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Title Loans in Tennessee: Full Guide on How to Apply

Tennessee residents know that, among other states, you will experience a stronger sense of community living in Tennessee. Perhaps it's Southern hospitality that brings out the best in people.

Finding help for small tasks can be easy. But it's not always the case when it comes to financial emergencies.

Good thing that obtaining title loans in this state is possible for as long as you have a Tennessee title. In most cases, you can get approved and cash quickly within one business day.

If this is a borrowing you are considering, keep reading!

What Is a Car Title Loan?

Car title loans, also commonly called auto title loans, are short-term secured loans.

Lenders require security on behalf of your borrowed money. These can be titles of your car, motorcycle, RV, truck, boat, and other automobiles.

Like personal and installment loans, title loans offer quick money for financial emergencies. These can be used to catch up on household expenses and medical emergencies. 

A word of caution, these loans incur high-interest rates to compromise for convenience.

Since loan terms for title loans are also limited, it is advised that you make sure you can make every payment on every due date. Interest and fees will begin to accumulate if you don't.

Worse is if you have to consider refinancing. This can seriously bring you deep in debt.

How Do Title Loans Work in Tennessee?

Your credit limit or how much cash you can get out of your loan will depend on the equity left on your vehicle.

A lender will assess your vehicle based on its year, make and model. You can get 25% to 50% in cash. And if you apply on a workday, you can get approved in hours!

Your lender will also draw interest and payment terms based on your capacity to pay the borrowed money back. Other details like whether your car has insurance and your employment status may also be checked.

Fortunately, unlike a traditional loan, a lender may not need a hard credit check to get your loan approval. Since this is a secured loan, you can still avail of a Tennessee title loan even with less than perfect credit scores.

For Whom Do Title Loans Work Best?

Tennessee title loans offer competitive rates. Lenders are often considerate, too, given that many want to do business with you. But they're not the best source of funds for everybody.

Getting money from title loans works best for these borrowers:

With Bad Credit

Your eligibility to get cash from title loans does not depend on your credit history. This makes it a great choice for people who are still building up their credit scores.

Paying your loan amount, including interest, within its due date greatly improves your credit score, increasing your chances for better funding deals.

Need Emergency Funding

The title loan process only takes a few minutes to complete, all the more when you have all the documents ready. In many cases, funding can be made on the next business day.

Prefer Online Transactions

Nowadays, title and other loans that don't need much documentation can be applied conveniently online. Although, applying on-site is still an available option.

Any loan agent will happily assist you with the process over the phone.

Don't Want To Involve Big Assets

For auto title loans, vehicles are used for collateral. However, other loans use assets like homes or jewelry as security. If taking this big a risk is too uncomfortable for you, stick to a title loan.

What's Required For An Auto Title Loan In Tennessee?

To apply for an online secured personal line of credit in Tennessee, applicants must provide the following:

  • Government-issued ID - must contain your full and legal name and proof that you are at least 18 years old.
  • Personal Information - e-mail address, phone number, and SSN.
  • Proof of Residency in Tennessee - customers must provide correspondence or mail containing their address.
  • Proof of Income - customers must provide an active bank account statement containing deposits within the past 60 days. A pay stub will be required if a person cannot supply this. This assures lenders you can pay the loan and interest back.
  • Clear Vehicle Title - the title must have no attached debt or lien and must state your full name as sole owner.
  • Vehicle - your vehicle attached for collateral will need to be inspected. Assessors may inspect it in-shop or require you to send clear photos of every angle of the car.

Lenders can also require a credit inquiry upon application to check your capacity to pay for a title loan. Line of credit customers may also be subject to a periodic income review to maintain their credit limit.

Depending on a title loan lender, additional information may be requested before approval. Once approved, online loan cash proceeds will be funded electronically to your bank account.

How to Apply for Tennessee Car Title Loans?

The application process for secured Tennessee loans is quick and easy! Here are the easy steps to get fast cash:

Step 1: Apply Online, Over the Phone or In-site

Choose a title loan lender and fill out their application form online. If you have inquiries about their services, you may contact a loan agent who will gladly assist you.

Step 2: Complete All Necessary Requirements

Prepare all the requirements we listed above for a quick eligibility evaluation. Although you can send vehicle photos, some lenders may require a physical car inspection. That's why it is also good to pick a lender close to home.

Step 3: Receive Loan Proceeds

A loan contract will be drafted and need signing if you are qualified for a loan. Make sure to read all the terms and conditions. You can get your money straight to your account on the next business day if everything is good.

Step 4: Repay Your Auto Title Loan

Paying your loan on time is very important to improve your credit scores. A lender will require additional charges if you seek to refinance due to repayment difficulties.

The longer you stall, the more costs you will incur, and the harder to get out of debt.

Frequently Asked Questions (FAQs)

Here are the most frequently asked questions about the topic!

What Are The Current Regulations For Tennessee Title Loans?

State laws cover the lending limits and other restrictions of Tennessee title loans. This mostly protects borrowers from notoriously high-interest rates and helps manage borrowings.

For title loans, financing restrictions and regulations usually cover the terms and conditions that determine the repossession of a car due to missed payments.

What Kind of Vehicle Can I Use for a Title Loan in Tennessee, and How Much Can I Get?

Titles of almost all automobiles can be used to apply for title loans. These include cars, motorbikes, RVs, trucks, and boats. You must hold a clear vehicle title of it too.

The cash you can borrow from a Tennessee title loan will depend on the car's resale value. If your car carries quite a mileage, you may not get so much cash out of it.

Can I Get Car Title Loans With Bad Credit?

Bad credit scores will not stop you from qualifying for a title loan. The following factors will better judge your loan approval:

  • Value of the Vehicle - based on make, model, year, and mileage.
  • The applicant's Income will determine how much you can afford to pay back every month.
  • Applicant's Ability to Repay - based on an assessment of your income, expenses, and amount of existing debt.

Can You Have More Than One Title Loan in Tennessee?

YES, you can qualify for one or more Tennessee title loans.

However, this may only be possible if you use different acceptable properties as collateral for every title loan.

Final Thoughts

A car title loan is no question one of the most convenient ways to get cash fast! You are just a few steps away from the emergency funding you need as long as you have the complete documents, especially a clear vehicle title.

Just be wary of the interest rates and fees these loans can incur. No one wants to see you struggle with debt.

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