car collateral loans in tennessee

Remember This Before You Get Car Collateral Loans In Tennessee

There are a few important things to understand before you acquire car collateral loans, which are also known as auto title loans in Tennessee. Having a basic understanding of how car collateral loans in Tennessee work and the regulations around them can help you navigate your way to an auto title loan that meets your needs.

Car Collateral Loans: Accessible Financial Tools

Finding a place to get car collateral loans in Tennessee does not require a long and exhaustive search. For example, there are plenty of Tennessee Title Loans, Inc. stores that offer auto title loan services around the state.

With several stores to choose from, it should be no surprise that car collateral loans can be quite accessible. This also goes hand in hand with the great customer service offered at these locations.

You will also find that these Tennessee Title Loans, Inc. stores offer the same amount of money when you acquire a title loan. But this amount can differ from one person to another. So, how does Tennessee Title Loans, Inc. as an auto title loan provider estimate the loan amount? 

determining the amount of your title loan

How Is The Title Loan Amount Determine?

An auto title loan provider such as Tennessee Title Loans, Inc. will determine the value of your vehicle through a quick inspection. We will consider things such as the make and model, mileage, any exterior or interior damage, and modifications made to the vehicle. We will also use a nationally recognized pricing guide to guide our decision.

The bright side? Getting your vehicle inspected to find out your potential loan amounts is free, so you won’t have to spend anything but your time to find out how big of a car collateral loan can you acquire using your vehicle’s title. 

The Inner Works Of Car Collateral Loans

1. Car Collateral Loans Have Limits

Despite the quick nature of car collateral loan services, the state of Tennessee does have strict regulations regarding how much title loan providers can offer customers. In Tennessee, you cannot be offered or receive a title loan of more than $2,500. This is the exact maximum amount that Tennessee Title Loans, Inc. offers.

This also means that if a facility is willing to offer you more than the maximum amount allowed by the state, you should be concerned about the legitimacy of their business. There is probably a good reason to seek a lender that does follow the regulations.

2. Your Car Title Acts As Collateral

The term car collateral loans can cause some concerns at the idea of using your car as collateral and not being able to use it for the duration of the loan.

However, as mentioned, this type of loan is also referred to as an auto title loan, which has a more precise description of what exactly will be handed over to the lender when you accept the loan conditions.

The car itself is not what the lender requires to secure the loan. It is only used to determine the amount of the loan. It is the car title that you will be required to use to secure the loan.

3. You Can Get Auto Title Loans With Multiple Cars

Tennessee state laws allow residents to get more than one title loan so long as the loans are for different vehicles.

However, you cannot get more than one title loan using the same vehicle. This is because auto title loan lenders have a stipulation where the vehicle you use to obtain a title loan must not have any loans against it. That means there should not be any payments from its original purchase that still need to be made, no existing title loans, and no judgments against it.

car title loan process

The Title Loan Process Through Tennessee Title Loans, Inc.

With these auto title loan facts in mind, you should be well-equipped to get a title loan. All that is left to learn is what items you will need to qualify.

Tennessee Title Loans, Inc. delivers excellent customer service with over four hundred customer reviews giving us a 4.9 out of 5-star rating. We make the process simple and straightforward, even offering to come to a location of your choice for both the vehicle inspection the completion of the loan process.

The items we require are: 

  • A driver’s license or state-issued ID.
  • A lien-free vehicle title under your name.
  • Your vehicle for inspection.
  • Proof of income.

Starting the process is as easy as filling out an online title loan form to have a representative contact you to go over the required documents and answer any questions you may have.

You can then tell them a location of your choice to have your vehicle inspected and complete the process if you qualify. Once the process is done, you will receive your loan on the same day or the next business day!

Get Started Today

If car collateral loans sound like an option you’d like to seek, you can easily get connected to the nearest Tennessee Title Loans, Inc. location by submitting the title loan form. We offer friendly customer service, and we guide you through every step of the process.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.