Pros and Cons of Title loans in California

No matter what your financial situation in life is there are times when financial emergencies can hit anyone.  At these times your savings or emergency fund can be depleted and you have nowhere to turn:  whether it be an auto payment, a rent payment that is coming due, a mortgage payment, school tuition, medical bills, a surgery, or any other dozens of potential financial emergencies.  When your friends and family are tapped out what to do you do?  An auto title loan is one potential solution for you:



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Let’s summarize the pros and cons of auto title loans in California:

Pro:  You can have a poor credit history or a poor credit score in most cases and still qualify if your vehicle qualifies for a loan.

Con:  The interest rates are usually higher than traditional bank financing because lenders accept people with poor credit histories.

Pro:  You get to keep driving your car–unlike a car title pawn where the pawn company keeps possession of your vehicle

Con: Your vehicle can be repossessed if you don’t make your payments.  Of course, this is true of any vehicle or any loan you do not pay.

Pro: With a car title loan in California you can get money usually faster than traditional banks or finance companies.  Sometimes you can get the money the same day, or within 2 or 3 days.

Pro:  There are no prepayment penalties when you get a car title loan in California.  So, you can borrow the money and pay it off as soon as you can.

Con: The minimum loan amount has to be at least $2,510 in California for you to be able to qualify for a vehicle collateral loan.  This is due to state regulations of the California department of business oversight.  Therefore, your vehicle has to have, most cases at least $4,000 unless it qualifies for a low loan amount.

Con:  You can’t have any other liens on your car, unless you want to refinance your car title loan.

What is needed to get a car title loan?

Well, you need a vehicle that qualifies so the first thing to do is call Family Title Loans today at (844) 254-7170 or go to the application page on this website.

You’ll need to provide identification, proof of full coverage car insurance, proof of the odometer, and then details about the vehicle.  These details will be the make or band, the model, and trim.  You’ll also have to have income of at least $1,200 a month that you can verify to the lender.  Furthermore, most lenders are going to ask for personal or professional references.  Additionally, you need to have the title.  The lender will then run your information thru a service like Kelly Blue Book to determine the loan amount you qualify for.

Lenders typically loan you anywhere from 60-80% of the loan to value, but this will depend on other factors.  The title loan lender will not want to lend the entire amount the car is worth because the car is depreciating, and because, if you default the lender can repossess your vehicle and then auction it off.

Whatever the case, you need to make sure you do your research before you proceed and one of the best ways to do that is to contact Family Title Loans today at (844) 254-7170 or go to the application page on this website.  Our staff is trained to be friendly and professional and to help you get the money you need quickly and efficiently.


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What Our Customers Are Saying

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Dan Hernandez

I was really surprised at the amount of money I received from my loan on my truck’s title! The process here is really painless and I was approved in about 5 minutes and was able to pick up the money the same day.

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Tamika Bennett

I had to pay my property taxes and couldn’t get a personal loan from the bank, so I found Family Title Loans online and they were abble to get me approved fast for a car title loan on my Toyota Camry. Thanks Family Title Loans!

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Arin Riley

My friends had told me aboutFamily Title Loans services and when I was short on cash I thought I would give it a chance. I was glad I did as one of their licensed vendors got me the money I need the same day!

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