When you need cash fast, a title loan can help cover expenses. A title loan allows you to use your vehicle as collateral and doesn’t require a strong credit score. To help you choose the right lender, ConsumerAffairs researched the best title loan companies in Nashville.
To obtain a title loan in Nashville, you must own a vehicle and have a lien-free title. If you qualify, a lender is allowed to offer you up to $2,500 and hold the title until you repay the loan. Loan periods may not exceed 30 days in Tennessee.
Interest rates on title loans in Tennessee are capped at 2 percent per month. This means that if you borrow $1,000 for 30 days, you will owe at most $20 in interest. If you borrow $2,500, the maximum interest charge is $50. The amount the company will lend depends on the value of the vehicle.
Many title loan companies in Nashville have online applications, but you will likely have to bring your car in for an appraisal. Be ready to provide the following:
A valid government-issued photo ID
Clean vehicle title with your name
Proof of income
Proof of address
Proof of auto insurance
Before you sign up for a title loan in Nashville, look over all the associated costs and make sure you can afford to repay the loan on time. The amount you owe will include not just principal and interest, but also any charges, like a document fee or origination fee.
Also, be sure to understand how to make repayment. You might be able to set up an automatic withdrawal, but it’s not required. If there is any penalty for prepayment, look elsewhere; prepayment penalties are illegal for title loan companies in Nashville.
To learn more about title loans, see general information from the Federal Trade Commission, or state-specific laws pertaining to title loans in Nashville. The companies listed on this page are a good starting point if you decide a title loan is your best option.
Speedy Cash, a national company, makes it easy to get a title loan in Music City. Bring your vehicle into any of the area’s five locations, fill out an application and drive away with cash in as little as 30 minutes. With Speedy Cash, it’s possible to get a title loan even if you’re still making car payments. Nashville customer reviews are positive, praising the fast lending process and convenient online account management.
TitleMax is a leading U.S. title lending company. Applicants of all credit types are invited to apply. The process takes as little as 30 minutes, and same-day cash is available. Use the TitleMax mobile app to check your balance, see a due date or make a payment. Nashville residents appreciate that the company has plenty of area locations and say the customer service is first-rate.
Finova Financial is an online title lending company offering same-day funds. Nashville vehicle owners never have to visit a store and don’t need good credit to qualify. Payments can be made from any computer or mobile device or at any of 32,000 U.S. retail locations. Customers generally give Finova Financial strong reviews and recommend the company to others.