Title Loans Can Be Fast and Convenient Options!
Applying for traditional bank loans can be challenging and inconvenient. You need to jump through many bureaucratic hoops to pass approval, and it can take weeks to hear back.
The application process for a title loan is much different. For example, did you know that you can apply for an online title loan without bringing your car in for an inspection? You can also apply for funding if you have a bad credit history, and you may receive access to the money within the same business day!
There are many advantages to applying for a title loan compared to traditional bank options. Learn how to conveniently apply for a title loan without having your car around!
How Can I Apply for a Title Loan Without My Car?
You don’t necessarily need your car on hand for an online title loan because the inspection takes place virtually! If you provide clear photos of the vehicle, you can proceed with a loan.
Title loans allow someone to borrow money from their cars’ available equity. If lenders approve you, they will place a lien on the vehicle title and remove it once the money is repaid.
As long as your car has some positive equity and you are the legal title holder, you can look into about funding! There are many circumstances where a person may not have access to their vehicle. Maybe you collect vintage cars and keep them in a storage facility, or maybe one of your family members is the driver and lives elsewhere.
You don’t need to physically bring your car in for an inspection during a title loan application process. Providing clear photos and proof of the title in your name is enough! Below are the other requirements for getting a title loan:
- Be at Least 18 Years or Older
- Have a Qualifying Vehicle Title in Your Name
- Have a Qualifying Vehicle With Some Positive Equity
- Show Proof of Consistent Income
How Much Cash Can I Get for a Title Loan Without the Car?
Loan amounts for title loans that don’t require the car can depend on several factors. However, the amount of equity in your vehicle carries the most weight. You can determine your car’s equity by subtracting how much you still owe on it in payments from the overall value. You may receive higher loan amounts if your vehicle is worth a lot.
You may have negative equity if you owe more on your car than what it’s worth. Negative equity can impact your approval for a title loan, so it’s crucial to find out where you stand before applying.
Lenders will look at your car during the virtual inspection to gauge its condition. There are several factors they will look at during this process, including:
- Make, Model, Style of Car
- Mileage
- Manufacture Year
- Overall Condition
- Upgrades and Modifications
A car’s make, model, and style are significant considerations during valuations. For example, a Tesla may be worth more than an older Toyota. However, just because a vehicle is old doesn’t mean it will lack value. Many cars have remained popular because of their high market demand.
Car mileage can have one of the biggest effects on the overall car worth. If you’ve used your vehicle an average amount, you don’t need to worry about loss of value. Cars with over 100,000 miles may not be worth as much as others.
Title loan lenders will look at the overall condition of your vehicle, regardless of whether or not you physically have it with you. They will want to know if you take good care of it, if everything works, and if you fix minor repairs. Maintaining the overall condition of your vehicle is an integral part of life!
Finally, not all upgrades are created equal. Some modifications can be positive, like tire replacements, while others can be negative, like personalized exteriors.
Inquire About Title Loans Without Your Car Today
Title loans can be a much simpler option for people with bad credit who need money quickly! You don’t need to bring your car in for any inspections– you can apply for funding online from the comfort of your home. Don’t let your financial stress overwhelm you– inquire about title loans by filling out this inquiry form or calling to speak with an agent today.