Title Loans vs Bank Loans

  • By Faithe Andrews
  • 12 Mar, 2015

A title loan is a fast, safe and easy way for individuals who own their car with a lien free title to get cash using their car as collateral. It allows people to obtain funds using assets (their car) to solve short-term financial needs. The process is usually simple and requires a minimal amount of time to obtain a loan.

Let’s take a look at some comparisons between title loans v. traditional bank loans…

Application Process

Bank – usually a lengthy application requiring many documents, references, etc.

Title Loan – simple, one page application, minimal paperwork

Timeframe to Receive Funds

Bank – can take weeks, even months, sometimes up to 90days

Title Loan – same day, usually less than 1 hour!

Credit Check

Bank – lengthy credit check, often going back 7-10 years

Title Loan – absolutely NO CREDIT CHECK


Bank – when an individual pays off a loan early, banks lose interest income…to offset this, many banks will charge a “pre-payment” penalty

Title Loan – no pre-payment penalty, in fact, paying a title loan off early may help to build a positive relationship with the lender which may allow individuals to qualify for another loan later on

These are just a few of the many differences between an auto title loan and a traditional bank loan. Recent economic conditions and credit markets have made it more difficult than ever to obtain a loan from a bank. Title loans are a great way for every day, hardworking Americans to get access to cash when they need it most.

As with any financial product or service, anyone considering borrowing money should do so responsibly. We encourage individuals to consider all available financial options and work closely with financial institutions to determine affordable repayment terms. For more information on short-term financial services please visit   www.americanautotitleloan.com .

Title Loan Blog

By Faithe Andrews 19 Feb, 2016

When speaking with customers about refinancing their existing title loan, we often find that there is a lot of misunderstanding as to what a title loan refinance is and most people do not fully understand how they work.  

Title Loan Refinance refers to replacing your existing loan with a new loan under different terms or conditions before the existing loan term has expired. Some factors that may change when a title loan refinance takes place may include: loan amount, interest rate, payment amount, or the term of the loan.

There are many reasons why someone may want to refinance their existing title loan and doing so may be convenient and provide benefit to the borrower.

Advantages of Refinancing My Title Loan

As mention before, there are many benefits associated with a title loan refinance. Let’s look at them more in depth…

·         Access available money without having to pay off your loan completely

§Let’s say your original title loan was in the amount of $5,000. Over time you have made payments and your current balance is now $2500. At this point your loan is halfway paid off and you would have the same amount of time before it was completely paid off. Even though your loan is not completely paid off you actually have $2500 of equity (available money) in your loan. Should you have a situation where you need some extra money now, you could tap into the equity in your vehicle and get that $2500 back out before your entire loan term expires.

·         Lower your payments

§Using the same example as before let’s look at how a title loan refinance could actually lower your monthly payments. When you first obtained your initial car title loan the amount was $5,000. Therefore, your monthly payment was based on owing this amount. Now you have brought your balance down to $2,500, half of your original loan amount. You could refinance your account without pulling out the equity and your new loan amount (and payment) would be cut in half. This would allow you to free up that money that you were making on the previous payment and allow you to add this money back into you monthly budget!

·         Lower you interest rate

§At American Auto Title Loan we can often perform a refinance and lower you interest rate at the same time. If you have proven to have a positive, on-time payment history we can often get you a lower rate when you refinance your car title loan. We stress communication and a positive pay history to our valued customers. Having a solid payment history may allow you to borrow money at lower rates in the future. This means it costs you less!!!

How Do I Know If Am Eligible To Refinance My Title Loan?

All companies and loans are different and each one will have its own set of requirements that determine when an account is eligible for refinancing. If you are considering an auto title loan refinance planning for it a few months in advance is a good idea. Here are some things that we at American Auto Title Loan look for when evaluating an account for refinancing.

