Title Loans in Tigard: A Complete Guide for Applying in 2022
Do you have medical bills you need to pay? Or maybe you had a family emergency that needs quick cash?
Whatever your circumstance might be, you are in the right place. In this article, we will teach you everything you need to know about title loans in Tigard, OR.
From the start until you finish paying off the loan, we’ll provide you with the best tips and tricks. Let’s dive right in!
4 Tips to Know Before Your Title Loan Application
In this section, we will make sure to help you prepare yourself for your title loan applications.
Remember, there are many car title loans in Tigard, Oregon, but our goal is to find the best one that will fit all your needs.
#1 Research About Title Loans in General
Maybe a friend mentioned it once, or you’ve heard of it in passing from a random conversation. This tip will help you in the latter sections of this article.
A car title loan is a type of short-term loan. A borrower has to exchange collateral for some quick money.
In the case of title loans, the collateral is the vehicle title. A professional appraiser will determine the car’s equity value, which will be converted into cash.
Once the loan is paid in full, the title will be returned to the vehicle owner.
A title loan is also known by the following names:
- Auto title loan
- Vehicle title loan
- Pink slip loan
Title loans in Tigard, Oregon, are one of the best options for those looking for a quick way to earn money for immediate needs.
#2 List Down Title Loan Companies
Title loans in Tigard are operated by different loan companies. Out of all of these, we want you to get the best loan offer out there.
The best way to do this is to choose your company well. Remember, a title loan is still a type of loan, so having the right loan terms and conditions is vital.
We advise that you list down all the title loan companies in Tigard, Oregon. Write down their pros and cons or a specific term or condition that you think will benefit you.
After that, compare and contrast them. Ask yourself, “Which title loan company will benefit me the most?”
By selecting wisely, you save valuable time and effort before your application. Applying to the right company will make your loan process so much easier.
#3 Learn About Title Loan Regulations in Oregon
You might be thinking, “Are title loans legal in Tigard, Oregon?” The answer is a resounding yes!
Title loans are provided for under Chapter 725A of the Oregon Statutes. You can read about the law here.
The law enumerates all the rights and responsibilities of both the lender and the borrower, which is useful in case a conflict arises.
One important thing you’ll learn from here is to ensure that the title loan company you chose is registered. This ensures your protection.
Lenders are prohibited from imposing additional or hidden fees that are not in their agreement with you, so look out for these as well.
Title loan regulations ensure that lenders are not taking advantage of the borrowers and for lenders to be ensured that they will get what is due to them.
#4 Assess Your Monthly Budget
Here in title loans, we understand that you have financial needs that need an urgent solution. However, we also encourage consumers to avoid additional finance charges and penalties.
In Tigard, Oregon, title loan lenders are also protected by the law if the borrower defaults. Of course, we don’t want that to happen to you.
To make sure that you are capable of successfully paying off a loan, tracking your monthly expenses is the first step. Note any spending that you can give up.
This will show you how much money you spend in one month and help you assess if you can make the monthly payments for the loan.
Before applying, make sure you can prioritize the repayment of your loan proceeds.
This will ensure that you will not be penalized for late payments or other breaches of contract.
A Full Guide to the 5-Step Loan Process
The steps below contain a detailed guide on applying for title loans in Tigard. We will also give you some tips and hacks from the start until the last step for your title loan approval.
Step 1: Apply Online
One of the things we love about title loans is that you can do it from the comfort of your home, anytime. This online application process makes everything accessible and simple.
Now, you won’t have to wait your turn in long queues or carry a lot of paperwork with you to a credit institution.
Before anything else, prepare all the documents that you will reference. These are your primary IDs and original copies.
This will keep you from having to stand repeatedly to search for something while you’re applying. Believe us; it will make your application seamless.
Once you are finished preparing all your documents, just look for the loan form of your chosen title loan company and start filling out the form.
You can finish applying in just 5-10 minutes. Convenient, right?
NOTE: If you happen to run into any trouble while applying for online title loans or have something you need to clarify, a loan representative will be available to help.
Step 2: Submit All the Required Documents
In this step, your lender has already gone through your application. Now, it’s time to verify your information through your documents.
Your lender will require the following basic documents:
- Applicant Information
- Car Documents
- Financial Information
- References (optional)
Let’s talk about them one by one.
A car title loan is a type of personal loan, which is why they are intended primarily for vehicle owners.
