Frequently asked questions
What is an Auto Title Loan?
An auto title loan is a type of secured loan where borrowers use their vehicle's title as collateral. This means that the lender holds onto the title while the borrower repays the loan. Once the loan is repaid, the lender returns the title to the borrower
How does an Auto Title Loan work?
Auto title loans work by allowing borrowers to use their vehicle's title as collateral to secure a loan. The amount of the loan is typically based on the value of the vehicle. Borrowers continue to drive their cars while repaying the loan. If they fail to repay the loan, the lender may repossess the vehicle.
What do I need to qualify for an Auto Title Loan?
To qualify for an auto title loan, you typically need a clear title to your vehicle, proof of income, and a valid ID. Lenders may also require proof of insurance and residency.
How much can I borrow with an Auto Title Loan?
The amount you can borrow with an auto title loan depends on the value of your vehicle and your income. Typically, lenders offer loans ranging from a few hundred to several thousand dollars.
What is the interest rate for an Auto Title Loan?
Interest rates for auto title loans vary depending on the lender and your location. They can range from 25% to 300% APR or higher. It's important to carefully review the terms and conditions before agreeing to a loan.
What happens if I can't repay my Auto Title Loan?
If you can't repay your auto title loan on time, the lender may offer to roll over the loan into a new one, but this usually incurs additional fees and interest. If you default on the loan, the lender may repossess your vehicle.
How long does it take to get approved for an Auto Title Loan?
Approval times for auto title loans vary depending on the lender and the documentation required. Some lenders offer same-day approval, while others may take a few days to process your application.
Can I still drive my car with an Auto Title Loan?
Yes, you can typically continue to drive your car while you have an auto title loan. The lender holds onto the title as collateral, but you retain possession of the vehicle.
What happens if my car is damaged or totaled while I have an Auto Title Loan?
If your car is damaged or totaled while you have an auto title loan, you are still responsible for repaying the loan. Depending on your insurance coverage, your insurance company may pay off the loan if the car is totaled.
Can I get an auto title loan if my car is not fully paid off?
It is possible to get an auto title loan if your car is not fully paid off, but the amount you can borrow may be limited by the equity you have in the vehicle.
Can I pay off my auto title loan early without penalties?
Some lenders allow you to pay off your auto title loan early without penalties, while others may charge prepayment penalties. Be sure to check the terms of your loan agreement before paying it off early.
Will my credit score affect my eligibility for an Auto Title Loan?
Unlike traditional loans, auto title loans are typically based on the value of your vehicle and your income, rather than your credit score. However, some lenders may still check your credit history as part of the application process.
Are there any fees associated with getting an Auto Title Loan?
Yes, there are usually fees associated with auto title loans, including origination fees, processing fees, and late payment fees. It's important to review the loan agreement carefully to understand all the fees involved.
What documents do I need to apply for an Auto Title Loan??
To apply for an auto title loan, you typically need your vehicle's title, proof of income, a valid ID, proof of insurance, and proof of residency.
How can I find a reputable lender for an auto title loan?
To find a reputable lender for an auto title loan, research online reviews, check with the Better Business Bureau, and ask for recommendations from friends or family. Be sure to compare rates and terms from multiple lenders before making a decision.
Are there alternatives to auto title loans that I should consider?
Yes, there are several alternatives to auto title loans, including personal loans, payday alternative loans, credit card cash advances, and borrowing from friends or family. It's important to explore all your options and choose the one that best fits your financial needs.
How do auto title loans differ from payday loans or personal loans?
Auto title loans are secured loans that use your vehicle as collateral, while payday loans are typically unsecured loans that require you to repay the loan with your next paycheck. Personal loans are also unsecured loans, but they may have lower interest rates and longer repayment terms than payday loans.
What steps should I take if I'm considering an auto title loan?
If you're considering an auto title loan, it's important to carefully review the terms and conditions, shop around for the best rates, and make sure you understand the risks involved before committing to a loan.
Can I apply for an auto title loan online?
Yes, many lenders allow you to apply for an auto title loan online. This can be a convenient option for borrowers who prefer to complete the application process from the comfort of their own home.
Are auto title loans legal in my state?
Auto title loan regulations vary by state, so it's important to check the laws in your state to determine if auto title loans are legal and what restrictions may apply.
Click the links below for regulations in some of the states that we service
U.S. States
Disclaimer: Understanding Our Services and Limitations At Infinity League Services LLC, transparency and clarity are at the forefront of our commitment to our users. To ensure you are well-informed about our operations and constraints, we provide the following disclaimers: We Are Not a Lender: Infinity League Services LLC does not engage in the provision of short-term cash loans or credit decisions. We operate as a reputable referral service and exclusively collaborate with licensed lenders and brokers. Brokering Loans: In some instances, we may serve as a broker for the loan process, acting as an intermediary between borrowers and lenders. Please note that we may not always be the direct lender. Loan Purpose: The funds acquired through loans facilitated by Infinity League Services LLC are primarily intended for personal, family, and household purposes. We do not offer or manage student loans. Loan Amounts: The loan amounts available through our affiliated lenders vary based on the evaluation of your vehicle's value and your capacity to repay the loan. Geographic Limitations: Infinity League Services LLC does not provide loan solicitation services, except in the state of California. For all other states we serve, our role is to match you with a lender based on the information you provide through this website. We do not charge fees for this service. It's important to note that our services may not be available in every state, and the list of serviced states may change over time without prior notice. Certain types of loans, such as Personal Unsecured Loans and Auto Title Loans, may not be available in all states and regions. Pre-Payment Policies: Auto Title Loan companies typically do not impose pre-payment penalties, but we cannot guarantee that every lender adheres to this standard. Small Business Loans, on the other hand, may have pre-payment penalties and may require your vehicle as collateral to secure the loan. Interest Rates and Payment Terms: Each lender sets its own interest rates and payment terms. Infinity League Services LLC does not exert control over these rates or terms. The terms "competitive" or "reasonable" do not necessarily equate to affordability, and borrowers should exercise their discretion when entering into agreements with lenders. Approval Not Guaranteed: Submitting information on this website does not constitute a guarantee of loan approval. We cannot guarantee that we will connect you with a lender who will fund your loan. Approval decisions are made by lenders, and meeting their criteria is essential for loan approval. Loan Amount Limitations: Loan amounts may vary due to state laws and lender policies. Not all lenders can provide loan amounts as advertised on this website. GPS Locator Devices: Certain lenders may require the use of a GPS locator device on your vehicle. The terms and costs associated with this requirement are determined solely by the lender, and we have no control over their policies. Typically, larger or higher-risk loans may involve GPS usage. Faxing Requirements and Communication: In specific situations, faxing of documents may be necessary. The use of your cell phone for receiving updates is optional and based on your preferences. Loan Cost Considerations: Car Title Loans are associated with costs, and there may be alternative, less expensive sources of funding available to you. These loans are designed to address immediate cash needs and should not be viewed as long-term financial solutions. Eligibility Criteria: Residents of certain states may not be eligible for certain types of loans. If you have been declined for a loan, please be aware that we do not have access to information regarding loan rejections, and we recommend reaching out to the lender directly. Licensing and Compliance: Car Title Loan lenders are typically regulated and licensed by the state in which you reside. We strongly advise borrowers to verify the licensing and compliance of any lender from whom they receive funds. Regulatory agencies are in place to safeguard your interests, and it is essential to ensure that your chosen lender operates within the bounds of the law. At Infinity League Services LLC, we are committed to providing clear and accurate information to our users. Please carefully consider these disclaimers when utilizing our services, and consult with us or the respective lender for any further clarification or assistance.