1) A Consistent, On-Time Payment History

2) Equity is Present in the Vehicle (in other words the loan has been paid down for considerably from the initial loan amount)

3) Good Communication with Customer

4) Vehicle is Being Maintained to Hold Value

How To Take Advantage of a Car Title Loan Refinance

1) Pay on time! (see a trend here?)

2) Pay down your loan sooner than your term

3) Pay more than you minimum payment

4) Come prepared with all required documents and updated personal information when attempting to refinance your loan

5) Establish a positive, open line of communication with your lender

Did You Know?

Did you know that we can refinance your existing loan with a different company? That’s right! American Auto Title Loan can buyout your existing title loan . We are one of the few companies that buy out/pay off existing title loans. All every single time we can get you a lower rate, lower payment, increase your loan amount, and maybe even all three! Give us a call or apply online in just 60 seconds to see if we can help you refinance your car title loan today! Bring us your existing contract and we can almost guarantee we will buyout your title loan or title pawn and get you the best rates on a car title loan today!

By Faithe Andrews 15 Feb, 2016

American Auto Title Loan is happy to announce we have expanded our service area to help individual’s looking for car title loans in NC. Our company had previously offered title loans to some areas of North Carolina, but we’re unable to serve some locations. Thanks to our new payment technology we are proud to announce expanded coverage for residents who may reside in any part of North Carolina. We are also offering new, lower rates than ever before. We understand that it can be difficult for North Carolina residents to find a reputable source when looking to borrow money against their car title. At American Auto Title Loan, we are constantly working to improve our ability to serve these people with a quality, low rate title loan.  Below are some of the areas that we now may offer title loans to in North Carolina.


Raleigh NC Title Loans


If you are looking for a title loan in Raleigh look no further! We now offer car title loans to Raleigh NC residents. Here’s how it works…


1) Apply online in just 60 seconds using some very basic information.


2) A Loan Specialist will contact you immediately to discuss your individual title loan needs.


3) Bring your vehicle to one of our conveniently located offices.


4) Get you cash the same day and make payments over the phone.


That’s right! Once you have obtained a car title loan from American Auto Title Loan there’s no need to physically return to the office each time your payment is due. Mail or call in your payment each month or pay off at any time with NO PRE-PAYMENT PENALTY. When you obtain a car title loan in Raleigh NC with us you only pay interest while you keep the loan. Keep it for one week and pay back what you borrowed plus one week’s worth of interest. Keep it for one month and pay back one month’s worth of interest. See where we’re going with this? Even if the loan is set up for a longer term you only pay interest while you keep the loan and we charge absolutely nothing for paying off early. We simply want you to return when you need instant cash in the future.


Greensboro NC Title Loans


We are now also offering car title loans in Greensoboro NC! If you need a title loan in Greensboro follow the simple steps outlined above to apply online and get approved today. Typically, you can apply, get approved, and get your cash all in the same day!


Charlotte NC Title Loans


We have a car title loan office located in Fort Mill, SC just minutes from downtown Charlotte. If you live in the Charlotte area and are in need of fast cash we can help you get a title loan in Charlotte NC today. Bring in your vehicle and see how much you can get approved for in just minutes. Thanks to our new payment technology we are pleased to announce the absolute lowest rates on car title loans in NC and anywhere else!


Don’t see your location? Apply online or give us a call toll free at 1-844-834-LOAN(5626) to see if we can service your area. Odds are we can most likely help you! We look forward to helping you get the cash you need today at the lowest rates available!

By Faithe Andrews 03 Sep, 2015

Did you know that almost 50% of the people who come to us already have a car title loan? That’s right! We specialize in helping folks who already have an existing title loan, a previous loan, or folks who have had a tough stretch and have had their vehicle repossessed. We have multiple options if you currently have a title loan and are looking for companies that buy out existing loans for a variety of different reasons. Let’s take a look and the different scenarios where American Auto Title Loan can help when you already have an existing loan against your car title.

