Title Loans in Tulsa, OK: Complete Steps and Requirements
If you’re having an emergency and need some fast cash to stay afloat, a cash loan is one of the options you can consider.
Among the various cash loans you can get in Tulsa, OK are car title loans.
In this article, we will go over everything you need to know about title loans Tulsa offers so you can make the best financial decision.
From giving you the most basic information to walking you step-by-step through the application process, reading through this will surely help.
All About Car Title Loans
A car title loan, also known as an auto title loan, is a type of secured loan that you can obtain very quickly.
As secured loans require you to use an asset as collateral, you must surrender your car’s title to the lender.
Doing this would mean that the lenders become the vehicle owner while the debt is still being paid.
But though your vehicle is used as collateral for the car title loan, you can still keep using it to drive around.
Your vehicle title will be returned to you lien-free when you’ve repaid the total loan amount plus fees to the lender.
Tulsa title loan borrowers prefer this setup over traditional bank loans because of its simple process and quick approval.
They are able to get their money from their lender, directly or through bank transfers, usually on the same day.
Equity
If you’re considering getting a car title loan in Tulsa, OK, you must know your car’s equity.
Your car needs to have equity in order to be considered by lenders as a qualifying vehicle for auto title loans.
It can be tricky to explain, so we will show you what it is by giving an example.
Say your chosen lender evaluates your vehicle and tells you it is worth $15,000, and the money you owe is $5,000.
You would then have to subtract the loan amount from the car’s value. Applied to the given example, your car’s equity is $10,000.
The better your car’s equity value, the more money you can get from Tulsa car title loans.
Loan Amount
Now you may be wondering how much cash you can get from Tulsa title loans.
Many lenders go with the standard 25%-50% of the equity value of a vehicle to determine the amount of money a borrower can owe.
Additionally, it’s important to note that your ability to repay will play a role in this.
Following the example above, a car with an equity value of $10,000 can provide the owner with a minimum loan amount of $2,500 and a maximum of $5,000.
However, according to state laws, you can borrow money that is as low as $100.
This is great news for those who do not need much but fast cash from their auto title loan.
It gets even better because you can claim your money from lenders quickly. Waiting just a business day or less for a direct deposit is typical.
How Credit Can Affect Application Process
Every lender implements a different loan process, and so the importance of credit history may run counter from one car title loan provider to the other.
Most lenders won’t run a credit check on applicants, so having bad credit won’t be a problem.
However, some may choose to do a credit check. This is intended primarily for lenders to know they can repay the title loan.
If you have bad credit, it will ultimately depend on your status.
If you have, for example, declared bankruptcy, this could make the approval for your car title loan application more difficult.
Don’t get discouraged if you have bad credit. There are still auto title loans Tulsa can offer you which will perfectly suit your needs.
While having poor credit will not necessarily disqualify you from getting a car title loan in Tulsa, OK, it may affect loan terms and how much money you will be granted.
Interest Rates on Tulsa Title Loans
The interest rates of car title loans Tulsa offers are usually high, similar to other short-term loans.
The reason for this is that auto title loans are considered risky investments on the part of lenders.
The specific interest rate will depend on your chosen lender and your ability to return the money owed.
If your lender does a credit check and you have a good score, there’s a strong possibility that your loan will be given a lower interest rate than if you have a bad credit score.
The equity of your vehicle will also be taken into consideration.
Tulsa title loans are governed by Oklahoma’s state laws which say that 25% is the maximum interest rate applicable for this type of loan.
Do diligently research different providers of car title loans and canvass options to find the best lender who can provide suitable interest rates.
How to Apply for Car Title Loans in Tulsa, Oklahoma
Do you think getting a car title loan in Tulsa can be the solution to your money troubles? The loan process can seem daunting, but it’s actually quite easy!
We’ve compiled the following guide to help make your application as smooth as possible:
Do I Qualify as a Candidate for Tulsa Title Loans?
Before you go and make preparations, first make sure that you qualify as an applicant.
You can proceed if the following statements apply to you:
- You are at least 18 years old.
- You are a resident of Oklahoma.
- You have a steady source of income.
- Your vehicle has a lien-free title that names you as the owner.
What Documents Do I Need to Present?
The set of requirements for Tulsa title loans may differ depending on the lender, but generally, these are what they will look for:
- A valid, government-issued ID with your photo
- The title of the vehicle to be used as collateral
- Proof of steady income source (can be bank statements of your employee salary, alimony, child support, etc.)
- Proof of Oklahoma residency (can be mail or real estate documents)
These four are the main necessary documents required by title loans Tulsa lenders need for the most part, but others may ask you for these as well:
- References
- Proof of insurance
- Bank account information
- Social security card
- Pictures of the vehicle (all four sides)
- Photos of the odometer and VIN (Vehicle Identification Number)
Applying for a Car Title Loan: Tulsa Edition
If you’re all set with the requirements to apply for your title loan in Tulsa, Oklahoma, it’s time to finally proceed with the process of application.
