Can I Get A Title Loan Without A Car Title?
Unfortunately, if you don't own the title of the car in your name, you won't be able to get financing, as it is collateral for the loan.
Get Your Car Title Loan Now!
If you are facing additional expenses, you are most likely looking for additional sources of funding. At the moment, the easiest option for obtaining financing is a loan. If you have a car title in your name, then consider your problems solved as you can apply for a Car Title Loan.
What Should I Know About Title Loans?
A Title Loan is a secured type of financing designed to enable the borrower to quickly receive money and meet their needs. The title of the car is collateral for the loan, so you need to temporarily transfer it to the lender while you pay off the debt. You can get it back when the debt with interest is fully repaid.
Most often, Car Title Loan is short term and you will need to pay off the loan within 30 days. The main advantage of this loan offer is that you can enjoy driving your car even though it is collateral for the loan.
What's The Difference Between A Traditional And Online Title Loan?
In order to get a traditional Car Title Loans in Texas, you need to find a lender near you, visit his location, and then go through a physical inspection of the car. Specialists will pay attention to factors such as brand, model, mileage, condition, cost, and so on. After inspecting the vehicle, they will be able to provide the borrower with the loan amount.
If a borrower wants to get online title loans in Virginia, then the he does not need to go to the lender's store and go through a physical inspection, since the entire lending process is available completely online. All you need to do is to provide good quality recent photos of the car as required by the lender. In this way, he will be able to evaluate your vehicle online and provide money directly to your bank account.
Bad Credit Online Title Loan
If you have bad credit, chances are you've already been turned down by banks and credit unions. This is why many borrowers with bad or poor credit don't even know if they can get financing, and the answer is yes.
Because the Title Loan is secured, lenders know that borrowers are more likely to repay on time to avoid losing collateral. That is why lenders work with different types of credit. Thus, even if you have previously been rejected, you still have the right to be approved.
Car Title Loan Eligibility Criteria
While Car Title Loans are now available entirely online, you still need to meet certain eligibility criteria for your chosen lender. They can vary both by state and by lender. Below you can explore the main ones:
- Be a US citizen or official resident
- Be at least 18 years of age or older
- Have a regular monthly source of income
- Have a government-issued ID
- Have an active bank account
- Provide phone and email
- Keeping this in mind, lenders will also ask you to provide documents for the car, such as:
- Current vehicle registration
- Original vehicle title with solo ownership
- Government issued identification matching the name on the title
- Vehicle insurance proof
- Proof of residency matching the name on the title
If you meet these requirements, then your application for an Online Title Loan will be approved and you will be able to receive money for your needs.
How Much Can I Get With Online Title Loan?
Of course, before applying, it is important to know not only about Car Title Loan regulations, but also about how much you can get and whether this amount is enough for you to cope with the costs.
Most often you will be able to get from 25% to 50% of the value of the vehicle. Loans can range from $100 to $5000 and even more. In other words, the more expensive your car and the better its condition, the more you can get.
Is It Risky To Apply For A Title Loan?
Online Car Title Loan is a rather risky type of financing as the title is collateral for the loan. This means that if you fail to repay your debt on time, the lender will be able to take your car in order to consolidate the loan debt. That is why you must make sure that you can actually pay it on time before applying for funding.