  1. Lower Your Interest Rate – If you currently have a car title loan we can look over your contract on in almost every case get you a lower interest rate. Getting a lower rate means you pay less to borrow money. We have some of the   most competitive rates   in the title loan industry and our cutting edge payment technology allows us to offer title loans and the absolute lowest rates possible. If you currently have a title loan get in touch with us to see how we can lower your rate and save you money immediately!
  2. Lower You Payments – Feel like you keep making payments but your balance never goes down? Along with getting you a lower interest rate, we can reduce your monthly payments. When your interest rate is reduced your payment comes down right along with it. Also, such a reduction means that when you make a payment it actually pays down on your loan instead of the majority of your money going to interest. Out of all the places that buyout existing title loans, we at American Auto Title Loan in South Carolina have the largest and most flexible line of loan products to fit your individual needs. We can take a look at your existing loan and share with you the ways that we can save you money. The best part…there’s no obligation and it’s absolutely free to find out!
  3. Getting A Little Behind On Payments? – Everyone goes through rough patches in their lives. We are a privately owned company owned by real human beings, just like you! We understand this because we have gone through the same tough times at some point in our lives. When you bring your existing title loan to us, we give you a fresh start so that you can put the past behind you and move forward to a better situation. If you are a couple payments past due let us know and we can pay off your existing title loan and allow you to have another 30 days before your 1st payment is due.
  4. Repossession Help – American Auto Title Loan has the ONLY repossession help program in the entire title loan industry. Our   “Fresh Start Program”  gives individuals who have endured the unfortunate experience of a repossession to 1) Get their car back IMMEDIATELY 2) Get a Fresh Start with a current account in good standing 3) Resume making on time payments to avoid any such repossession situation in the future. To find out how you can get your vehicle back immediately visit our Fresh Start Loan Program page today.

Sound like a lot or work? Not at all. Simply give us a call at 1-844-834-LOAN(5626) and we take care of the rest. You won’t even have to speak with your previous loan company one time. We literally handle the entire process for you. Find out what it feels like to be treated like gold when dealing with a car title loan company. We are NOT the shoddy loan company with the bright paint and neon signs! We are a 21st century company focused on providing you with the best possible experience. Thousands of folks have discovered the American Auto Title Loan difference. Now’s your chance to do the same.

Visit us online at   www.americanautotitleloan.com


Call us Toll Free at: 1-844-834-LOAN (5626)

Looking for a car title loan in North Carolina?   Click here

By Faithe Andrews 06 Aug, 2015

Each year Summer break comes to a fast close and the kids are preparing for a new school year. As if getting them back on a normal schedule isn’t stressful enough, the financial strain that comes along with a new school year can be tormenting to a loving parent. With the endless supply list, tuition, fees, lunches, books, clothes, shoes and everything else in between;   it’s stressful! Even though this financial need arises, your other bills and financial responsibilities don’t take a time out for you to get caught up. That’s where   we   come in! I know you think it isn’t, but it is possible to get your kid off to school in a new outfit with a book bag full of necessary supplies, fully confident that your bank account isn’t in the negative.

Our   fast loans are the perfect fit for the busy parent who doesn’t have time to deal with the hassle of finance companies or bank loans. At American Auto Title Loan , our process is super simple and frequently results in a happy customer leaving with cash in hand in 30 minutes or less! Our team of professionals will guide you step by step into a comfortable payment plan that fits   YOUR   budget. With few required documents from you, getting the money you need   FAST   has never been easier. Time and time again we hear “wow, that was simple”, and that’s our goal!

I already know what you’re thinking; “my credit is horrible, I’ll never be approved and they’re probably just like every other loan company”, but you are wrong! We   NEVER   perform a credit check on anyone. That’s right, a no credit check loan is exactly what we provide! It makes no difference to us if you have excellent credit or no credit at all; your vehicle is your credit!!! We believe in giving everyone equal opportunity for obtaining the cash their family needs. Past credit mistakes shouldn’t be a determining factor in someone’s approval; we all make mistakes! That’s what sets us apart from the competitor.   Our   staff genuinely care about your financial well-being.

