Are you interested in seeing how much money you can access with a title loan? Many borrowers turn to these equity loans because they can’t qualify for traditional lending offers. Or they want to avoid dealing with the lengthy requirements of personal loans. But what about the requirements for car title loans? You likely know it takes far less time and work to qualify, but what’s needed? Let’s get right to the details of what you need to get same day cash for your vehicle!

 

What Are The Requirements For A Title Loan

The basic requirements for a title loan are simple to understand. Applicants must own a vehicle and prove the title is in their name. The car’s title must show you as the car’s sole owner, and you can’t have any liens or other loans attached to the pink slip. An applicant must also provide proof of income and residency to show the lender they can make the monthly payments.

Besides those main items listed above, the company may want to verify a few less common things. These can include having a valid driver’s license and proof of car insurance, and some title loan lenders may even need the vehicle fully operational. Even if the car has some mechanical issues, that may be ok. But you will still need to inspect the vehicle to show its value matches the current resale amount. Keep in mind individual title loan companies can have their specific requirements in addition to these industry standard qualifications outlined above.

 

Why Title Loan Requirements Are Less Than Other Loans

Title loans are considered a type of secured personal loan because they use collateral – the title of your car – to secure the borrowed amount. This means title loans typically have fewer and less strict qualifying criteria than traditional personal or unsecured loans. For example, conventional lending options like banks and credit unions often need good credit scores and lengthy applications before loan approval. With title loans, your credit score isn’t always considered when underwriting the lending terms. You can usually get same-day or next-day cash.

While title loans may be a quick and easy solution for accessing funds, they come with higher interest rates than traditional lending options. The tradeoff comes when comparing an unsecured loan and online title loan requirements. You have far fewer requirements during the underwriting process and don’t need good credit.

 

 

Other Lesser Known Requirements For Title Loans

What else should you expect if you have all those boxes checked but still face the prospect of not getting approved? There are a few other things a lender may want to see before signing off on your application, including a vehicle inspection and accident report. Additionally, you may face a scenario where you need to install a GPS tracking device on your vehicle. This is less common, but it’s not unheard of and something to consider for loan amounts over $10,000.

Ultimately, the requirements for title loans are less stringent than other unsecured loans because they use collateral to secure borrowed funds. Make sure you can afford the monthly payments and carefully weigh any additional requirements that may come up during underwriting. With those factors in mind, title loans can be a convenient solution to get cash without good credit.

 

Tips To Deal With The Current Requirements For An Auto Title Loan

Save time and hassle by working with a company that knows precisely what you need to get approved. Here are some tips we’ve put together to make things as easy as possible when it comes to title loan requirements:

 

• Ensure the car’s title is in your name and free from liens. This is the main requirement with any title loan provider. They need a car with equity to serve as collateral for the loan.
• Have proof of income, such as pay stubs or bank statements. Every licensed lender needs proof you can repay the borrowed money.
• Gather any necessary documents, such as proof of residency and vehicle insurance. These requirements aren’t always mandatory, but having them together before meeting with a lender is good.
• Research title loan lenders and compare rates and terms to get the best deal possible. Some companies offering loans in Atlanta or Albuquerque may have fewer requirements and require less documentation, which may be reflected in the final funding amount.
• Only borrow what you can afford to pay back promptly so you don’t risk losing your vehicle. Don’t take out a loan that you can’t pay back!

 

I Understand The Current Lending Requirements – How To Apply

Once you know what you need for a title loan, you can quickly get pre-approval and determine the best repayment terms. Apply with Highway Title Loans online or call 877-433-5454, and we will contact you to finalize the underwriting of your loan!