Sometimes you just need some extra cash in your wallet to cover a utilities bill, an emergency medical expense, a home repair or something entirely different. With the traditional loan, you're facing two problems – the minimum requirements to get the loan and how long it will take if you're approved. Many lenders have strict requirements regarding income and your credit score, and even approved loans can take days or longer to fund. You won't have those issues with title loans Haltom City from Cranfield Finance. Your income and credit score aren't factored in to the application process, and the funding happens on the day you apply.
The quick application process is a highlight of the title loan experience, and we're going to explain exactly how it works here. With our service, you can actually start your application for title loans Haltom City online in a matter of seconds. We set up an application that's here on the Cranfield Finance site, and you can access it by selecting Apply. The application form itself has two sections for you to fill out, but you'll likely know everything it asks for by heart.
Here are what the two sections of the application will cover:
(we need to know its year, manufacturer, the model, the trim and a general mileage range)
(we need your name, a good phone number for you, an email and your ZIP code)
Keep in mind that because you're using your car's value to get this loan, the car needs to be entirely yours with no lienholders. After you've completed our application and submitted it, we check your vehicle details to get you a preapproval and even a quote on a loan amount. One of our friendly Cranfield Finance reps will also be in touch with you shortly to let you know more about title loans Haltom City.
The final thing you probably want to know about your title loan is what you need to have on you when you come in to get the loan. There are only three items that will be required during the title loan application process:
We check every borrower's ID to see their date of birth and confirm that they are a legal adult. We look at your car both to verify that you have it and to inspect its current condition. The car title is the only thing we keep from you, and that's just until your loan is repaid.Learn More
Let's say that you chose title loans Haltom City because you're in a hurry and you need this money right away. The last thing you want in that situation is to get stuck with a lender that's a long drive away from where you're located. We have good news for you here, as the Cranfield Finance office is here in Haltom City, making it convenient for all our customers to reach us.
If you've been preapproved for your car title loan already and have been in touch with one of our reps, you can mention that upon your arrival. As far as how the loan process goes, here's the gist of it:
It's very quick and easy, with most borrowers getting through it in under one hour.Learn More
The general idea of a title loan is easy to understand, as you're just getting a loan and securing it with your car – in this case, securing it with your car means the car is the collateral. Each state has its own unique title loan regulations, and Texas is no different.
The state doesn't restrict max title loan amounts at all, which means that how much you can get is 100-percent dependent on your car and its value. Texas has one of the lower interest rate limits for title loans at just 10 percent, but please note that the state lets lenders charge title loan fees besides just interest.
Texas also hasn't chosen to set a required minimum length on title loan terms. However, what you'll find is that title loan companies go with 30-day terms for all their loans, as 30 days is the usual timeframe. At the end of those 30 days or whatever term your lender sets, you're supposed to pay what you owe, including the loan principal, plus any interest and fees you incurred.
If you don't have enough to pay this amount, you can opt to pay the interest and fees instead, extending the title loan into another term. For the convenience of doing so, your loan will incur additional interest and fees.
Texas has instituted a max term length for all title loans, and this limit takes extensions into account. It's set at 180 days, and if you extend your loan enough to reach this mark, then you'll be legally required to pay off the balance immediately.
As your car is collateral, a default on a title loan gives the lender the ability to repossess the car. After that, they may sell it and use the money to cover whatever you owed them, along with reasonable costs associated with the repossession. This is why it's better to extend your loan when necessary and take advantage of those flexible repayment terms.