“So if I decide to apply, what do I need to bring with me?” There are a couple of options for you; apply online or come into the office. Either way, you will be required to come into the office to receive the money, but applying online will familiarize our staff of your situation and save you a couple of minutes when you come into the office.

The necessary documents are:

  • Photo ID
  • Insurance & Registration
  • Current Check Stub
  • Current Utility Bill
  • Clear Title

 We agree that easy, hassle free loans are a rarity, but they aren’t an impossibility with us. We encourage you to give us a chance to prove to you that our word is true.   We   would love to be a solution to you financial needs, whatever they may be. Getting the kids off to school with confidence is essential and we can help you make it happen!

Call us today 844-834-LOAN(5626)                                                                                            

Or visit us   online!

By Faithe Andrews 02 Jul, 2015

Most everyone plans and looks forward to a summer vacation. It’s rewarding to take time away from the everyday cares of life and relax from a winter of hard work. However, summer trips can be very costly if you don’t spend time researching ways to save. Our number one focus here at  American Auto Title Loan  has always been to provide folks with fast cash for any financial need, but we take pride in using that cash for summer vacations! We know how important it is to be financially able to escape reality for a little while because we do it ourselves! To help ensure you can take a vacation and save some cash, we have included some tips that we have found helpful!

When to Go

According to  wsfa.com , you’ll save some money overall if you wait to take your summer trip in mid-late August. Most people take their trips in June or July; therefore hotel staffs are trying harder to fill rooms in late summer, resulting in lower rates! Also, gas prices are on the decline right now! Makes much more sense to take off on a road trip while gas is low! We know it’s hard to wait out the fresh summer days to enjoy a trip, but planning a later trip can save you hundreds of dollars.

What to Do

The majority of people have smart phones capable of running a large variety of apps. It makes sense to utilize that capability when taking a trip for your convenience and wallet! Apps like Retail Me Not  and  Grub Hub  will use the GPS signal on your phone to notify you of special restaurant and attraction promotions going on in your area while on the road. Money saving apps are a life-saver to those traveling on a budget!

Money for the Ride

So you’ve decided on a destination, booked a hotel and searched for the local attractions. Your itinerary is booked and the trip is getting close but there’s a problem; your vehicle needs maintenance before you leave. An oil change, new tires and filters are needed before it’s safe to take a trip in. You figured every stop and meal into your budget but vehicle maintenance was unexpected and unplanned. Don’t panic!

American Auto Title Loan  specializes in the unexpected finances of folks in North and South Carolina. We can get the cash you need to get on the road and put some extra in your pocket for other unplanned expenses!! Our low rates and affordable monthly payments take the stress out of getting the cash you need! The process is simple and takes less than 45 mins! There is no credit check and few documents required!

What You Need:

  • Vehicle
  • Lien Free Title
  • Photo ID
  • Insurance & Registration
  • Current Pay Stub
  • Current Utility Bill

We want you to make your summer vacation a priority and save some money while doing it! If you’re short on the cash to get you there,  we  have you covered! Remember, each person who  applies online  with receive a FREE $25 Gift Card!! 

By Faithe Andrews 25 Jun, 2015

Getting the cash you need from   American Auto Title Loan   is super simple. There is an instant approval, no credit check,short and simple process with few required documents for obtaining the loan. However, one of those documents is the clear title to your vehicle and not everyone who needs a fast cash loan has the title to their car! So, those folks must be out of luck, right? Wrong! We are proud to announce that we are now doing boat and RV loans!

It’s now possible to obtain a   title loan   with us using your Boat, ATV, RV, Motorcycle, Camper or Jet-ski! The process works just like an ordinary title loan so you’re not exempt from any of our consumer benefits. You’ll still be offered low, competitive rates, no credit check, instant approval, cash in minutes, low monthly payments and excellent customer service!

Unable to haul your vehicle to us? We will come to you! That’s right; we will come to the sight of your recreational vehicle to do the appraisal! We don’t want your circumstances to deprive you of the   money   you need.

