Car Title Loans in Salinas

Car title Loan FAQ

How do title loans work?

A car title loan is a way to "pawn" your car without actually turning it over to the lender. You get a loan based on a portion of the car's worth. Because you are not selling the car, you don't get market value, but you do get thousands to dollars.

How old do you have to be to get a title loan?

18 years old and you need a valid license.  

How do interest rates work on title loans?

Title loans have high interest rates. Even though our rate is one of the lowest in the nation, you still have to expect that over time, this is expensive. The reason for this is that title loans charge the interest by month, not by year. If you take the amount of your loan and multiple that by the interest rate, you can find out how much in interest you will pay until the balance is paid off.  

How long do I have to pay off the loan?

We write the loan for 2-3 years but you can pay it off as little as a month after getting it with no prepayment penalty.  

I only need the loan for a month or so. Does that change anything?

Car title loans is geared to go monthly but the agreements allow you longer if you need it - up to a couple years based on the loan amount.

How easy is it to get a title loan?

If you have bad credit or you are behind on your bills, this is probably the easiest way to get a large loan. We don't base the loan on you. We base it on the vehicle.  

What documents are needed?

• Copy of your drivers license
• Original Title
• Insurance
• References
• Proof of residence (verify where you live)
• Proof that you have some income of at least $1500 a month  

Is it faster to drive into your location first?

Because we loan money to thousands of people each month, we had to find ways to streamline the entire process. Now we have the fastest way to getting you a cash loan the same day if you just fill out the application. 

What other types of title loans are there?

There is auto pawns which require you to leave your car. We do not do those. There is also interest only title loans. These are very bad because this means at the end of the term you have to pay the principal. We don't do those either.  

Do I have to have a job?

We have to make sure that you can pay back the loan so we require you show proof of income from any source and the amount has to be at least $1500 a month.

What about my credit? It’s not that great. I need a bad credit personal loan now.

Who has great credit in today's economy. Even the banks are getting a bailout and they still require high credit scores. A lot of lenders are worried about lending money but we are not. Do not let that worry you.

Does my car need to be paid off?

No. We will pay off the remaining payments on the loan you have right now and even get you some cash. Ask us about this option.

My car is registered in another state. Can I still do this?

No. The car must be registered in the same state as you live.

Can I get a loan based on two cars combined to get more money?

No. A person can only have out one car title loan and each loan is based on one car.  

I am behind on my bills. My mortgage is behind and more. Does this hurt me?

We expect people to be behind on their bills. That's the reason why you need a loan anyway because if you had sacks of money in your closet, why would you be here? We understand completely.  

Does getting a loan with you help me with my credit in the future?

Very much so. We report to the bureau which is the best of all worlds for the borrower. It's easy to get the loan, you know that. If we report, then even with bad credit, your good payments to us IMPROVES your credit.

I have a car title loan with someone else. Can you help with this?

We do this all the time. Other companies charge a lot more than us and we will gladly pay off that other car title loan company and get you back on a positive track with lower payments.