1: Finalize Your Lender of Choice
The process begins with choosing the lender to help you secure your title loan.
The best tip we can give is to ensure that your preferred provider can give you loan terms that best fit your situation.
With car title loans, keep in mind that it’s not all about the cash you get but also about the interest and the duration of the loan.
These are key factors to consider when choosing a lender.
2: Organize the Required Documents
Once you have chosen your Tulsa title loans provider, you must prepare the necessary documents to move your application forward.
Remember that different lenders have different requirements for title loans.
The list we have provided above should cover most, if not all, of the necessary documents for car title loans, but double-checking can’t hurt.
Do this to avoid unnecessary delays in your application and get the money quickly for your emergency.
Your loan proceeds to the next step when you’ve filled out the application form and submitted the requirements.
NOTE: With some lenders, you can also submit and apply online—more details are below.
3: Lender Inspects Your Vehicle
In order to calculate the minimum loan amount for title loans, Tulsa lenders need to check out some details regarding the vehicle.
These include the year your car was manufactured, its make, model, mileage, and current condition.
If you have polished up the interior and/or exterior of your car with customizations, it will also play a factor in the inspection.
These details are taken into account to evaluate the cost of the car to be used as collateral for the title loan.
From there, your provider will determine how much money you can borrow.
4: Loan Processing
After the inspection and your loan amount have been finalized, you and your lender will also need to settle other terms of the loan.
The duration, mode of payments, and interest rates will be worked out in this stage.
They may also be asking for more details about your car and checking up on your references.
After this, you need only wait for approval. The title loans Tulsa have on offer typically get approved very quickly.
You can have your loan come through on the same day; some providers can make it happen in as little as 15 minutes.
Its convenience is one of the reasons that car title loan borrowers can quickly handle emergencies.
5: Collect Your Loan Money
If your car title loan application is approved, you may now receive your cash.
If possible, how you wish to get the money is up to you with your chosen lender.
Let them know if you need it to be given as cold cash or transferred to your bank account electronically.
6: Installation of Device
Because your car is the collateral to the loan, there is a chance your lender might repossess it if you can’t repay it.
Should this happen, some lenders will require the installation of devices such as a starter interrupt device or a GPS tracking system.
Asking for duplicate keys is also a practice with the providers of title loans Tulsa has.
Having these measures makes them more confident about approving the loan.
After this step, you are pretty much done and can now get on with handling your urgent financial pickle.
Online Title Loans
If physically making the trip to a lender’s office will cause problems for you, don’t worry.
With some providers, it’s possible to get car title loans entirely through the internet!
You just need to go to chosen provider’s website and apply online.
The online application form will typically only ask for a few details before prompting you to submit soft copies of the requirements.
The main difference here is that you need a bank account so that your money from the loan can be sent to you electronically.
Making Payments
After you’ve secured your loan, you need to repay the amount you owe in order to get your vehicle’s title back.
Other states allow the duration of title loans to be up to 60 days, which means debtors can make monthly payments.
This is not possible in Oklahoma, where the maximum duration of a car title loan is only 45 days.
You have some options with the payment depending on the lender. Usually, these are one-time payments or installment plans.
You need to discuss the payment terms with your loan agent to ensure that you can comfortably repay the debt.
Once you have returned the money and paid all the fees, your car title can be returned to you lien-free.
Other Loans in Tulsa, Oklahoma to Consider
Not sure car title loans are for you? Check out these other loans available in Tulsa:
1: Payday Loans
Similar to a title loan, a payday loan is a short-term cash loan with high interest.
The main differences are that payday loans usually have a lower maximum amount than title loans and that you don’t risk your car as collateral.
Instead, you will be asked to issue a check or give your lender authorization to take the money from your bank account.
2: Personal Loan
Check out personal loans if you have a little bit more time on your hands for application.
The interest rates are much lower with a personal loan which debtors can pay in monthly installments.
They can also help you with significant purchases like household purposes such as repairs and whatnot.
3: Student Loans
Though you might not immediately think of this service, student loans are actually worth looking at if you need a loan for educational purposes.
In addition, you do not have to be 18 years old to qualify for student loans as per federal laws, unlike title loans in Tulsa.
Though the process for application isn’t as straightforward as title loans’, consider this option if you’re taking loans out to pay for school.
Summary
Title loans are usually taken by people who are having an emergency and need cash immediately.
They need to use the title of their car as collateral and not worry about having bad credit to get approval.
Application for the loan can be made in person or online for convenience.
If you have urgent cash needs, a title loan from Tulsa might be the solution for you!