Can I Get a Title Loan without the Car?
If you have ever faced financial difficulties, you know how difficult it can be to find the right source of funding to cover the costs. Unfortunately, most Americans do not have an emergency fund so they are forced to look for alternatives. The first thing that comes to mind is a loan, but which one to choose? How to get it with bad credit?
Online Title Loans are your chance to get money as quickly as possible in order to meet your needs. Moreover, there are more and more Title Loans on the internet now that don’t require a car. Read on for more details.
WHAT IS A TITLE LOAN?
First of all, you should know that Title Loan is a secured type of financing that helps even borrowers with bad credit to apply and get financing for their needs. Since your vehicle title is collateral for the loan, you must be the sole owner to be eligible to apply. Thus, you will have to hand over your vehicle title to a lender at the time of debt repayment. You can get it back when the debt is fully paid off.
The advantage of this loan is that you can apply even if you have bad or poor credit history. Since the Title Loan is secured, lenders have some kind of guarantee that the debt will be paid off on time, so they work with different types of credit.
HOW CAN I GET A LOAN THAT DOESN’T REQUIRE A CAR?
Now on the Internet there are a huge number of such requests as “Title Loan without car”, “Title Loan that doesn’t require the car” and so on. However, is it possible?
Now you do not need to go through a physical inspection of the car, since the entire lending process is fully available online. All you need to do is visit the site of the selected lender, fill out an application, provide photographs of the car and wait for the approval. The money will be transferred to your bank account!
WHAT SHOULD I PROVIDE TO GET A TITLE LOAN?
Of course, in order to obtain a fully online loan that doesn’t require the car, you must meet certain eligibility criteria of the selected lender. They can vary from state to state, but the main ones remain the same:
- 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
Remember this, remember that in order to receive a loan, you will also need to provide some documents for the car:
- Current vehicle registration
- Original vehicle title with solo ownership
- Government issued identification matching the name on the title
- Vehicle insurance proof
HOW DOES A TITLE LOAN THAT DOESN’T REQUIRE THE CAR WORK?
Now obtaining a Title Loan has become as easy as possible as lenders offer a completely online application. Thus, you will not need to bring the car to the lender’s store! So, learn a few simple steps:
- Fill out the form. After choosing a lender with the most favorable interest rates, you will need to visit his website and provide details about yourself and your car.
- Provide photos of your vehicle. In order for specialists to evaluate your car online, you must provide recent photographs of the car in good quality.
- Get paid. Once your application has been approved, you will be able to receive funding directly into your bank account.
Is It Possible To Get Bad Credit Title Loan?
Since the online Title Loan is secured, title lenders don’t ask for a traditional credit check at all. Thus, even if you have missed the loan payments in the past, now you can still apply and get approval.
However, you should remember that if you fail to pay off the debt on time, you risk losing your car as the lender can take it back to consolidate the loan debt.
