Getting a car loan can be difficult, especially if you don’t have much credit. However, that doesn’t mean you can’t get a car loan. In fact, there are several loans available specifically for those who want to buy cars with low down payments. A low-down-payment car loan is an excellent choice for people who want to purchase a secondhand car. You see, buying a secondhand vehicle involves taking out security as well as an equity loan from the dealership.
For example, if you purchase a new or used car for $30,000 and put down only 10% of the value as the security deposit, that means you need to secure an additional $3,000 in financing before the deal closes. That makes it possible for you to own your new car without having to pay extra money on the price tag. EZ Car Texas Title Loans are not just easier to get; they are also some of the most affordable options available in the state today. So if you’re ready to get into your first car or upgrade your current one and cannot do so with conventional lending options, read on for more information about EZ auto title loans in Texas.
What is an EZ car title loan?
An EZ car title loan is a type of car loan where you borrow money against your car’s title, not the car itself as is the case with a traditional car loan. This means you don’t need to come up with security for the loan, so you get the money you need to purchase your new car at a lower interest rate.
Furthermore, EZ car title loans can be taken out online, without ever having to step foot inside a car dealership. Unlike a car loan, the terms of an EZ car title loan are very short. Usually, you take out an EZ car title loan for around three weeks, and there’s no penalty for early repayment. During this time period, you can use the loan to purchase your new car or pay off your existing one. At the end of the repayment period, you return the loan to your lender and get your money back.
How to get an EZ car title loan in Texas
The process of applying for and obtaining an EZ car title loan in Texas is very similar to that of a traditional loan. In fact, you can find a lot of information online about the steps involved. However, it’s better to consult a professional financial advisor to make sure you don’t make any mistakes. – First, contact a local lender. You can find a lender in your area by visiting one of the many online car loan comparison websites. Once you find a lender in your area, visit their website to get a better understanding of their policies and procedures. – Next, visit the website of a local car dealership. Browse through the various new and used cars for sale there to get an idea of the cars that are most suitable for your needs.
Once you’re done with this, log in to your online lender’s website and apply for an EZ car title loan. If the lender is a small local company, you can also request an in-person application. – Fill out the application form as accurately and completely as possible. If you don’t know the answer to something, select “I don’t know”. Make sure you have all the necessary documents ready, including your car title, the bank account that will receive the loan payment, and your income details. – Once you submit the application, wait for the lender to review it. Most lenders have a set time period in which they review each application, and they will notify you when they are done. – Once the lender reviews your application, you are good to go! The loan will be processed and you will receive your loan proceeds within 24 hours.
Best for people with poor credit
Although an EZ car title loan is great for those who want a low-interest car loan and who don’t have a lot of credit history, it’s not the best option for everyone. In fact, even if you have poor credit, you may be able to get a lower rate on a traditional loan. For example, if you have a VantageScore credit score of 641 or lower, you may be able to get a traditional loan from a traditional lender.
Furthermore, you may also qualify for a “no-credit-check” loan if you have a cosigner. Now, it’s important to note that even if you can get a lower rate on a traditional loan, it will take longer to pay off than an EZ car title loan. So if you don’t have a lot of time to get your finances in order, a traditional loan may be the best option for you.
Final Words: Is an EZ car title loan right for you?
As you can see, getting an EZ car title loan Texas is very easy and straightforward. However, before you sign up for one, you’ll have to make sure you meet the following criteria: – Your annual income has to be $30,000 or less. – Your car’s current value has to be less than $30,000. – You must own the car outright. – The loan must be approved and processed within 24 hours of application. If you meet all these requirements, an EZ car title loan may be the best option for you. Now that you know more about EZ auto title loans, you can make an informed decision about this type of loan.