Frequently Asked Questions
-What is a Car Title Loan?
A car title loan is a quick and convenient way for people who own their car to get cash. Getting a car title loan is easy, as long as you own your car and have a lien-free title, you can use it as collateral to get the cash you need from Discount Title Loan.
-Why is Discount Title Loan the best option for getting a title loan?
Discount Car Title Loan always offers its customers the cash they need and can afford with fees that are typically 50% lower than the market rate. With Discount Car Title Loan, you never have to worry about a credit check and you get your cash in about 30 minutes. Getting a title loan is painless with Discount Car Title Loan!
-What is a lien-free car title?
A lien-free car title means that you own your car outright, with no outstanding loans or judgments against it. You need to have a lien-free car title to get a title loan from Discount Car Title Loan.
-How does the title lending process work?
Discount Car Title Loan makes the title lending process simple, and it only takes a few minutes to get the cash you need. Here’s what you do…
1. Bring your car and lien-free car title to Discount Car Title Loan.
2. Fill out an application while Discount Car Title Loan does a quick 5-minute vehicle inspection.
3. Discount Car Title Loan will determine a transaction amount based upon your need, the appraised value of your vehicle and what you can realistically afford.
4. Upon approval, you will receive the cash you need and retain the use of your vehicle.
5. Once you pay off your account balance, you have the option of keeping your lien on file (to avoid paying the TxDMV fee on future transactions) or we can clear the lien immediately.
-What if I have bad credit? Am I still eligible for a car title loan?
Yes. Discount Car Title Loan can give you a car title loan whether you have good credit, bad credit, or no credit. And your credit score isn’t affected by applying/obtaining a title loan with Discount Car Title Loan.
-What is required to be approved for a car title loan?
To be approved for a title loan with Discount Car Title Loan, you must be at least 18 years old and have the following:
o Lien-free car title
o Proof of permanent address ( Utility Bill, etc...)
o A government-issued ID ( Matricula Mexicana is accepted )
o You do not need good credit. Discount Car Title Loan does not check your credit or use your credit history in any way during the approval process.
-How do I get the Discounts?
There are several discounts offered by Discount Car Title Loan to customers that pay on time. The easiest way to figure out how many of those discounts you qualify for is by calling one of our loan advisors at (956) 627-0096. In less than 5 minutes, one of our loan advisors can guide you through our Loan Optimizer questionnaire and tell you exactly which discounts apply to you. Every penny counts these days, and our average customer has been saving over $150 in fees per car title loan.
-Does the car title have to be in my name?
Yes, the car title must have you listed as the legal owner to be eligible for a car title loan with Discount Car Title Loan. If you are listed on the title along with another person, call the location nearest you to determine whether or not the other person listed on the car title has to apply along with you.
-Do I need to have a job to be approved for a car title loan?
No, Discount Car Title Loan does not require you to be currently employed to get a car title loan. But you will need to have some type of income (unemployment, disability, retirement income, etc).
-What if I am on disability or retired? Can I still be approved for a car title loan?
As long as you have a source of income (disability, pension, etc.), you are eligible for a car title loan with Discount Car Title Loan.
-How do I know if I will be approved for a car title loan?
The best way to know if you will be approved for a car title loan is to call us at (956) 627-0096 or stop into your nearest Discount Car Title Loan with the required items. A Discount Car Title Loan advisor will walk you through our Loan Optimizer questionnaire and you’ll know exactly how much cash you’ve been recommended for in less than 5 minutes.
-Can I only apply for a title loan at Discount Car Title Loan locations?
You can apply for a title loan at any one of our Texas locations or online here.
How much cash can I get with Discount Car Title Loan?
You can get up to $10,000! The loan amount is based upon your need, the value of your vehicle and you’re ability to repay the loan.
-How long does it take to get a car title loan?
With Discount Car Title Loan, you can get the cash you need in as little as 30 minutes. Make sure you bring the required items when you apply for your car title loan and you’ll have the cash you need before you know it.
-How do I get my title back?
Discount Car Title Loan will return your title immediately after you pay back the full amount due on your account. You can also choose to leave your title on file with us to avoid having to pay the car title lien in the future.
-Why get a loan from a car title lender?
Getting a car title loan is a lot easier than borrowing money from other sources. A car title loan enables you to acquire the cash you need based on the value of your car. And, the best part is you get to keep driving your car during the course of the loan.
-Aren’t car title loans expensive?
Well, they’re certainly not cheap. Car Title Loans are typically less expensive than payday loans, advance loans and overdraft fee protection but it all really depends on the rate you’re able to get and how quickly you can realistically pay back the loan. At Discount Car Title Loan, we take a “real world” approach with our customers and help you find the product that saves you the most money. So it’s not just about how much money you can get, we’ll also advise you on how much you can realistically afford.
-How do I make a payment on my car title loan?
Discount Car Title Loan offers various payment options for customers: debit, credit, and cash. You choose the option that makes the most sense for your situation.
-Is there a pre-payment penalty?
Discount Car Title Loan does not charge a pre-payment penalty. In fact, we encourage customers to pay off their title loans sooner if possible.
-What is a deferred payment car title loan?
If you’re expecting to receive some additional money in the near future but need some cash to hold you over until that time, then you’ll probably need a “deferred payment” car title loan. This type of car title loans are typically structured for 14-30 days. You’re responsible for paying back the loan, with interest, at the end of the agreed upon time. If for some reason you can’t pay back the loan at the end of the timeframe, you have the option of paying the interest and fees owed and then “rolling” the original loan amount for another 14-30 days. Rolling short term car title loans can get expensive, so it's a good idea to make sure you can afford to pay back the loan quickly when considering this option.
-What is an installment car title loan?
Installment car title loans or “Amortized” loans are ideal for people who need some cash for a short period but are not real sure when they’ll get additional money to pay off the loan balance. This type of car title loans are typically structured for 4-6 months, but can be paid off at any time without penalty. Payments can be arranged every 14-30 days and because a portion of every payment includes a reduction of the original loan, at the end of the time period, you’re done. There’s no original loan to pay off because you’ve already been paying it off along the way. Amortized car title loans can be one of the most affordable short term loan products on the market. Take a look at all of the short term loan options available from DISCOUNT CAR TITLE LOAN and how each one benefits you.
-What’s the “Stink” about payday loans?
The biggest issue critics have with Payday Loans is that they are advertised as 14 day short-term fix products, but borrowers wind up paying the highest interest rates for an average of 5 months. Payday lenders like to sell the idea of being able to get you a lot of quick cash without long-term debt—even though these conflicting desires cannot realistically be met. In Texas, the average payday loan is right about $400, but the average customer can only afford to pay the interest within the short 2 week time frame. So, customers “flip” loans until they can cut back on expenses or borrow from family or friends to pay the loan off. Payday loans, whether offered by a bank, a storefront lender, or an online lender, simply do not work as advertised for the vast majority of borrowers. In fact, more than 76 percent of payday loans are renewals or quick re-borrows.