The cares of life add more than enough stress to working Americans, so when financial burdens arise, we know how worrisome things can get. It is possible to get the financial help you need without a hassle, though; and it’s such a relief to know that the cash you need can still be obtained without the title to your car, truck or SUV!

Our goal is to be the solution to your   financial situation   and provide you with instant cash loans in North and South Carolina. Let us lighten your load of stress today!

By Faithe Andrews 18 Jun, 2015

Daily lives are hectic and busy nowadays and time is precious. Most families have two people working full-time jobs, along with everything else that comes with keeping a family together. Having a family means bills; bills that sometimes require money that surpasses the amount being brought in. Especially when there are unexpected expenses on top of regular bills. These situations can put a financial burden on folks when the need for extra cash arises.

While there are many places that offer financial solutions, obtaining that money may be more of a burden than not having it at all! Most financial institutions require countless personal documents, perform credit checks, offer more or less than the amount needed, and tie up your precious time for hours! Getting the money you need shouldn’t be such a hassle; that’s why   we’re here!

At   American Auto Title Loan , each person is treated exactly how we would want to be treated. Our time is extremely valuable to us, as we know yours is! There is no waiting to know if you’re approved. One of our highly trained team members can give you an approval within a few moments of being in the office! Our average loan from start to finish takes approximately 30-45 minutes!!

We offer a truly hassle free, fast, solution to your financial needs. Our instant approval   loans are based on the value of your vehicle and never on your credit! In fact, there is no credit check!! We are dedicated to helping folks who have poor or no credit, knowing first hand the headache credit scores can bring.

Few documents are   needed   to get a loan with us: Photo I.D., Insurance & Registration, Check Stub, Piece of Mail and Clear Title!  Once you’re approved, a member of our team will work one-on-one with you to create a payment plan that fits your budget. It really is that simple!

Fast cash loans   are   a reality. You don’t have to settle for the hassle of a finance company or bank!

Call us today at 1-844-834-LOAN(5626) or visit us   online ! Let us be   the   solution to your financial needs!!!

By Faithe Andrews 11 Jun, 2015

There comes a time in everyone’s life when financial burdens arise. No matter how good our jobs are, how big our houses, or how much we save and plan; we will all need financial help at some point. Regardless the need,   American Auto Title Loan   can get the money you need, today!

We   specialize in fast cash through car title loans in both North and South Carolina! Whether your need is student loan debt, foreclosure help, behind on car loans, bankruptcy, repossession help or just a little extra to make ends meet; we do it all! Our highly trained professionals are ready to guide you through the simple process and get you the cash you need.

I know what you’re thinking; “how will I ever qualify for a loan if I have been through a bankruptcy or repossession?” The truth is, you won’t be! No one at a traditional finance company will lend you any money once they see your credit history but we are not your traditional finance company! We are able to help with such situations because we never perform a credit check! That’s right; there’s NO CREDIT CHECK! At   American Auto Title Loan,   your vehicle IS your credit!! Our only concern with your financial problems is being the solution to them! Not sure if you could afford the monthly payments? Rest assured we work one on one with each individual to create a payment plan that fits YOUR budget!

Don’t let the bills stacking up on the kitchen counter cause you to worry and stress! We’ve got you covered!   Apply online   or give us a call toll-free at 1-844-834-LOAN(5626)! Let   us   be the solution to the money help you need, today!

By Faithe Andrews 04 Jun, 2015

So you’re sitting in your living room worried and wondering; what you’re going to do about the bills stacking up on the kitchen table, how you’re going to afford gas for the commute to work during the week, where the money for your child’s school pictures will come from, along with everything else on your plate. You see a commercial from a popular loan company and their services sound promising. Running out of options, you take your car title into their location nearest you and you’re approved! The process takes about an hour and you leave with the money you need to take care of your financial burdens. You make every payment on time, despite the financial strain it places on your family, and stay in good standings with the company. However, after 14 months of payments, you still owe double what you borrowed with no end in sight. You contact the lender to plead your case and seek answers, only to hear “this is stated in the contract you signed”. Your hands are tied and you are stuck in a vicious cycle, paying back multiple times the amount you borrowed. Stressed and frustrated is an understatement.

