Frequently Asked Questions

Loan Requirements:

What is a car title loan?

A car title loan is a personal loan that is secured by the borrower’s vehicle. The loan amount is based upon the vehicle’s value and the borrower’s ability to repay, making your credit score a less important factor. The borrower gets to keep driving the car while the loan is outstanding.

 

How long have you been in business?

We have been in business since 2001 and have helped tens of thousands of
customers get cash when they needed it most. We have offered some of the most competitive rates and flexible payment terms in the industry for nearly 20 years.

 

What happens to my car?

You get to keep possession of your vehicle during the term of your loan as long as you make timely payments, so there’s no problem going about your everyday activities.

 

Are you a licensed lender?

Yes. We are fully licensed or registered and in good standing in every state in which we lend.

 

How can a car title loan help my credit? Do you report to the credit bureaus?

We report to the major credit reporting agencies. A good payment history with us may help raise your credit score and make it easier for you to borrow money in the future.

 

Is there a penalty to pay my loan early?

No. There is no penalty to pay your loan early. In fact, paying your loan in full early will reduce the interest charged on your loan.

 

What do I need in order to get approved for a car title loan?

You need a car that meets the minimum value requirement and the ability and willingness to pay back the loan.

 

Does my car need to be paid off?

No. Many people who have a few payments left on their car loan still qualify. Best of all, we offer some of the most competitive rates and flexible payment terms in the industry. We can often payoff your existing car title loan to lower your monthly payment and save you money.

 

Can you help if I already have a title loan with another company?

Yes. We offer some of the most competitive rates and flexible payment terms in the industry. We can often pay off your existing car title loan to lower your monthly payment and save you money.

 

Do I need to be currently employed?

No, but we do need to know that you have the ability to make payments. This means you need some sort of income that you can prove. We do allow co-signers on the loan if necessary.

 

Is it possible to have a co-signer on my car title loan?

Yes. You can have a co-signer on your car title loan. The co-signer will need to sign a credit application and provide identification, proof of residence, and proof of income. We keep private all non-public personal data and will not let the borrower see the co-signer’s data and vice versa.

 

How much does my car have to be worth?

In general, the car needs to be worth more than the amount of money you borrow. It takes only a few minutes to find out how much you can borrow, and there is no charge and no obligation to find out.

 

How much can I borrow?

The amount you can borrow will depend on several factors.  Most important for secured installment loans is the value of your vehicle and your ability to repay.  Amounts and availability vary by state.  In general, loan amounts range from $2,000 to $3,500 for unsecured installment loans and from $2,000 to $30,000 for secured installment loans.

 

What can I do with the money I borrow?

Anything you want. There are no restrictions on how you use your money. We always suggest that you use the money you borrow responsibly because you are obligated to pay it back.

 

Who backs Wilshire Consumer Credit?

Wilshire Consumer Credit is financially backed by Westlake Financial Services, a leader in indirect automotive finance. Westlake has over 25 years of experience and operates nationwide. To learn more about Westlake Financial, go to www.WestlakeFinancial.com.

 

Can I make extra payments?

Yes, extra payments will help reduce the amount of interest you pay.  The faster you pay, the lower your interest charges.

 

Can I get a car title loan if someone else’s name is on the title with mine?

Yes. We can offer a loan if more than one name is on the vehicle’s title.

 

Can I get a car title loan if I cannot find the title to my car?

Yes. We can offer a loan if you have lost or misplaced the vehicle’s title.

 

Do I get to drive my car while the loan is outstanding?

Absolutely! One of the benefits of a car title loan is that you can keep driving your car while the loan is outstanding.

 

How do I get my title back after I have paid off the loan?

We will release our lien on the vehicle after you have paid off your loan. The title will be returned to you in accordance with the requirements of your state’s Department of Motor Vehicles (or similar agency).

 

I’m not comfortable providing my social security number online. What should I do?

Since our application is secure (www.thawte.com), you should not be concerned about any information you enter on your application. However, we understand that some people may be uncomfortable providing sensitive information on the web. If you do not wish to provide this information online, simply call us at (800) 227-8485 to submit an application over the phone.

 

What is the cost of my credit going to be?

Our interest rates vary depending on the state of residency of the borrower, creditworthiness, collateral, and the terms agreed to. Our annual interest rates vary between 35.50% and 199.99%. For a typical loan of $4,000 with an 80% APR and a 24 month term, the payment is $338.61 and the total scheduled interest is $4,126.87. The interest on the loan may vary depending upon the timing of the payments made.

 

For Utah residents only please click here to see our Utah Fee Schedule.

For Missouri residents only please click here to see our Missouri Fee Schedule.

 

Customer Service FAQ:

How can I make a payment for my loan?

You can use any one of these convenient payment options*:

 

AUTOMATIC E-PAYMENT: Automatic E-Payment Withdrawal is a free service offered by Wilshire Consumer Credit (“WCC”) where your regular monthly payment is electronically transferred from your checking account and credited to your WCC account. No more writing checks, buying stamps, or worrying about mail delays!

 

ONLINE: Go to MyAccount.WilshireConsumer.com to setup an online account.

 

PHONE: You may pay over the phone with a live representative using your Checking/Savings account, Debit, or ATM card. If you’d like to make a payment, please call (800) 589-0290.

 

MONEYGRAM:
Company: WCC (Wilshire Consumer Credit)
City: Los Angeles,
Code = 3625

 

MAIL: Personal Checks and Money Orders can be sent to the address below. Please make sure to include your Name and Account number.

 

Regular Mail
Wilshire Consumer Credit
PO BOX 849083
Los Angeles, CA 90084

 

Overnight Mail
Wilshire Consumer Credit
ATTN: LBX #79083
3440 Flair Dr.
El Monte, CA 91731

 *  Please note that a third party processing fee may apply depending on the type of payment you are making, and that a processing fee may not be assessed in some states.  For more information on payment options and the processing fees that may apply, please visit the “Payment Options” link at Myaccount.wilshireconsumer.com.

 

How do I change my billing address or phone number information?

Please call the Customer Service number and speak with a Customer Service representative (800-589-0290) or log into My Account.

 

How can I get a copy of my recent statement?

Please call the Customer Service number and speak with a Customer Service representative (800-589-0290) or log into My Account.

 

How do I know if my last payment has been received?

Please call the Customer Service number and speak with a Customer Service representative (800-589-0290) or log into My Account.

 

How do I get a pay-off amount for my loan?

Please call the Customer Service number and speak with a Customer Service representative (800-589-0290) or log into My Account.

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