Can I Use My Car as Collateral for a Loan?

title loan faqs

Ever find yourself in a situation where you need cash, but don’t know where you are going to find it? Perhaps you are faced with some unexpected bills, and you don’t have the highest credit score on the block. Who or where do you turn to, to get some financial relief? Tio Rico Te Ayuda to the rescue! Tio Rico offers quick cash solutions such as title and personal loans. Today we discuss what a title loan is, how it works, and how you are just a few simple steps away from quick cash with a title loan from Tio Rico Te Ayuda.

What is an auto title loan?

An auto title loan is a collateral based loan for vehicle owners. Borrowers simply use their car title as collateral for a loan, and lenders provide money based on the value of your car. Once you pay off the loan, the lender then returns your car title back to you. If you are reading this thinking, “a title loan does not help me because I still need my car to get to work and provide for my family”, think again. During the life of your loan, you still keep and drive your same vehicle. Once you pay off your loan, your title is returned to you. The lender would only assume ownership of your vehicle if and only if you can’t repay the loan.

How much money can I borrow?

Your loan amount will be based on your car’s current condition and how much equity you have in your vehicle. Equity is the difference of how much your current car is worth subtracted by the amount on which you owe to other lenders. The more equity you have in your vehicle, the more money you can borrow. This is also how the terms and length of the loan are determined.

What if my credit score is terrible?

We don’t typically require credit checks, as you are using your vehicle title as collateral. Your title acts as a guarantee, so there is no need to check your credit score. Your loan is based strictly off of the value of your ride.

What are the requirements to apply for a title loan?

Tio Rico makes it easy for you to apply for a quick cash title loan. Are you 18 years of age? Do you have a vehicle with a certificate of title? Do you have a driver’s license? f the answers to these questions are yes, you can apply for a title loan.

When you need cash, time is not a luxury you can afford. Tio Rico de Ayuda recognizes this, and approves loans in 30 minutes or less. No lengthy paperwork applications or days of waiting. No hurdles to jump over or hoops to jump through. We make it simple to obtain cash. If you are looking for title loans in the AZ or CA area, Tio Rico de Ayuda is the place to go.

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