Yes, applicants can be denied title loans if they do not meet certain requirements. Although credit scores are not a determining factor, auto title lenders will take the status of the car title and the potential borrower’s income into account. The main reason some people do not qualify for auto title loans is because they fail to meet one or more of these requirements.
When you apply for a car title loan, the vehicle that is being used as collateral needs to have a lien-free title. If the car has no equity, it is unlikely that the applicant will qualify for the title loan. In addition to having a clear title and ensuring that the car has adequate value, applicants must earn a reasonable income that allows them to pay off the auto equity loan. That is why it helps if you can provide a proof of income for the title loan provider.
Does this mean that self-employed individuals or freelancers without a regular source of income are automatically disqualified? Not necessarily. It is still possible to qualify for an auto title loan if applicants can prove that they can make the monthly payments. If you are looking to take out a car title loan that exceeds the vehicle's actual value, chances are the loan provider will deny your application. The car needs to have sufficient value to serve as proper collateral for the lender.
If you need fast cash to pay urgent bills or get out of a sticky financial situation, it can be demoralizing if your application is denied by a potential loan provider. Fortunately, the refusal does not bar people from submitting title loan applications in the future. Consider talking to a trusted lender for alternatives and/or solutions.
Credex Loan Solutions uses “Auto Title Loans” for advertisement purposes only and provides auto equity loans. The lenders are licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such lenders loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of lenders activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.
Approval is primarily based on the customer ability to repay the loan and the vehicle condition.
Fees: $82.75 Lien Fee, $25.00 Application Fee, Document Stamp Tax (It varies depending on loan amount). All fees are rolled into the life of the loan.
APR: Our annual interest rate ranges from 18% to 30%.
Repayment: We offer easy payment options to suit your ability to repay the loan, currently ranging from 6 Months to 24 Months.
The table below represents illustrative examples of the cost of a loan. If you have any questions, or would like more information, please feel free to ask. Make sure you understand the terms and costs of your loan.
| Check Amount | Interest Rate(APR) | Lien Holder – One time Fee | Application – One time fee | Doc Stamps – One time fee | Term | Monthly Payment | Total of Payments |
| $1,000 | 30.00% – $188.81 | $82.75 | $25 | $3.89 | 12 Months | $108.37 | $1,300.45 |
| $7,000 | 23.89% – $1,915.47 | $82.75 | $25 | $24.96 | 24 Months | $377.01 | $9,048.18 |
* Other insurance coverages may be required to be approved. Please call us for further details.
1855 552 7333