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Do You Need Credit for A Title Loan?
By MArcela De Vivo • Apr 19, 2023
If you’re in need of fast cash, borrowing money with a title loan might be the solution. A title loan is a type of secured loan that allows you to borrow money by using the title to your vehicle as collateral.
You won’t need to give up your vehicle to borrow money through a title loan. You can continue to drive your vehicle so long as you make payments on time for your loan, but the lender will put a lien on your title until your loan has been paid in full. Title loan applications can typically be processed quickly, which is why they’re a great option for borrowers in need of fast cash.
If you’re considering applying for a title loan, you may be wondering whether your credit will impact your eligibility. Do you need credit for a title loan? Here’s what you should know:
Do You Need A Credit Check to Get A Title Loan?
It’s common for lenders to check your credit when determining whether or not you are eligible for a loan. This applies to all types of loans, including title loans. If you apply for a title loan, you will most likely be asked to consent to a credit check.
Performing a credit check allows your potential lender to see how you have managed debts in the past so they can determine what type of borrower you will be. Some of the many factors your lender will look at when performing a credit check include:
● Late or missed payments
● Credit usage
● Credit limits
● Open accounts
● Closed accounts
● Recent credit inquiries
● Bankruptcies
● Overall credit score
This doesn’t necessarily mean you can’t get a title loan if you have a late payment or high credit usage on your credit report. No potential lender expects you to have a perfect credit report.
If you want to see what your potential lender will find during a credit check, consider pulling your own credit report prior to applying for a title loan. You are entitled to one free copy of your credit report every year from each of the three major credit reporting bureaus.
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MArcela De Vivo • Apr 19, 2023
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USA Patriot Act Disclosure: Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you apply for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Loans may be made by one of several lenders, including: First Electronic Bank, a Utah-chartered industrial bank located in Salt Lake City, Utah, Member FDIC; Wilshire Commercial Capital L.L.C. dba 1 (800) Car-Title and Wilshire Consumer Credit, a licensed lender in certain states. Loans not available in all states. In California, loans are made pursuant to a Department of Business Oversight California Finance Lenders License. See State Disclosures for additional information.
Accessibility Statement. We are committed to ensuring digital accessibility for people with disabilities. We are continually improving the user experience for everyone and applying the relevant accessibility standards in compliance with Web Content Accessibility Guidelines. For feedback on our website accessibility or if you have any problems with the access of our website please call our toll-free number 800-589-0290 or email us at WilshireCustomerCare@WilshireConsumer.com and we will assist you.
Wilshire Commercial Capital, LLC dba 1 (800) Car-Title and Wilshire Consumer Credit is located at 4727 Wilshire Blvd, Suite 100, Los Angeles, CA 90010.
TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Tracy Bergiman, Director of Compliance, 4751 Wilshire Blvd. Suite 100, Los Angeles, CA 90010, 323-837-5775, tbergiman@westlakefinancial.com.
New Mexico Only: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at
(505) 476-4885 or visit the website: https://www.rld.nm.gov/financial-institutions/.