Financial problems can arise when you least expect them. Losing a job, getting divorced, having a baby, or experiencing health issues can all leave you short on cash. If you are in this situation, it’s important to know that there is a way to quickly get your life back on track. A title loan can provide you with the fast cash you need to make ends meet.
Title loans, which are also known as car title loans or vehicle title loans, are secured loans, which means they are supported by collateral. To get a title loan, you must use the title to your car, truck, SUV, RV, or motorcycle as collateral.
Borrowers must meet certain requirements in order to get approved, so you might be wondering, “Do I qualify for the best title loans near me?” Here’s what you should know:
What Are the Eligibility Requirements for the Best Title Loans Near Me?
There are certain eligibility requirements you will need to meet to qualify for a title loan, including:
- You must be at least 18 years old.
- You must be the sole or partial owner of a car, truck, SUV, motorcycle, or RV.
- You must have the title to your vehicle, and it cannot be a salvage title.
- You must consent to a credit check.
- You must have auto insurance on the vehicle you are using as collateral.
- You must have a reliable source of income.
These are general title loan eligibility requirements, but the exact requirements may vary slightly from lender-to-lender.
Will My Vehicle Qualify for the Best Title Loans Near Me?
Your vehicle must meet certain requirements in order to be used as collateral for a title loan. After you apply for a title loan, the lender will need to inspect your vehicle to determine if it qualifies.
Vehicles that typically qualify for title loans are newer models with low mileage, however older vehicles may qualify as well. Every lender has a different set of requirements, so it’s best to speak to a title lender to find out if your vehicle qualifies.
Be prepared to provide the lender with basic information about your vehicle, including the make, model, mileage, year, and trim level. The lender can use this information to determine if your vehicle qualifies and if so, how much you will be able to borrow.
What Documents Will I Need to Apply for A Title Loan?
If you’re thinking about getting a title loan, you may want to gather certain documentation in advance to speed up the application process. Most title lenders will require you to submit a number of documents when applying for a title loan, including:
- Title to your vehicle with your name on it
- Proof of insurance on the vehicle you are using as collateral
- Driver’s license
- Proof of income such as recent pay stubs, tax returns, or bank statements
- Proof of residence such as a government-issued ID, utility bills, or mortgage or lease agreement
- Photos of the interior and exterior of your vehicle
The lender may ask you to submit additional documentation in order to process your application. To avoid unnecessary delays, work closely with your loan specialist to ensure you understand what needs to be submitted and how to submit it. The sooner you provide the required documentation to your lender, the sooner your title lender can approve your application.
How Can I Get A Title Loan If I Can’t Find My Title?
The title to your vehicle is used as collateral for your loan, which is why your title lender will ask you to submit your title during the application process. If you can’t find the title to your vehicle, there’s no need to panic. All you need to do is follow a few simple steps to get another copy of your title.
You will most likely need to fill out the appropriate paperwork, provide a proper form of identification, and pay a small fee to get a new title.
Some states allow you to apply for a new title online, whereas others require you to complete these steps in-person at the Department of Motor Vehicles (DMV). The exact process of ordering a replacement vehicle title varies from state-to-state. If you need assistance, feel free to ask your loan specialist for help. You can also contact the DMV in your area to find out how to get a new title.
Can I Get A Title Loan If I Still Owe Money On My Car?
If you took out an auto loan to purchase your vehicle, you’re not alone. Forty-four percent of consumers take out auto loans to finance the purchase of a new vehicle. If you are still paying off your auto loan, you may wonder whether that makes you ineligible for a title loan.
The good news is that you may qualify for a title loan even if your vehicle isn’t completely paid off. You must, however, have equity in your vehicle in order to qualify.
Equity is the difference between your car’s current resale value and the amount you still owe on your auto loan. If your car is worth $10,000 and you still owe $2,000, this means you have $8,000 in equity. If you owe more than your car is worth, this means you don’t have equity in your vehicle, which makes you ineligible for a title loan.
The bottom line? Many people are approved for title loans even though they have a few payments left on their auto loan. Eligibility is decided on a case-by-case basis, so it’s best to discuss the specific details of your situation with a loan specialist.
Will I Qualify for A Title Loan With Bad Credit?
Many people can’t get approved for traditional loans due to their credit. This is because borrowers must typically meet a minimum credit score requirement to get a traditional loan. Fortunately, you may still qualify for a title loan even if you were denied a traditional loan because of your credit.
A title lender will review your credit to determine if you are eligible for a title loan, which is why you need to consent to a credit check when you apply. However, credit is only one factor that lenders consider when determining your eligibility. The two main factors that will affect your eligibility are the value of your vehicle and your ability to repay the loan.
To put it simply, most credit types are accepted by title lenders, so don’t let a less-than-perfect credit score prevent you from applying for a title loan.
You can also increase your chance of getting approved by adding a co-signer with good credit to your title loan. A co-signer is someone who agrees to repay your loan in the event you are unable to do so. The person who co-signs your loan must consent to a credit check and provide proof of identification, residence, and income.
Am I Eligible for A Title Loan If I’m Unemployed?
Some people worry that they won’t qualify for a title loan if they are currently unemployed, but that’s not necessarily true. To qualify, you must have the ability to repay the loan. You will need to submit proof of income in the form of pay stubs, tax returns, or bank statements to your title lender during the application process. However, this does not mean that you need to be employed to qualify for a title loan.
Many unemployed people qualify for title loans because they have other reliable sources of income, such as unemployment benefits, alimony payments, workers’ compensation benefits, veterans’ benefits, or Social Security benefits.
In short, you need to provide proof of income, not proof of employment to qualify for a title loan. If you can provide proof of a reliable source of income, you may still be eligible for a title loan even if you are unemployed.
Can I Get More Than One Title Loan?
If you are still making payments on an existing title loan, you may want to know if it is possible to take out another title loan to get additional cash.
You can only get one title loan per vehicle title. In other words, if you took out a title loan with the title to your car, you cannot use the same title to get a second title loan. If you own another vehicle, however, you may be able to use the title to that vehicle to get a second title loan.
You also have the option of refinancing your existing title loan. Refinancing a title loan involves taking out a new title loan with a new lender in order to pay off your existing title loan with your old lender. In some cases, refinancing can help you secure a better interest rate, lower your monthly payments, and borrow additional cash.
Still aren’t sure if you qualify? Call 855-713-6522 or fill out the form on our website to find out if you are eligible for a title loan.
