Collateral-based loans are a convenient option if you face a financial emergency in Tennessee. However, there are a few essential things to understand before you acquire car collateral loans, also known as Tennessee car title loans.

You are gaining 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.

What Should You Do Before Getting An Auto Title Loan In Tennessee? 

You can do several things if you're researching collateral-based loans in Tennessee. Let's explore some potential options for preparing to pursue Tennessee Title Loans, Inc. 

1. Find The Right Auto Title Loans Lender

Finding a place to get car collateral loans in Tennessee does not require a long and exhaustive search. For example, many nationwide Tennessee Title Loans, Inc. stores offer auto title loan services.

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

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

2. Determine The Auto Title Loan Amount

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 the make and model, mileage, any exterior or interior damage, and modifications made to the car. 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 you can acquire using your vehicle’s title. 

3. Understand Car Collateral Loans Have Limits

Despite the quick nature of car collateral loan services, Tennessee has 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.

4. Remember Your Car Title Acts As Collateral

The term car collateral loans can cause some concerns about using your car as collateral and being unable to use it for the duration of the loan.

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

The lender does not require the car itself to secure the loan; it is only used to determine the amount of the loan. You will be required to use the car title to secure the loan.

5. Realize 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 multiple title loans using the exact vehicle. This is because auto title loan lenders stipulate that 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.

What Is The Collateral-Based Loans 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 the items you 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, even offering to come to a location of your choice for both the vehicle inspection and 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 is for inspection.
• Proof of income.

Starting the process is as easy as filling out an online title loan form. A representative will then contact you to review the required documents and answer any questions.

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 or the next business day!

Get Started With A Collateral-Based Title Loan Today

If car collateral loans sound like an option you’d like to seek, you can easily connect to the nearest Tennessee Title Loans, Inc. location by submitting the online tile loan form. We offer friendly customer service and 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.