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Does Paying off a Car Title Loan Help Build My Credit?

November 11, 2019

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Car title loans are still one of the most popular ways for many consumers to get a loan when they need it. There are a lot of advantages to car title loans. For some consumers, car title loans are the only option available. This could be for a variety of reasons, including the inability to get a loan from a traditional lender due to poor credit. According to a 2015 report by VantageScore, about 30% of Americans have poor or bad credit. That is about 68 million of the 220 million consumers who can be scored. Loan options for that percentage of the population are extremely limited. What happens to those consumers if they find themselves facing hard times? How can they get the money they need?

A Bad Credit Score Is Not an Issue to Get a Car Title Loan
Car title loans are a great option for these consumers. TitleSmart is a car title loan company that specializes in getting loans for those Americans who find themselves in a financial bind with nowhere to turn. If you are one of the many Americans who have less-than-staller credit or even bad credit, you can find the money you need right away with a car title loan from TitleSmart.

What Is a Car Title Loan and How Does It Work?

A car title loan, frequently referred to as simply a title loan, is a secured loan where borrowers can use their vehicle title to secure a loan. Borrowers who receive the title loan allow a lender (TitleSmart or any title loan company) to place a lien on their car title. The car title is held by the car title company in exchange for the agreed-upon loan amount for the duration of the loan, where it is then returned to the borrower. This is a fairly straightforward process that takes place at title companies across the U.S. many thousands of times per year. Car title loans have helped many Americans get a loan who otherwise wouldn't have been able to. This is why car title loans continue to grow in popularity for consumers.

Advantages of a Car Title Loan from TitleSmart

One of the advantages of getting a car title loan has to do with credit. Many people wonder if paying off a car title loan helps build their credit score. The answer is no, it does not help build your credit score. That's because at TitleSmart, we don't consider your credit when it comes to giving you a loan. Regardless of whether you have good credit, bad credit, or no credit to speak of, you are qualified for a title loan from us. This is great news for anyone who can't get a loan elsewhere because of their credit score. We will never turn you down based on your credit score. That's because the loan you get from TitleSmart has nothing to do with your credit. We qualify you for a loan based on your vehicle and its value. The fact is, we won't even look at your credit. If you have a car's title free of any liens, you can use that title to get a loan through us even if you have bad credit. Since your credit is not a factor in obtaining a car title loan, paying off a car title loan doesn't build your credit because car title loans are not reported to credit agencies.

Car Title Loan Approved
TitleSmart takes your privacy and personal information very serious. Not only do we not share your information with others, we don't ask personal questions about why you need to get a car title loan. You can use your TitleSmart car title loan for anything. Maybe you have unexpected medical bills, late rent, or home repairs you need to make. You might even want to use the money to take a family vacation without putting a strain on your budget. There are no limits or restrictions on how you use your car title loan. Once you have received the money from us, it's yours to use in whatever way best suits you.

TitleSmart places a lot of emphasis on customer care too. We know that most of our customers are probably experiencing a stressful situation that has caused them to need to get a loan fast. For this reason, we go out of our way not to add to the stress. We do this by giving you one of the best loan experiences you can get anywhere. We keep the process simple, friendly, and accessible to those who need a loan with no hassle. Our staff is always friendly and helpful. If you have questions, we want you to ask. We're more than happy to answer any questions you have regarding your loan.

You only need minimal documents to get a TitleSmart car title loan. In addition to the title for your vehicle, we need to see proof of stable income that shows you can repay the loan, proof of where you live (a utility bill will do), a valid I.D. that shows us who you are, and your vehicle just so we can see it. You can get a loan from TitleSmart in 30 minutes in most cases. That's how easy it is to get a TitleSmart car title loan.

Don't have a job? Don't worry about it. We don't require you to be employed to get a car title loan from TitleSmart. A stable reliable source of income that shows you can repay the loan is all you need. You can even get a title loan if you are on disability or retired. We don't even require you to have a bank account to get a loan with TitleSmart.

It's Possible to Get a Car Title Loan Without a Job
Here's the best part. We don't need to keep your vehicle while you have your loan with us. We know that you need your car to get around. You still need to be able to work, take your children to school, buy groceries, and do the things you always do with your vehicle. While we do give your vehicle a quick inspection, we don't keep it in our possession while you have your TitleSmart car title loan.

Are you looking for a fast loan in Florida? Let TitleSmart be your source for car title loans. We give you fast, friendly service with car title loans in as little as 30 minutes. If you have a car title in your name that is free and clear of any liens, you qualify for a fast loan through TitleSmart right now. Give us a call at (954) 404-7306 or fill out the form here on our website to get the process started. One of our car title loan experts will get in touch with you right away to help you get a loan fast. You can also visit our office with the required documents and get the process started immediately. If you need cash fast, we look forward to helping you get it today.

If you found this article helpful then let us know in the comments section below. Likewise, feel free to share it using the share options below. Want us to cover another topic of your interest pertaining to auto title loans? If so, then like us and follow us on social media, and post to any of our social media profiles the topic you'd like us to discuss: Facebook TitleSmartFL, Twitter @TitleSmartFL, and Instagram @TitleSmart.

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TitleSmart INC makes use of the phrase "Auto Title Loans" for the sole purpose of advertising. We provide auto equity loans. TitleSmart INC is licensed under the "Florida Consumer Finance Act" under Florida Statute 516. For this reason, lender's loans are exempt from licensing requirements under the "Florida Title Loan Act." This lender's approval of loan is based on the consumer's ability to repay the loan and the condition of the vehicle being used to acquire the loan.

Fees: $89.00 Lien Fee, $25.00 Application Fee, and a Document Stamp Tax which changes according to the amount of the loan. The fees are built into the life of the loan. APR: Annual interest rate ranges from 18% to 30%, depending upon current market.

Repayment: Our convenient payment options are designed to fit the consumer's ability to repay a loan. Those options currently range from 6 months to 24 months.

The table below represents an example of the overall cost of a loan. If you have questions or need further information, we are always happy to be of assistance. We want you to fully understand the terms and cost of your loan before you get one.

Loan Amount$1,000$6,000
Interest Rate(APR) 30% - $214.7318% -$733.25
Lien Holder
(One Time Fee)
$89$89
Application
(One Time Fee)
$25.00$25.00
Doc Stamps
(One Time Fee)
3.8321.33
Term 12 months 14 months
Monthly Payment$109.40$489.24
Total of Payments$1,312.81$6,849.33
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