Time and time again folks come to us needing help getting out of this vicious cycle. We understand their frustration. It shouldn’t cost thousands of dollars to borrow the few hundred that you need, regardless of your credit situation. Here at   American Auto Title Loan , getting the money you need fast is what we do. Our auto title loans are fast, simple, hassle free and there are no credit checks!  

So what differs us from the other guys? It’s simple: we are small and privately owned. We strive daily to deliver, fast, reliable, trustworthy, honest, friendly service to folks all across the Carolina’s. We’re in fierce competition with other lenders for you.   Our   desire is to be your financial solution to help you, not hurt you. We offer low rate loans and affordable monthly payments. There are no hidden fees and no prepayment penalties. All contract documents are thoroughly discussed at the time of the loan. Our highly trained staff works one on one with you to get you into a payment plan that fits your individual budget. Keep the title loan for as long as you need it and pay it off at your convenience with no early termination charges! It’s really that simple.

The Palmetto State is the home of American Auto Title Loan and we are proud to have served the folks in SC with fast cash loans for over 5 years. We have locations spread throughout the great state and we are growing each year. We offer title loans in NC, too. We have offices conveniently located just across the state line and there is sure to be a location near you!   We encourage you to give us a try. We promise to give you the best service possible.Find out more information about us   here . We are also on all popular   social media   sites, sharing great information daily.

Title loans are meant to be a fast, easy financial solution; not a long, drawn out, financial burden. Don’t get caught up in an endless cycle trying to pay back money you never borrowed. We can   help   you!

By Faithe Andrews 28 May, 2015

>Auto loans from large, popular companies are a convenient way to get the money you need, fast! A contract is set in place and monthly payments are scheduled to be made. Most often, the lender has a set payment and no matter what, you are obligated to make those payments on time. However, what happens if your child gets sick, your car breaks down, a power bill is double the normal amount or you have other unexpected expenses that prevent you from making  month’s payment? Your vehicle is repossessed. It’s completely out of your control and even though you’re on the bottom already, repossession and storage fees are added to the entire payoff of your loan in order to get your vehicle back! This situation can be extremely stressful and often times the consumer loses their vehicle because coming up with the funds are an impossibility! We hear these stories all the time and that is why we created the   Fresh Start Loan Program.

What is it?

>Our Fresh Start Loan Program is a solution to folks in need of repossession help. Here at American Auto Title Loan,   we believe everyone should have the same opportunity for a low rate loan and shouldn’t be punished for previous situations beyond their control that led them into a repossessed situation! We treat the people in our Fresh Start Program just as we would treat someone walking in for a new loan, whom we know nothing about. The process is simple and requires little effort from the you, the consumer.

How does it work?

>Once your vehicle has been repossessed, give us a call. We will need some information from you such as; the name of the company your vehicle was repossessed from and their number, your name and number, and the year, make and model of the vehicle. We then, will contact the lender and work out all the internal details. We will perform an evaluation of the vehicle, take the lender a check for the payoff, pick up your title and wait for you at our office. You will gather your personal information and come into the office where you will be treated as a respectable, new customer. An affordable payment, within your budget, will be worked out and you will begin a new loan with us at no out-of-pocket expense to you. We take care of everything from the repossession fees to paying off the existing loan! All you have to do is show up with your info, sign new loan documents and go pick up your vehicle!

Our Goal

>Our desire is to be the solution to your financial needs, no matter your situation. We offer auto loans in   North and South Carolina!   Getting the money you need has never been easier. We have a super simple process that includes no credit check, low rates, affordable payments and friendly, professional service! If you or someone you know has been a victim of repossession, please contact us. One of our trained professionals will take good care of you! Title Loans are our profession, helping people is   our goal!

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