How Do Title Loans Work on Cars, Trucks, RVs or Motorcycles?
An auto title loan is a loan made against the equity in a vehicle you own. If you own a vehicle, meaning a motorcycle, automobile (car), truck, or RV (motorhome) and it has a valid title that shows you own it, you may be able to borrow against the equity in the vehicle and get a same day cash loan in as little as 30 minutes.
When you apply online, by phone, or in person at a Tio Rico Te Ayuda location, your application, a copy of your car title and driver’s license, and other required documents are given to an underwriter to determine how much you can borrow against the equity in your vehicle.
Equity simply means the difference between how much Tio Rico Te Ayuda determines your car is worth minus how much you owe on the vehicle to other lenders, if any. If you don’t owe anything on a car, for instance, it means you have free and clear title.
Once the car is evaluated by Tio Rico Te Ayuda, and other simple factors reviewed by the underwriters, a loan amount is offered to you as well as the interest rate due on the loan and how long you have to pay the loan back.
If you agree to accept the loan amount (which can range from $0 to $50,000), then loan documents are printed up, you come in and sign them, and you get an immediate check from Tio Rico Te Ayuda that you can cash and get your title loan money.
A nice surprise that many people don’t know about is that before, during, and after your loan, you are always in possession of your vehicle. You’re always able to get the kids to school, drive yourself to work and to appointments, and to get back to living yor life, now having the cash to pay unexpected bills and emergencies that may have caused you to seek out a title loan in the first place.
It’s very easy to get started towards getting the cash you need – simply fill out the 1 minute form on the right and a Tio Rico team member will contact you in 5 minutes!
