Find the Best Car Title Loans in Waco, TX

How to get a title loan in Waco

In a title loan, the borrower hands over a clean vehicle title to a lender in exchange for funds, which can be used for any purpose. The borrower can continue driving the car during the loan term and gets the title back after paying back principal, interest and fees on time.

There were at least 3,500 auto title loans in Waco in 2018, according to the Texas Office of Consumer Credit Commissioner (OCCC), which regulates this type of borrowing in the state.

Title loans in Waco are popular for many reasons:

• Fast application process: You provide simple information and your vehicle for appraisal.
• Easy qualifying: You don’t need strong credit or a significant income.
• Quick cash: Same-day funds are often available.
• Repay in installments: Both single-payment and installment title loans are available in Texas.

Still, you should view title loans cautiously and think about alternatives first. The average interest rate on auto title loans in the state is 229 percent, and a majority of borrowers are unable to pay back the lender on time, the OCCC says. You can renew a title loan in Waco up to five times, but you expose yourself to a debt spiral. And the lender is allowed to repossess your car if you default.

What do you need to apply for a title loan in Waco?

If you decide to apply for a car title loan in Waco, be prepared to visit the lender in person. You need to be at least 18. Have these items ready:

• Government-issued ID
• Vehicle in driving condition with lien-free title in your name
• Current registration
• Proof of address
• Proof of income
• Working phone number

The title loan company in Waco will look at your vehicle to determine its value, which influences how much you can borrow.

It’s important that you read over a contract carefully before you sign for the loan. The lender must clearly show you how much you’re borrowing, the interest in dollars and APR, other fees, the term of the loan and the total cost of the loan.

Remember, only borrow what you can afford to repay. Otherwise, you risk losing one of your most valuable possessions.