Car Title Loans in Los Angeles, CA

Laws and rules for car title loans in Los Angeles. How to do it and what you should know before you sign.

All financial lenders in who do business in California needs to be licensed by the State of California under the Department of Business Oversight (DBO). Additionally the business needs to be registered to do business in the state with a business license. To get licensed, the company must post a bond and have a DBO approved representative on site and administer the rules set. Customer needs can he either processed through a DBO licensed broker or a licensed lender but at no times can a customer be processed by a unlicensed lender or an unlicensed broker even if the unlicensed broker sends the customer information to a licensed lender.

The license must be renewed once a yet by reporting it’s activities to the DBO and the DBO audits both brokers and lenders.

All licensed brokers and lenders must notify the public that they are licensed on the bottom of the website, like this one. If you want to know what the licensed looks like, here is ours.

Los Angeles is the leading city for title loans but title loans are available in 37 states currently.

Typically title loans are no less than $2510 with rates ranging from 29% APR to 108% APR on up. Most have no prepayment costs. Loan amounts are determined by company and most title loan lenders so not use the same model for valuing a vehicle than their competition. The consumer may get different loan amounts from one company to another. This is important because if a car does not qualify with one company it may with another. Brokers have easy access to  the different loan companies validators and one call basically does it all.

In 2017 the best title loan companies are using technology to solve many of the stumbling blocks seen years ago. Some do not even require you to go to an office and a few handle the entire loan process online with out even personally seeing the vehicle. This does not mean that they give loans with out a working vehicle, rather they have you use your cell phone to take pictures of the car and even may ask for a video of the car running.

The process starts with the customer contacting the lender directly or a broker such as this site. The biggest advantage to using this site is that if you do not get approved with the direct lender you will need to do the process all over with another whereas a broker can manager this with just your approval.

Once you have made contact either via chat, text message or the information request itself, you will be called or get a text if you authorized that in your request. There will be several questions asked. They typically are:

1. Where you are located. What state. This is asked because title loan laws different from one state to another and not all states allow title loans.
2. Information on your car. Once we know we can do business with you, we then check the value of the vehicle to determine an approximate amount of the loan.
3. What is your income? The law requires that you must have the ability to repay the loan however that ability can be made several ways and a we can help you with what the lender will need for this. People with no income or limited income can be helped.
4. Once we determine that all the typical basic hurtles can be overcome, proof is the required. This is where you would use your cell phone to take pictures of things like your title, the income proof, your residence, references ect. Most things can be overcome by lender approval but all lenders and brokers will ask for this and waive things based on the two main factors which is your vehicle and your ability to repay the loan.
5. Typically it takes 24-48 hours to get the loan but if a person calls in the morning, it is realistic that in an hour they could get funded. Weekends, like Saturday can still get the consumer money however usually only till about 3 pm. Sundays and Holidays usually just completes the steps and funding happens the next morning.
6. You will be asked either to sign a contract in person by store or partner location or DocuSign is sometimes used to speed up that step.

There are variations to the above based on lender and customer information but in all cases the consumer must be clearly explained how much borrowing this money will cost them. Title Loans are not intended to be long term loans however the contracts are usually written for a year to 3 years depending on the consumer request and the loan company acceptance. We warn consumers to understand that the longer they take to repay the loan will result in very high interest over time so it is always in the best interest of the consumer to repay the loan quickly to avoid these charges.

Car title loans in Los Angeles does not just cover the LA area. In fact you can get a loan in any area of California but not all lenders serve the entire state.