Title Loans FAQs
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Title Loan FAQs
Title Loans use your clear vehicle title as collateral to secure a loan. You can use your car, motorcycle, or other approved vehicle and the loan amount will be determined by the condition of your vehicle, the value of your vehicle and other factors. Your car will be assessed by an easymoney Loan Expert prior to approval. We make the process easy.
- Step 1. Apply for a Title Loan with an easymoney Loan Expert in store
- Step 2. Your vehicle will be inspected during the application process
- Step 3. After assessment and review of your application you will receive a loan decision
- Step 4. If you’re approved, the lender will place a lien on your vehicle
- Step 5. You will receive your cash AND keep your car
- Step 6. In AL a Title Loan is a pawn transaction and you’ll have 30 days to pay it back and redeem the title. As it is a pawn you have no obligation to make repayment, but such nonpayment forfeits the car. In TN you can obtain a Flex Line of Credit secured by your vehicle as a form of Title Loan.
- Step 7. After you finish paying back your loan/pawn, the lien will be removed from your title.
You have a clear title if you own your vehicle fully and there are no loans open or liens on the vehicle. Simply put: if you own your vehicle outright and don’t make payments, you likely have a clear title. Check with an easymoney Loan Expert to be sure.
You will still have possession of your vehicle while paying off your Title Loan and be the listed owner. Your lender will become the lienholder. Once you’ve paid off the loan, the lien will be removed. Keep making your payments on time and stay in communication with your Loan Expert if you have any issues or questions about payments. If you’re unable to pay and do not make alternative arrangements, there is a chance your vehicle could be repossessed. Indeed, in an Alabama title pawn loan, failure to pay and redeem within 30 days of the redemption due date will transfer title and ownership by operation of law.
You will need to bring the following information with you to apply for a Title Loan: a working home or cell number, both you and the vehicle must be present to apply, a non-expired, government issued ID, verifiable proof of income, and your clear title. easymoney does not accept titles marked as “salvaged” and you must be 19 years of age or older to apply for a Title Loan.
Communication is key. Before missing a payment, contact your lender to discuss your situation and to find out if there are other options available to you. Failure to communicate with your lender could potentially result in repossession and loss of your vehicle.