about coming to our office. We do our best to make the loan process easy for you!
Check out our article about how to avoid defaulting on your loan.
Ways to Improve Your Credit Score
Cafe Credit, flickr.com
Having good credit really comes down to being responsible with your finances. Debt that you have handled responsibly and paid as agreed, is “good debt” and will help your credit score.
If you’re not sure whether your credit score is high enough to be approved for a title loan, here are two ways to improve your credit score. Remember, it’s a process that doesn’t happen overnight, so be diligent and be patient.
Pay your bills on time.
Month in and month out, you have bills to pay. Paying bills late will ding your credit score. Set up reminders for yourself to ensure you are paying your bills on time, or set up automatic debit where possible.
If you have missed payments, get current and stay current.
Avoid collections! If a debt goes to collections, paying it off will not erase it from your credit report. It will stay there for seven years. So you’re best to avoid that whenever possible.
If you’re in over your head, call your creditors and try to work out a payment structure that will enable you to successfully pay your debt.
Keep your credit card balance low.
It’s good for your credit to have a balance each month — as long as 1) the balance is low, and 2) you’re making monthly (on time) payments. You want to be paying the principal every month.
With a very low balance, not much interest will accrue, and that will help you stay out of trouble with your credit score.
If you have multiple credit cards with small balances, pay them off and use only one or two credit cards.
Apply now or call us with any questions you may have!