Get An Online Car Title Loan In Alabama
Most short term loans are outlawed in Alabama because of harsh state regulations, making it difficult for people to get money when needed. One option to consider if you have bad credit and can't get a personal loan is a car title loan that offers fast funding with loan amounts of $1,000 or more!
While these loans have high interest rates, they can be great for anyone turned down for a personal loan or payday advance. Online title loans are secured by your vehicle and are regulated by the State's Pawn Shop Act. These restrictions limit the financing options to a few online companies that offer online title loans in Alabama. There's also a handful of lenders that fund title loans in cities like Birmingham and Mobile. These lenders will gladly give cash for your car's title vehicle, but you need to know how the loans work, what's required, and the repayment options.
How Does An Online Title Loan Work In Alabama?
A title loan works as follows in Alabama: A borrower provides their car as collateral and signs over the title of their vehicle to the lender. The lender keeps the car as collateral for your loan, and you'll get the pink slip back after the loan is repaid.
Secured loan amounts and interest rates depend on state lending regulations and the value of your car. How much you get depends on your vehicle value and employment history. Any lender in Alabama will want to ensure you can repay the loan with set monthly payments.
What's Required To Get An Alabama Title Loan
To be eligible for an Alabama title loan, you must have a clear title to your vehicle. Proof of income will vary by individual lenders but usually consists of pay stubs, W2 forms, or tax returns. The only other requirement in most cases is being at least 18 years old, so you are legally considered an adult capable of entering into binding contracts with third parties.
A paid off vehicle that you solely own is the main requirement for any pink slip auto loan. Even though you may have an older car with high mileage, the funding amounts in Alabama are low, and most borrowers in cities like Huntsville and Montgomery will have no trouble getting funded.
How Much Can I Borrow With An Auto Title Loan In Alabama?
In most cases, the amount you can borrow with a bad credit title loan in Alabama is limited to the value of your vehicle. Lenders limit your loan to 65% of the vehicle's value, meaning a car worth $15,000 can lead to a funding amount of around $7,500.
Expect a funding amount of $1,000 to $20,000 for any paid off vehicle. While the average loan amount in Alabama is $1,500, some companies will offer higher loan amounts for cars with low mileage or for title loans on semi trucks and RVs.
The final loan amount and monthly payment will only be determined after a local company in Huntsville, Montgomery, or Mobile inspects your vehicle. All these cities have locations where you can bring in the car for a quick inspection, where the lender will confirm the vehicle has no significant damage, and check the VIN and odometer reading.
Average Interest Rates For Online Title Loans In Alabama
In many cases, as long as the borrower has a steady income and verifiable earnings, they can qualify for interest rates that aren't sky high. The typical finance charges and APR for a title loan range from 20% to 100% in Alabama. While these finance charges may seem high compared to a loan from a bank or credit union, they're typically lower than what you would see with a payday loan company.
These numbers and limits constantly change, and your lender must adhere to State Regulations. Be sure to check the latest interest rate changes and updates reflected in the Alabama Consumer Credit Act.
How Fast Can I Get My Money In Alabama When I Take Out A Title Loan?
Typically, funds land in the borrower's account around 24-48 hours after they apply and submit the necessary paperwork. We offer secure online funding, and there are no credit checks, so getting money fast with us is as easy as possible. Of course, the amount of time to get cash will vary and is often based on bank funding hours and when you submit the application. This process can be much quicker for those who live in Huntsville or Montgomery near local lending offices. The fastest is probably in Birmingham, as the number of lenders makes it easier to pick up cash in person within a few hours.
Apply With Highway Title Loans In Alabama
With how simple getting an online title loan in Alabama happens to be, why not apply today with Highway Title Loans and get an answer on your approval status within just a few minutes? We take applications online and over the phone, and we can generally get you a lending estimate in less than an hour with the chance for same day underwriting and funding if you apply before 2 pm CST. Complete our online form, or call 877-433-5454 for more info!
Cities In Alabama:
- Auburn
- Birmingham
- Huntsville
- Mobile
- Montgomery
- Tuscaloosa
