If you’re considering getting a flex loan, Tennessee Title Loans, Inc. may be able to help you out. Flex loans are ideal for individuals who need quick loans and have a lien-free vehicle title to use as collateral.

Getting one is quick and easy, and you don’t have to complete much paperwork. You do need to meet a few conditions, though; your vehicle title must be lien-free. Let’s learn a bit more about this finance option!

Understanding Flex Loans: What You Need To Know

When you want to use your vehicle title as collateral for quick loans, such as flex loans, the title must be lien-free, meaning it is clear of any judgments or claims against it from another lender or financial institution. Take a look below for a more in-depth explanation.

The Role Of A Lien-Free Vehicle Title When Securing A Private Loan

To get a flex loan (also known as a line of credit), you need to have a vehicle title registered in your name, and that it is no other lender has a lien on your vehicle title to secure money for a loan. A lien indicates you owe money on the car to another entity, whether that’s another lender or the dealership from which you bought the car.

When you take out a flex loan, you are borrowing money against the value of your vehicle. We need to know that you own your car outright so we can lend you the money because your lien-free title serves as collateral for the loan.

To get approved for flex loans, you must therefore be able to show a lien-free title when you bring your car in to be inspected. Our loan representative will check whether there are any existing loans on it, so you must clear these before you apply for a flex loan with us. You should know in advance; that approval, interest rates, and the terms of the loan will vary on the individual and their personal situation.

Can You Have Any Existing Car Title Loans On Your Vehicle?

The exception to this rule is if you already have a title loan with Tennessee Title Loans, Inc. If we are already lending you money on a vehicle with a title loan, we may still be able to offer you a flex loan in some circumstances.

Note that this is not guaranteed, and being able to get car title loans doesn’t mean you are automatically eligible for this type of loan. Still, it’s worth knowing that having a title loan on a vehicle won’t necessarily exempt you from taking out a flex loan on it in some circumstances. You can contact us to find out about your eligibility.

If you have an existing loan, let the representative helping you know, and they can discuss your options for a line of credit. If you qualify, you may be able to borrow up to $4000 in available cash with a flex loan, so it’s essential to keep this option in mind if you need funds.

The Simple Steps To Apply 

If you’ve decided flex loans are for you, you’ll be pleased to know that the process and terms for getting one are ultra-simple. All you must do is follow the guide below:

1. Fill in the short online form on our website, which asks for basic details about you and your vehicle, including its make and model.
2. Wait for a quick callback from our friendly representative. They can answer any questions you have, discuss the details of the loan, and address any concerns you might have.
3. Arrange to meet with one of our agents at the nearest store to get a formal application. They will inspect your car quickly and determine how much you can borrow. This varies depending on vehicle make, model, and condition.
4. While checking your vehicle over, the agent will also review your paperwork, so make sure you bring some proof of income, your state-issued ID, and the vehicle’s title to this meeting. If you aren’t sure what to get, ask the telephone representative, and they’ll gladly help!
5. Wait for the agent to tell you how much you can borrow, and then sign the documents.

If approved, you’ll then be able to draw funds against the vehicle’s value whenever you want, for a certain period of time. You don’t need to borrow the cash immediately. You will have the option available when you need it. If you are one of our eligible customers, you can get a credit limit of up to $4000 in emergency funding.

Start The Flex Loan Process Now!

Tennessee Title Loans, Inc. is a great place to start if you need a flex loan and have a vehicle available. We offer fast loans to individuals in all kinds of financial situations, including those with poor credit or no credit history.

Getting quick loans like this through us doesn't take much as long as your vehicle title has no existing loans. If you need more help, fill out the online form on our website. One of our agents will be glad to assist you!

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