Car title loans are one option for borrowers with low credit scores, to get a secured loan using their car as collateral. Anyone who owns a car can usually qualify for a cash title loan. Even if the borrower has bad credit, approval typically takes less than a business day.
If you need emergency cash, you have many options for borrowing money. Some of them include:
- Cash advances from credit cards: These typically feature higher interest rates than purchases or balance transfers
- Loans from credit unions: These loans can offer lower rates than large banks, but membership is limited
- Unsecured personal loans: They usually offer lower interest rates than credit cards, but have more stringent approval requirements
- Payday advances: These are approved regardless of a bad credit record, but require that you are employed, have a steady job and they must be repaid within 14-30 days on average.
- Car equity loans: These typically have the lowest approval requirements and most flexible term lengths of all the options available here.
While some lenders also consider employment status and income as factors when determining approval for a car title loan, most car owners can borrow some amount of money using their auto title alone for collateral.
All you need to apply for a title loan is proof that you own your car, and there is not a previous lien on your car title. With a Title loan, the car's value is assessed by the lender, to determine how much the applicant is qualified to borrow.
Wilshire Consumer Credit (WCC) is a reputable lender of cash title loans. Phoenix borrowers recommend WCC for a car title loan because they offer some of the lowest interest rates in the industry, confidentiality and quick turnaround.
Apply for your cash car title online or by phone for immediate approval! You could have the cash you need in your hands in as little as 48 hours.