Same Day Car Collateral Loans in California!

Car Collateral Loans - What You Need To Know

A car collateral loan works like this: you use your car (or any other vehicle that can be titled) as collateral for the loan. If you default on the payment, you agree the lender can repossess the car for lack of payment.

Car collateral loans are secured by your car, truck, or SUV, which means higher loan amounts than you would get with unsecured personal loans, sometimes over $15,000. But before you apply with us, it's best to decide if using your car or truck as collateral makes sense. Yes, you can borrow a lot with a collateral loan, and there's typically no credit check, but you also risk getting into more debt or a possible repossession if you fall behind on payments. Remember that car collateral loans often have higher interest rates, so consider your ability to make the payments before committing.

Requirements For A Collateral Loan On A Car

Title loan companies in California typically require proof of registration and insurance coverage on the vehicle. You also need proof that your car is paid off (meaning no liens or loans against the car) with all the necessary ownership documents from the DMV.

The vehicle must be in good condition, and you may need a vehicle inspection before signing the contract. Your inspection can be completed on the day you apply, often at a lending location in your neighborhood.

The last requirement for a car collateral loan in California is that you can repay the loan. This typically means proof of income from your bank, employer, or with Government records. While you can borrow up to 65% of the vehicle's value, you must have a debt-to-income ratio of 40% or lower to qualify.

Benefits And Drawbacks Of Car Collateral Loans

One benefit of car collateral loans is that you can be approved much quicker than applying for a personal loan. Besides that, poor credit scores won't necessarily lead to you getting turned down. Many people apply for a collateral loan on their vehicle after numerous banks and credit unions have turned them down.

Car collateral title loans offer higher loan amounts than bank loans and can typically be processed quickly. Funding amounts for loans with a car or truck as collateral are based on the resale value of your vehicle. The average loan amount in California is $3,000, with a repayment term of six months to 2 years.

Another benefit of a collateral loan on a car is that you can pay off your loan at your own pace. Yes, you'll get an initial repayment term when your loan is first approved, often anywhere from 8 to 48 months. However, there's no issue with paying off the loan early or sending more money each month to get out of debt quicker!

Refinance Your Vehicle Collateral Loan In CA - Get A Quick Quote

Let's say you have a car collateral loan with high rates from another lender. In that scenario, it's a no-brainer to refinance your loan and get better payoff terms. This can save you money on interest charges and extend the payoff term with a monthly payment that better fits your budget. Get a quick quote to refinance your collateral loan online with California Title Loans, or call us at 855-339-1001!

Apply For Instant Approval With A Car As Collateral For A Loan

Did you know it takes less than one hour to apply for a car collateral loan online with California Title Loans? Here's what we need: First, complete the online application with your personal information and vehicle details. Next, provide the required documents, such as the car's title, proof of employment, and registration info. Lastly, visit a local lending location in California to finish the paperwork, complete the inspection, and get your money. Feel free to apply for fast funding using your car or truck as collateral.

Call California Title Loans at 855-339-1001 anytime to get an instant quote for a collateral loan based on your vehicle's value! We'll process your application in less than 15 minutes and quickly notify you of your pre-approval!