Financial problems can arise at any moment due to unexpected events like a medical emergency, car accident, or the loss of a job. In situations like these, it’s important to know where to turn to get fast cash. If you need money in a hurry, a title loan might be the solution.
A title loan is a secured loan that you can get by using the title to your vehicle as collateral. You won’t need to give up your vehicle to borrow money from a title loan. The title loan company will either hold onto your title or put a lien on it until your loan has been repaid. In the meantime, you can continue to drive your vehicle as you normally would while you make payments.
It’s easy to apply for a title loan. In fact, it is possible to get a title loan online. Here’s what you should know:
What Do I Need to Apply for A Title Loan Online?
You may qualify for a title loan if you meet these conditions:
- You are at least 18 years old.
- You own a vehicle.
- You have equity in your vehicle.
- You have a reliable source of income.
- You are willing to consent to a credit check.
Once you apply, you will need to submit certain documents to the title loan company. Be prepared to provide:
- Your driver’s license or another type of ID.
- The title to your vehicle.
- Acceptable form of proof of residence, which may include your driver’s license, utility bills, or a lease agreement.
- Acceptable form of proof of income, which may include recent pay stubs, bank statements, or tax returns.
The documents you are required to submit may vary depending on the lender. Talk to your lender to find out exactly what you need to submit to apply for a title loan.
How Can I Get A Title Loan Without the Title?
Your name must be on the title that you are using as collateral to secure a title loan. If there are multiple names on your title, the title loan company will still accept it as collateral as long as your name is on it.
Your title plays an important role in the title loan process since it is used as collateral. But if you can’t find your title–or if your title is badly damaged–you can still apply for a title loan.
During the application process, let the title loan company know that your title is missing or damaged. The title loan company can help you obtain another copy of your title as quickly as possible.
Can I Get A Title Loan Without Bringing In My Car?
Because your vehicle is used as collateral for a title loan, the title loan company will need to know how much it is worth.
To calculate the resale value, the title loan company will consider many factors, including your vehicle’s make, model, year, condition, mileage, and trim level.
Many title loan companies require borrowers to bring their vehicle in for an inspection. Some companies will send an inspector to the borrower’s home to make the valuation process as convenient as possible.
However, there are also title loan companies that allow borrowers to submit photos of their vehicle instead of bringing it in for an inspection. Talk to your lender to learn more about your options.
How Much Can I Borrow From A Title Loan Online?
Title loan amounts can vary. Your title loan amount will depend on several factors, including:
- Your vehicle’s resale value. Since your vehicle is securing your title loan, your lender will need to know how much your vehicle is worth when determining how much you can borrow.
- Your equity. You must have equity in your vehicle to qualify for a title loan. To calculate your equity, subtract the amount you owe on your vehicle from your vehicle’s resale value. You cannot borrow more than the value of your equity.
- Your income. Your lender will look at your income to evaluate your ability to repay a title loan. This will impact how much the lender is willing to let you borrow.
The title loan company may allow you to borrow anywhere from $2,510 to $50,000. It only takes a few minutes to find out how much you can borrow, so contact your lender right away to get a quote.
How Long Does It Take to Get A Title Loan Online?
It can take days–sometimes even weeks–to get a traditional personal loan. However, title loans are typically processed much faster than traditional personal loans. This is one of the many reasons why borrowers take out title loans when they need fast cash.
If you want to get cash as soon as possible, make sure you submit all of the required documentation to your lender when applying for a title loan. The sooner you submit this documentation, the sooner your lender can approve your application and provide you with cash.
Can I Get A Title Loan While Still Making Payments?
You may qualify for a title loan even if you are still making payments on your vehicle. However, you must have equity in your vehicle. This means the amount you owe on your vehicle must be less than the value of your vehicle.
Eligibility is determined on a case-by-case basis, but many borrowers who still have a few payments left on their auto loans are approved for title loans.
How Will Getting A Title Loan Online Impact My Credit?
Title loan companies send information to the credit bureaus, which means your title loan will appear on your credit report and be visible to other creditors.
If you want to improve your credit score, it’s important to make on-time, consistent payments on your title loan. Payment history accounts for over one-third of your credit score. For this reason, making on-time payments on your title loan could help you improve your credit score. Missing even one payment–or making a late payment–could negatively impact your credit score.
How Can I Apply for A Title Loan Online?
Follow these steps to get a title loan online from I Need Cash Now:
- Submit your information. Fill out the short form on our website to initiate the title loan application process. A loan specialist will contact you after you submit this form.
- Get approved. The loan specialist will tell you if you are approved for a title loan based on the information you provided. If you are approved, the loan specialist will also tell you more about your loan terms, including the interest rate and payment amount.
- Finalize your loan. If you are happy with your quote, you can finalize your loan by signing paperwork and submitting the required documentation to your lender. The loan specialist will guide you through this step to ensure everything is signed and submitted promptly.
- Collect your cash. You can either pick up your cash at one of our partners’ locations or ask to have the money sent to you via check or wire transfer. Regardless of which option you choose, you will be able to collect your cash shortly after your application is approved.
Don’t wait any longer to get the cash you need–apply for a title loan online today.