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Why People Are Getting Title Loans In Tennessee

Surveys found that one out of three Tennessee households is still struggling to recover from the aftershocks of the pandemic. It’s harder to get a job, and the wages are lower. Prices have doubled because of inflation, and government aid isn’t that great.

Since it’s even harder to pay for regular household expenses, a large emergency expense like medical bills can be devastating. How can you raise a thousand dollars overnight?

For most people, it is next to impossible. That’s why people are getting title loans in Tennessee. If you’re one of the many people worried about how to pay for a big, important expense, you can get one too.

What Are Title Loans?

Title loans are loans that use a vehicle title as collateral. You can borrow up to $15,000, depending on the vehicle’s model, age, and condition.

The vehicle doesn’t have to be new or an expensive model to qualify. Nearly any vehicle can be used to get title loans in Tennessee. The most important requirement is that the vehicle is registered under your name, already owned outright, and is lien-free.

“Lien-free” simply means that it isn’t being used as collateral for any other loan, and there are no outstanding judgments against it.

getting title loans in tennessee

Benefits Of Title Loans

Title loans have easy requirements, and the approval process is very fast. That’s why people in Tennessee often use them in situations when they need money within a few days.

It also has other benefits when compared to different types of loans.

  • You don’t need to have a high credit score to qualify.  Bank loans typically require a credit score of at least 640 for a personal loan. But even if you have a low credit score, you can still apply for title loans in Tennessee.
  • You don’t have to submit a lot of documents. Unlike bank loans, which will ask for employment history and other proof of income, title loans only need two documents: the lien-free vehicle title, and a state-issued ID.  
  • You don’t have to go through a complicated process. Lenders only need to verify your title and ID, and then do a quick vehicle inspection to determine the loan amount you qualify for.
  • You get the money right away. If you’re approved, you get the money the same day or the next business day.

FAQS On Title Loans In Tennessee

Taking out any type of loan is a big financial decision, so it’s natural to ask questions to figure out if it’s right for you. Here are some of the most common concerns that people raise.

Can I Still Use My Car During The Loan?

Yes. You only need to show your car during the vehicle inspection, so the lender can check its condition, mileage, etc. to make a fair evaluation of your loan amount. You are not asked to leave your vehicle.

So, as long as you keep the payment schedule current, you can keep using your car just like you always have.

What If The Title Isn’t Registered Under My Name?

If the vehicle title is not in your name, you will need to have it transferred at the DMV.

While this requires additional paperwork, it’s an important legal requirement that protects consumers. Without this, anyone can take a vehicle title and use it to get a loan.

Do I Need To Be Employed To Qualify For Title Loans?

It is not necessary to present proof of employment when requesting a title loan. Lenders understand that you may have non-traditional sources of income—such as part-time jobs, alimony, pension, etc.—that can help you pay off the loan. Plus, you are providing collateral for the loan with your vehicle title.

I Am Still Paying Off My Car Loan. Can I Use It To Get A Title Loan?

You need to already own the vehicle outright to get title loans in Tennessee.  However, some lenders offer registration loans. These are loans where you use your car registration as collateral if you are still making payments on it.  

woman giving title loan cash

What’s The Easiest Way To Get Title Loans In Tennessee?

Getting started online is the most convenient way to begin your title loan request. With Auto Cash USA you can fill out the inquiry form on our homepage to be connected with one of our direct vendors right away. They will then give you a call to explain how it works and walk you through the process so there are no surprises.

During that call, you will be asked to set up an appointment to meet at the nearest loan branch. When you go, be sure to bring your lien-free vehicle title, your vehicle, and your state-issued ID (your driver’s license, passport, etc).

Upon arrival, they will verify your documents, and inspect your vehicle to determine the loan amount you qualify for. If you’re approved, you need to sign a few documents to receive your money the same day or the next business day.

Connect Me To A Lender

Simply fill out the online form at Auto Cash USA to connect with one of our direct lenders today.

Why wait? Find out how to get title loans in Tennessee—and raise the emergency money you need now.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.