Applying for a Title Loan in Alabama

As adults, we have bills to pay, and it is our responsibility to pay off any of those bills when they are due. Whether it is monthly, quarterly or yearly, we must be held accountable for the services and expenses we have to make. Getting a personal loan through a bank may seem like an attractive options, but those with bad credit, as well as those with no credit, can get denied. On top of that, those who get denied will find their credit score has decreased slightly. This is because banks will use a portion of your credit for simply inquiring. With bad credit, there are other loan options to take. Many individuals get a title loan because it is the most convenient way to get cash. Many people have their vehicle paid off before any other asset they may own. Vehicle titles can secure a small loan amount for these types of individuals. Most of us use the small loan amounts given to pay for other debts we owe to other creditors, and then pay off the title loan lender.

Title Loan Application Process in Alabama

The state of Alabama treats title loans the same way as a pawn transaction. In fact, title loan lenders are considered as pawnbrokers. They are regulated by the county sheriff or the police chief of that specific municipality. They must also be licensed in the state of Alabama for any of their contracts to be considered lawful and valid. Title loans are easy to acquire with a clear auto title. Our applicants may apply online for free, just to get started on the process. Vehicle information such as the vehicle identification number (VIN), mileage, year, model and make is the only determination for your loan amount. The loan amount may vary between individuals. The condition of the vehicle can also affect your loan amount, it may decrease if there are any physical signs of damage, or if there are any internal failures. If you choose to apply online, a loan representative from our lender’s office will contact you. They may break down the title loan process for you, as well as provide you answers to any questions you come up with.

To finalize the loan contract in the state of Alabama, you must visit a physical title loan location. At the site, the title loan lender, pawnbroker, will draw up your contract and require your signature. If you have not applied online, you will need to fill out an application there. You may also obtain a copy of your contract, this will outline payment guidelines as well as:

  • An accurate and detailed description of the vehicle’s conditions
  • The applicant’s name, residence, and birth date
  • The day of the pawn transaction
  • Identification type and number given by the applicant
  • Detailed description of the applicant which can include your height, race, and gender
  • Loan amount given by the title loan lender, pawnbroker, to the applicant
  • The end date of the contract
  • The monthly payment rates as well as the due date of the payments

Each contract must also include a few statements that notifies the applicant of the terms of the contract, which can include:

Any pledged item to the title loan lender that is defaulted, and have not received payments after 30 days of the end of contract can be subjected to sale
The applicant must attest that the vehicle is not stolen property, contain any liens and that the title loan lender can sell the vehicle if needed
The car can only be taken by the person whose name is on the ticket
Title loan lenders signature