Some documents that your auto title loan lender may ask from you are:
- Birth certificate: Make sure the picture you submit shows your name and date of birth.
- Government-issued ID: These can be your passport, state-issued driver’s license, or social security ID (as long as it shows that you are of your legal age).
- Proof of residence: It is important that you show you are from Tigard, Oregon. Your proof can be your recently paid utility bills, a contract of lease, or an ID showing that your place of residence is in Tigard.
Of course, the main required documents for a car title loan are all about your vehicle. Your lender will ask for the following:
- Car title: This is the MAIN document of car title loans. Make sure that your car title is the original one, and it must be lien-free. No outstanding loans or judgments must be tied to your car’s title.
- Car pictures: It is important for your lender to check the condition of your car as it will affect the car’s equity value*. Take pictures of all four sides of your car, including both the interior and exterior.
- Proof of car insurance: Your lender will require that your car is insured. This will prove to the lender that whatever happens to your car while you’re paying off the loan, the insurance company will cover the costs and damages.
- Vehicle Identification Number (VIN): The VIN is your car’s fingerprint. You can usually find it on the lower-left corner of the dashboard, in front of the steering wheel, or in front of the engine block.
*Your car’s equity value is the basis of how much cash one can get out of title loans. These are the factors that will affect the value of your vehicle:
- Vehicle Year
- Total Mileage
We will discuss these more in detail in the Frequently Asked Questions (FAQs) section.
Unlike banks and other financial institutions, your lender will not look into your credit history when it comes to assessing your financial information.
Title loans in Tigard, Oregon, do not just rely on your credit score, but they require you to show proof of income. This can be in the form of:
- Payslips, if you are employed by the government of a private corporation
- Financial statements, if you are an owner of your own business or a start-up entrepreneur
- Bank statements, if you are receiving some form of financial support from relatives or social security benefits from the government
Your goal here is to convince your lender that you have the ability to make the monthly payments and finish your short-term financing.
Remember, state law in Tigard, Oregon, also protects the lender from default, which is why you must ensure your lender that you will be consistent in loan repayment.
Before they give your conditional approval, some lenders need to assure themselves of your character to make sure you fit the lender’s credit criteria.
One thing that they do is seek references.
Your references will be asked about your credit history and how well you were able to follow the payment plan of your previous loans.
Of course, this is only an optional process of the loan. Your lender may and may not do this extra step. It’s up to their discretion.
Step 3: Read the Loan Terms and Conditions
By this step, you have finally earned conditional approval from your lender. You have demonstrated financial stability to pay the loan and have been pre-approved.
We recommend that you do not rush this step. Take your time knowing all the terms and conditions of your auto title loan lender.
Really get to know what you’re getting yourself into. Look for the following terms while you read the conditions:
- Interest rates
- Prepayment penalties, which means you are not allowed to pay early every month
- If they require an active checking account
- Payment terms
- Market competitive rates
Once a consumer qualifies for a loan, some fall into the trap of just getting their money fast. But, don’t be one of them. Title loans are still loans, and you still have to protect yourself.
Make sure to check for some hidden fees too, and ask about them. It is illegal for loans in Tigard, Oregon, to have hidden fees.
Most likely than not, you will also know the actual loan amount during this stage. This is the stage where you will be in pending review, so ask questions to your lender directly.
Ask if they will require your bank account, as some lenders require this to transfer the loan amount.
Step 4: Discuss and Sign the Loan Agreement
One of the reasons why we love title loans in Tigard is they really take their time in understanding that everyone’s financial situation is different.
So, before you get your final approval for your car title loan in Tigard, Oregon, you will be presented with an opportunity to discuss with your lender.
REMEMBER: The right lender will take the time to understand your situation.
So, in this step, we recommend that you ask all the questions you have that are related to your car’s title loan. Let us give you some ideas below:
- I know that minimum loan amounts vary, but what is the value of my acceptable property (the car)?
- Will I be given the option to only pay low monthly payments?
- What is the interest rate for my car title loan? Is this near or around the market competitive interest rates or the annual percentage rate?
- Is there a need to submit the details of my bank account?
Believe us; these questions will help you understand more about your own loan and ensure that lenders of loans in Tigard are following regulations.
When it comes to car title loans, it is important that you and your lender see eye-to-eye.
Who knows? You might even be able to agree on something that will make your repayment easier for you.
