Applying for a car title loan online can be simple and convenient, but there are certain documents you need to submit before obtaining approval. Unfortunately, you need the car and title registered under your name to qualify for funding. However, securing car registration can be quick and easy when you take the correct documents into the DMV of your state!
Compared to traditional bank loans, car title loans can be an accessible financing option for people from various career backgrounds. You don’t need to work a 9-5 job to apply, and people with poor credit may pass approval for funding! The documentation is crucial to submit if you want to receive cash, so you must learn what you need.
Qualified borrowers who need to access cash quickly during an emergency may obtain approval for a title loan within one business day of inquiring! Start your inquiry today by filling out the pre-approval form or calling to speak directly with a title loan agent.
The documentation and initial requirements for a car title loan can be straightforward. For a car title loan, you must be an adult at least 18 years or older, have a qualifying vehicle title in your name, have a qualifying vehicle with some positive equity, and show proof of a steady income.
A vehicle with positive equity is crucial during this agreement because this can affect approval and loan amount! Qualified borrowers can receive anywhere from 25-50% of the car equity in a loan amount, so knowing this number is essential. However, this amount can vary depending on your circumstances. The best way to find out about loan amount or approval is by starting the inquiry process for a title loan!
The documents required for a title are as follows:
You can prove your age and identity using a passport or driver’s license. You also need to confirm your residency when you apply for a car title loan and can do so by providing a recent piece of official mail, like a bank statement or utility bill.
You must show proof of a qualifying vehicle title in your name because this agreement depends on using the vehicle title as collateral for funding. Without a qualifying vehicle title, you cannot obtain approval. Contact the DMV in your area if you need help replacing a lost title or transferring one into your name.
Proof of a steady income doesn’t mean you must work a traditional job! This criterion implies that you have consistent money from an outside source every month. Some examples of income proof you can use are worker’s compensation, Social Security Benefits, and some self-employment.
Finally, lenders will conduct a virtual inspection of your vehicle during a title loan inquiry by looking at recent photos of the vehicle. This criterion means you don’t have to bring your car into a location, which can be convenient if you need to access money quickly!
You must be the vehicle owner during a title loan agreement. Unfortunately, you can’t apply for this option if you are not the owner or the title is not in your name. Because the vehicle title must be in your name when applying for a title loan, your car must also be registered under your name, so if you’re looking for a title loan with an out of state title or a title that is not yet in your name, you’ll need to take care of it.
The good news is that applying for car registration can be simple and quick when you head to the DMV in your area! Driving a car without registration is illegal, so you must get this before you hit the road in your new vehicle. Car registration usually requires you to bring in a couple of essential documents. You may need the following:
Remember that there may also be a registration fee, which can vary depending on where you live!
The documents required for a car title loan can be simple to gather, and you can conveniently submit them via email or fax from the comfort of your home. Car title loans can be excellent options for people who have bad credit but need to access cash fast. Start your inquiry for a title loan today by visiting the LoanMart title loan website!