Frequently asked questions
Why Consider an Auto Title Loan?
One of the most important questions people have is why they should consider an auto title loan. There are several benefits to this type of loan. One of the biggest reasons for getting this type of loan is because you may not be able to qualify for other types of loans. When you have bad credit, or are self-employed or unemployed but receiving disability or retirement income, many traditional lending institutions will not even talk to you about a loan. With an auto title loan your car is your collateral, so none of those other things will make much difference.
What sort of documents do I need to provide to get an auto title loan?
Typically you will need to provide basic documents such as proof of income, a phone bill, junk mail, and personal references. Based on the loan amount, or your situation, we may ask for additional documentation, which we will tell you at the time you apply.
What is the cost of my credit going to be?
Our interest rates vary based on the state of residency, and the agreed upon terms. Our annual interest rates vary between 60% APR and 180% APR. For a typical loan of $2500 at 90% APR interest, the average term is 18 months, with a payment of $257.57. The total scheduled interest on this loan would be $2136.26. The interest on a loan may vary based on timing of payments made.
Does my car need to be paid off?
No. Many people who have a few payments left on any loan (car title loan with another company, bank loan, dealership financing, etc.) may still qualify. What we will do is pay off the loan and you get the extra cash. It is a great way to improve or save your credit score and get caught up on other expenses.
How long would it take to qualify for a car title loan?
The application will take you about 5 minutes. We can give you Pre-approval in about 2 minutes. The paperwork processing and underwriting can be done in under an hour. Do you want the cash in your hands that day or the next? Let us know what you prefer.
How do I complete a car title loan with Cash Plus if I don’t want to go to one of your offices?
That is no problem at all. We will simply come to you. Yes, we’ll send one of our loan specialists to your home or workplace to complete your car title loan and deliver your money.
Do I get to drive my car during the auto title loan?
Yes. One of the best things of a car title loan with us is the fact that you always drive your car. Do your pre-qualification online and let us work with you through the application process. Once approved, drive right up to our nearest location, sign off on the paperwork and get your money and drive off.
How long do I have to pay my loan back?
Our loans typically range from 12 up to 36 months. We want your payment to be comfortable for your situation, and work with you to make that happen. Paying your payments on time will help assure that your payoff goes down every month. Of course, we will never penalize you for paying off early, or for paying extra.
How do I obtain the title to my car after I have paid off the auto title loan?
After you have paid off your car title loan, we will have the title to your vehicle returned to you.
What is the maximum amount I can borrow on an auto title loan?
The maximum amount you can borrow is based on the value of your vehicle and the equity you have as well.
Do I need to be currently employed?
No. We do need to know that you have the means to make payments. This means you need some sort of income which you can prove. Talk to us about the amounts but do not worry, as we do allow co-signers if needed.
Can I be on disability or retirement?
Yes. You can also be on contract or self-employed. This is a great option for people who have income that varies monthly.
What will happen if I don’t make my payments on time for a car title loan?
If a customer doesn’t make a payment or is not responsive to the lender, then there is a possibility that your vehicle could be repossessed. Repossession of a vehicle is contemplated only when it is the last option since it is very costly and time consuming. It could also negatively affect your credit score.
Would it be possible for me to have a co-signer on my title loan?
Yes, you are allowed to use a co-signer on your auto title loan. If you have a co-signer on your car title loan, we’ll need a completed application from him or her as well as a copy of his or her valid California driver’s license, proof of current residence, and proof of gross income. We also keep all non-public personal data private and we don’t let the borrower know the co-signer’s data and vice versa.