Borrowers often go the title loan route because time is of the essence and they need a loan that they can get quickly. For that reason, it’s a common source of frustration to perform a search for title loans Port Arthur and end up sorting through listings for lenders in other locations. You won’t need to worry about getting stuck with a long drive when you go with Walton Financial, because we made sure to set up our office here in Port Arthur. It’s an easy drive to get here, and parking is a breeze, as well.
When you arrive at our office, here’s how you can expect the entire process of getting your title loan to go:
If you have a bill to pay without enough money saved up or sufficient credit to cover it, a title loan can provide an immediate financial boost. Unlike other loans that require you to make a certain amount of money and have a credit score that meets a minimum threshold, title loans Port Arthur only require you to own a car without any lienholders on the title. Applying for a title loan is a very fast process, and when you get your title loan here at Walton Financial, it can be funded the same day that you apply.
Wondering how you can apply for a title loan? We’ve got you covered. To make the application process even more convenient for our customers, we developed an application for title loans Port Arthur that you can complete online. It’s available here on the Walton Financial site by clicking the Apply button, and because it only asks you for simple information that you almost surely know from memory, you can get through it in a matter of seconds. The first section of the title loan application form is going to ask you for the following details on your car:
Besides that vehicle info, you’ll just need to punch in the following pieces of contact info:
After you’ve gotten that application form submitted to us, we’re able to check your car’s info and use it to determine your title loan quote, and this also allows us to preapprove you for a title loan through Walton Financial. We will tell one of our helpful representatives to follow up on your application at their earliest convenience by contacting you and telling you more about title loans Port Arthur.
Many other types of loans, such as personal loans through banks, require that you have quite a few items to apply, such as tax returns and financial documents. A major advantage with title loans is that all you need is one form of government-issued ID, the title to your car and the car itself. We check your ID for your age and your car for a quick evaluation of its condition. The car title is to keep until you’ve paid back your title loan.
Your car is what’s important when it comes to getting a title loan, because your car is the collateral that secures the loan. The lender only holds on to the car title during your loan’s term, but if you default on a title loan, it allows the lender to repossess and sell the car. The car needs to have a clear title, which means there are no other parties listed that have a lien on the car.
Repossession doesn’t happen often, because you have quite a bit of flexibility in how you repay your title loan. In Texas, title loan terms can be any minimum length up to a maximum of 180 days. You’ll find that most lenders use 30 days as their standard term lengths, which is true in Texas and several other states. You’re expected to pay back your loan on the due date at the end of the term.
Fortunately, there is another option available if you find that you can’t pay back your car title loan in full when it’s due. There is the option of a loan renewal, which only requires you to pay whatever interest and fees you currently owe on the loan. You get to start a new term with your loan principal. This new term is equal to the old one in length and will also have new charges for interest and fees. It costs you extra, but it’s a convenient solution if you need to avoid a loan default.
Even with extensions, the longest you can have a title loan in Texas is 180 days. Once you reach that limit, you need to pay off whatever is left on your loan.
Texas has a state limit of 10 percent on title loan interest rates, but as you may have noticed already, there can be fees besides interest on a Texas title loan. One benefit of title loan regulations in Texas is that there’s no maximum amount, which means that you can borrow as much as you need if you have a vehicle that still holds enough value.