More and more people are applying for car title loans without a typical stream of income. So that begs the question, Can you get a car title loan with no proof of income? The answer is often yes, you can get a title loan even without typical income from a typical job or other employment arrangements. People think it is impossible to apply for a title loan with no proof of income, but in reality, a lender only wants to see that you own the actual vehicle outright and that it has enough equity to justify the offered loan amount.
The first step when applying for your title loan is to determine how much you need and what type of income you have that qualifies. Be sure to answer this honestly by figuring out the current value of your vehicle (including warranties, comparable sales notes, repairs, and fees) and figuring in all the associated costs. This is the starting point of your loan and will allow you to determine the monthly payment and total payoff amount.
What Qualifies as Proof of Income for a Car Title Loan
Just because you don’t have a 9-5 job or don’t work “typical employment hours” doesn’t mean you can’t qualify for a car title loan. The reason you need the money usually relates to your job. In general, there are other ways to make money that don’t allow you to get a W2 or full These forms of income can include income that isn’t always reported, social security, or disability benefits. Some title loan lenders will also consider a monthly or yearly annuity, legal settlements, and trust funds in rare occurrences. If you can use any part of your vehicle’s value that is completely paid off, that could be used in a pinch. Some places, if you have a newer car, will allow you to use another vehicle as collateral to get money to make more payments.
Auto Title Loans Online: Get a Title Loan With No Job
After you have been approved for a car title loan, another step is to decide how to will pay back your loan if you don’t have a job. There are many different ways to get cash but do not choose the first option offered to you. In some cases where you don’t have a job or steady employment income, it will be a title loan. You want to have as many of the closing costs paid upfront as you can, as it will save you in interest charges, and will make it that much easier to actually handle the loan, after the fact.
If you have decided to borrow as much money as you can with an online title loan, do not even think about it. Since you don’t have an actual job it may be tough to pay back the full amount on a fixed income. The last thing you want to deal with is a situation where you have considered getting out of your title loan without losing the car! The monthly payments are still due and payable, no matter what you do. In fact, it may make living with a secured lender even harder, because you have to deal with the same fees every month.
Get a No Income Verification Title Loan Online
One other option is to search for a bad credit lender near you who not only offers title loans online but also allows in-person applications. Most auto title lenders can give you a short-term, loan even without income if there’s enough positive equity available in the vehicle. The amount usually depends on your vehicle condition, mileage, and how much equity you have built up in your car. This way you will not be hosed with a high fee, and you save on the interest.
Having a little luck will help you deal with a financial emergency and get a pink slip loan where you can keep driving your car. It may or may not be a good idea, but when you need quick cash, requiring an auto title loan, is probably not the best option and there’s likely no chance of getting a personal loan or bank loan with no verifiable employment. You need to make sure this is the right choice for you, and that you are educated on your financing options. Much the same as title loans without the car, these secured loans with no income requirements have high interest rates, but nothing like what you see with a payday loan or cash advance. Factor in that you don’t need to show income verification and it may be a viable solution.
Janet Patterson is VP of Marketing Communications for Highway Title Loans and the feature editor of its Lending Blog. Janet has worked in the financial service industry for over a decade, with 7 years of experience in the car title loan industry. She previously managed a customer service team that helped and advised consumers on all their lending related questions and concerns.