Financial struggles can occur at any moment. Your car could break down. Your home could suddenly need a repair. A family member could have a medical concern. If you’re currently only making enough to just cover your usual expenses, anything extra can push your finances to the breaking point. Fortunately, there is a way you can get a financial boost. All you need is a car in your name to apply for title loans Amarillo, which have many key benefits, including:
Even though title loans are already known for being very convenient, at Basin City Title Lender, we wanted to improve on that. To do so, we set up our simple online application for title loans Amarillo, which you can complete in well under a minute. That application is available on this website, and it doesn’t require much in the way of information. In fact, you’ll only need to provide us with the following to get preapproved for a car title loan:
You’ll likely already know everything we need off the top of your head. For the car details, we’ll specifically need its year, make, model, style and an estimate on its mileage. As far as your contact info is concerned, all we need is your name, phone number and email address.
Your car’s details help us calculate its value, and this in turn allows us to come up with an estimate on your title loan. After you submit the application form to us, we’ll have a Basin City Title Lender representative call you as soon as they can to speak with you more regarding your title loan, getting everything setup for you.
What will you need to get a title loan? Unlike a normal bank loan, a title loan won’t require you to dig through your records for tons of financial documents. There are only three items you need to bring with you to pick up your loan, which are:
The last thing anyone wants when performing a search for title loans Amarillo is to see listings for title loan companies well outside Amarillo. That takes away some of the convenience of getting a title loan, and if your time is limited, you probably can’t spend it driving to a lender in another city. When you go to Basin City Title Lender, you can rest assured that our office is:
Once you arrive, a Basin City Title Lender representative can take you through the entire loan process. We recommend letting them know immediately if you already did an online app for a loan preapproval. The loan process is simple and goes as follows:
You’re likely looking at under an hour in our office before you get your money and can head out.
The two basic loan categories are unsecured and secured, and the difference between them is that unsecured loans have no collateral, but secured loans do. Title loans count as secured loans because the borrower’s car is the loan collateral.
The federal government takes a hands-off approach when it comes to title loans. Its only major regulation is the age minimum it has set, which requires every title loan borrower to be at least 18 years old. Besides that, title loan companies follow state regulations.
In Texas, there’s no maximum to how much you can borrow through a title loan, which means it’s completely dependent on your car’s current market value and the lender. The state has instituted a 10-percent interest rate cap, although it’s important to remember that interest isn’t always the only extra charge on a title loan. There can also be fees.
The Texas term limit for title loans is 180 days, but you’re unlikely to find any lender that sets a title loan with a term that long. Since title loans are short term, they usually have 30 day terms in Texas and most of the United States, except in those states which have laws that set longer minimum term lengths.
If you reach the end of your title loan’s term and you don’t have enough money to pay it off, then you have the option of paying the interest and fees to extend it into a new term of the same length. Your new title loan term will include your unpaid loan principal. There will also be new fees and interest. If you extend the title loan enough times that you reach the 180-day maximum, you’ll need to pay it off at that time.
A loan extension is always preferable over not paying, because failure to pay is a default. This allows the lender to have your car repossessed, and once the lender has your car, they can sell it. The good news is that repossession doesn’t happen often, and if you talk to the lender about any payment issues you have, you can likely get it extended when necessary.