Car Title Loans FAQ
What is a car title loan?
A car title loan allows you to borrow the equity in your vehicle so you
can receive much-needed cash.
What do I have to do to receive a car title loan?
- Car must be worth at least $3,500
- Provide us with clean DMV title
- Provide us with current DMV registration
- Provide us with proof of income
- Provide us with proof of full coverage insurance
- Provide us with valid driver's license
- Provide a recent bank statement
What is the minimum amount of money I can receive?
Our minimum loan amount is $2,510.
What if my car isn't worth $3,500?
We have been able to make exceptions for cars that are not worth $3,500,
but it is very rare. Give us a call and we will do our very best to get
you the loan you need.
Do I have to be a California resident?
In order for 15 Minute Title Loans to give a customer a car title loan,
they must be a resident of California.
Can I keep my car while I have a loan with 15 Minute Title Loans?
Yes! While we own the title of the car, you can still keep and drive your vehicle.
Who doesn't qualify for a 15 minute title loan*?
Those who are regular or reserve members or a dependent/a spouse of a regular
or reserve member of the Army, Navy, Marine Corps, Air Force, or Coast
Guard, serving on active duty under a call or order that does not have
a specific end date cannot qualify for a car title loan from 15 Minute
Will I get penalized for making any pre-payments?
No! There is no pre-payment penalty. We also encourage our customers to
pay more than the required monthly amount so they can repay their loans
faster and pay less interest.
When can I receive my title loan?
Depending on the customer, the process takes anywhere from 30 minutes to
an hour if all requirements meet all necessary criteria to qualify for a loan.
Will I get charged any hidden fees to discover if I qualify for the loan?
We do not charge a quote or estimate fee.
Will I have to go to the DMV after receiving a loan?
We handle all DMV paperwork.
How long can you write the loan for?
We usually write the loan for 36 months.
What if I have a classic car?
We generally do not lend on classic cars, but we will treat this on a case-per-case basis.
Does my car need to be completely paid off?
In most situations, yes, your car has to be paid off. In some situations,
we can lend a customer money if their car isn't paid off, depending
on the customer and their case.
Do I need to be employed when I apply for a loan?
You do not need to be currently employed, but we need to know that a customer
has a source of income to ensure that they have the ability to pay off
the loan. If you do not have a job, you may need a co-signer.
If I am on disability or retirement, can I receive a loan?
You can receive a loan if you are on disability or retirement, as long
as you can demonstrate the abiity to repay.
What if someone else's name is on the car title with my name?
You may still be eligible to receive a loan if another person's name
is on your car title with your name. The other person listed as the owner,
however, must be present when your loan is approved.
Is it really necessary that I have full insurance coverage?
Yes. All car title loans cannot be given without proof of full insurance
coverage. It is not just our company with this rule-all car title loan
companies require this.
If I have a car title loan with someone else, can I refinance to receive
a better rate / additional money?
Absolutely! We can either help you refinance your car or help you apply
for a car title loan if your title loan was completed correctly by your
current loan company and if your vehicle is still in decent shape.
Does my name have to be on the title for me to receive a loan?
No, your name does not have to be on the title for you to receive a loan,
but the title holder must be present when we give you your loan.
What is your interest rate?
The interest rate depends on your unique situation. We strive to offer
customers the best interest rate possible.
If I recently filed for bankruptcy but still have a job, can I get a title loan?
You may receive a title loan only if your bankruptcy file has been discharged.
If there is another person on the title of my car, do they need to be with
me when I sign the paperwork?
If the title says your name "and" another person, they must be
present. If it says your name "or," they do not.