Step 5: Get Your Cash!
Congratulations! We have reached the end of our loan process, and the reward is within your grasp.
In this step, you will get the money from your title loan in Tigard. Depending on your agreement with your lender, your funding time may vary accordingly.
Some lenders give the money in cold cash, while some take time to process as they are given as a direct deposit to your bank account.
Now, all that’s left is for you to repay the loan. Let’s talk about this in the next section.
A Guide to Your Loan Repayment
A lot of borrowers think that the end goal of successful car title loans is to be able to get their money quickly. That is not true at all.
Successful car title loans are those that are paid properly, and the full amount of the personal loan is paid along with the interest rate.
Keep in Touch With Your Lender
After you get your loan amount, your relationship with your auto title loan lender is important.
Our goal is to consistently update the lender about the status of your car title loan. Make sure the remaining amount is the same for both of your records.
Some title loans in Tigard don’t allow you to pay early, but you can always negotiate the terms with your lender.
Prioritize Payment Over Other Expenses
Make sure to pay on time. Some lenders will charge for late-payments and might even add additional finance charges. We don’t want this to happen to you.
Every month, make sure to allocate your income properly so you don’t run short of money for your repayment.
This might even increase your credit rating as you demonstrate ability to proper and consistent repayment of the loan.
Start a New Side Hustle
Our goal here is to ensure that your monthly income is enough to regain possession of the car’s title as soon as possible.
Providing acceptable property is one thing; getting it back as soon as possible is another.
While making payments, we advise you to look for ways to earn money.
The goal is to avoid the fees or high-interest rates that late payments can bring. Remember, the laws for loans in Tigard, Oregon, also protect the interests of the lender.
As long as you adhere to the payment you agreed with the lender and give payment at the same it is due, your loan will be paid off in no time.
Frequently Asked Questions [Q&A]
In this section, we have compiled all the common questions about car title loans in Tigard, Oregon.
We hope that these answers can clarify your questions.
I Have a Bad Credit Score. Can I Still Qualify for Title Loans?
Absolutely! People with low or no credit ratings can still qualify for car title loans in Tigard, Oregon.
One thing that sets title loans apart from other traditional loaning systems is their flexibility for poor credit.
While a credit check may still be done by a lender of title loans, the important thing for a lender is for you to show your ability to repay the loan.
People with bad credit will NOT get disqualified just from that alone. Although, people with higher credit scores may get better offers and lower interest rates for their loans.
Are Title Loans Better Than Payday Loans?
Car title loans are different from payday loans as the latter is all about exchanging a post-dated check for some cash.
Payday loans are also usually given on the same business day, which is helpful when you are in a really tight situation.
However, one downside of these kinds of loans is that they often have a predatory interest rate and strict loan terms and conditions.
If you are going to take out a payday loan, lenders recommend that your next income will cover the whole amount plus the interest rate.
On the other hand, while you might not get the money on the same business day, most title loans adhere to the laws and regulations set by the state of Oregon.
How Much Money Will I Get From My Auto Title?
While your title will be exchanged with lenders, the basis of the amount of the loan is the value of the car.
The factors affecting vehicle valuation (VV) are the make of the car, model, year, total mileage, and accessories.
Some factors will increase the value of the vehicle, such as having accessories like a sunroof, leather seats, or other improvements made to the car.
There are also some factors that decrease the vehicle valuation, such as the car having a higher mileage.
Some lenders of a title loan in Tigard might not even accept a car with a really high mileage or cars that are manufactured prior to the 2000s.
To be sure, you can ask your lenders what cars they accept. While you’re at it, you can also ask for a loan estimate to know your vehicle valuation.
When Will I Get My Title Back?
In the majority of title loans, your vehicle title will be returned on the same business day that you finish paying off your loan.
Don’t worry; when it comes to processing your fulfillment, it will be returned as soon as possible.
Of course, if the day or time you fulfilled the loan is a holiday in Tigard, Oregon, out of office hours, then it will be processed on the next office day.
Contrary to repossession, you will not have to pay extra fees to your local DMV when getting your title back.
Apply for a Title Loan in Tigard Now!
What are you waiting for? This might just be the breakthrough you are waiting for to get out of a financial rut!
Whether you need some cash for household purposes or for a personal venture, title loans in Tigard, Oregon, are ready for your application.
Contact the loan company of your liking and start now!