Study the basic Car Title Loan requirements and all the necessary documents to get the money as fast as possible.
What is a Title Loan?
A Car Title Loan is a short-term loan where the borrower uses his car as collateral for the loan. Since the loan is secured, you must temporarily transfer your vehicle title to the lender until the debt is fully repaid. However, you must be the sole owner of the title to be able to apply.
Title Loans are available to the borrower with any credit. With this loan, even if you have had problems repaying debts in the past, you can apply and receive funding. However, make sure you can repay the loan amount. Otherwise, the lender will be able to take away your car in order to consolidate the debt.
Apply nowWhat are the requirements to get a Car Title Loan?
In order to obtain a Car Title Loan, you must first fully own your car (there may be no liens against the title). Also, you must provide the following:
- Original vehicle title with solo ownership
- Current vehicle registration
- Proof of vehicle registration
- Government issued identification matching the name on the title
- Proof of residency matching the name on the title
In addition, you also need to provide some information about yourself:
- You must be a US citizen or an official resident
- Age at least 18 years of age or older
- Regular monthly source of income
- Recent pay stubs
- Proof of identity, such as a driver’s license or government-issued ID
- Contact details such as phone and email
- Social Security Number
Please be aware that eligibility criteria may vary depending on the lender you choose and the state where you live.
How does a Car Title Loan work?
In order to receive a Title Loan, you need to apply online or at the lender’s store. When filling out the online form, you will be asked to provide some basic information about yourself, such as name, income information, address, contact details and so on. Next, the lender will contact you to discuss the terms of the loan and its repayment.
You will also need to take the car to the lender’s store so that experts can assess its condition. They pay attention to things like make, model, mileage, condition, cost, and more. The loan amount that you get varies depending on the car, and you can get from $ 100 to $ 10,000. Typically, you will be able to get from 25% to 50% of the car’s value.
If you are satisfied with the loan offer, you transfer the title of the car to the lender, sign the contract and receive the money.