Is it Possible to Get a Car Title Loan Without the Title?

If the first of the month hits and you are short on cash, you may be looking for a title loan to make ends meet. Life happens, and you may not be prepared for every unexpected financial hit that comes your way. Rent payments are always due, and the next thing you know, your car needs new tires. When those circumstances become a reality, the next step forward is to apply for a car title loan. But, is it possible to get a car title loan without the title?

Keep reading to learn more about the ins and outs of title loans. It can be easier than you think to get educated about this financial resource before you apply!

How Does a Title Loan Work?

Curious about how a title loan works? Title loans can be a great financial resource to utilize when you have less than ideal credit, but you have a car to leverage as an asset!1 With a title loan, you can essentially borrow off your car’s available equity and turn it into funding. This can be a convenient way of accessing funds, especially if you are not confident with your credit. Since title loans are secured loans, your credit history is not the focus of the approval process. That’s why a title loan with ChoiceCash can be flexible and convenient to inquire about, even if you aren’t happy with your credit!1

Secured loans like title loans allow you to use an asset as collateral for the loan. For a title loan, the collateral is the title to your vehicle. A lien will be placed by a title loan lender once you sign your loan agreement. This lien will stay on your car’s title throughout the duration of the loan. While the lien will stay while you are making payments, you don’t necessarily have to give up your driving privileges. Instead, you can keep driving your car while you make your payments on time. Once the loan is paid off in full, the title is returned to you free and clear!

How Can You Get a Car Title Loan With No Title?

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Now that you know how a title loan works, you may be wondering- is it possible to get a car title loan without the title? The answer, in short, is no, but there is an exception.1 Since title loans are secured loans, an asset must be used to secure the cash during the approval process. You cannot leverage cash against something you do not own or partially own. So, a valid title is necessary during the application process for a car title loan. There is a circumstance that may allow you to apply for a car title loan without the title.1 This is if you are currently financing your car and it is close to being paid off!1

While you can still apply for a title loan while you are financing your vehicle, there are some stipulations:

  1. The Vehicle Must be Close to Being Paid Off: In order to qualify as leverage for a title loan, the vehicle must be close to being paid off. This is because a vehicle must have a certain amount of equity to qualify for a title loan. Since equity is just the difference between the market value of the car and what you owe on it, the less you owe, the more likely your vehicle is to qualify.1
  2. The Vehicle Does Not Have a Current Lien From a Title Loan Lender: If your vehicle currently has a lien on its title from another title loan lender, you will need to refinance your current title loan instead of applying for a new one. Discuss your potential refinancing options with a title loan agent instead!

Not sure what your car’s current equity is? Don’t worry, you aren’t alone! If you are like many vehicle owners, you may not know what the current equity of your car is. Luckily, ChoiceCash has an online calculator tool available for borrowers to take advantage of. Get a free estimate of your vehicle’s equity, along with a no-obligation quote!1

What Documents are Required to Get a Car Title Loan with No Title?

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Looking to get a car title loan without the title? While you may be eager to apply for the cash you need, keep in mind that you will need a few documents handy. Luckily, you can inquire about a title loan with ChoiceCash from the comfort of your home! These documents can be submitted online for your convenience.

While the exact documents may vary from state to state, you can expect to need these documents around if you are inquiring about an auto title loan online:

  • Proof of a Valid, Government/State Issued ID: A photo ID, issued by the state or government is required during the inquiry process. This is to ensure that you are who you say you are if you are applying online! Typically, most applicants will use a driver’s license, passport, or even a military ID.
  • Proof of Income: Title loan agents will request some form of proof that you can afford a title loan. While a 9-5 job is not a requirement, you must provide some form of valid documentation. You could use bank statements, pay stubs, or even proof of alternative income like retirement income.
  • Proof of Address: Title loans can be a great way to apply for the cash you need. Unfortunately, they are not available in every state! In order to qualify for this exclusive loan option, you will need to provide proof that you reside in the state you are applying from. This can be done through recent mortgage/rent statements, utility bills, or even a recent credit card statement.
  • Recent Photos of the Car: Did you know that a vehicle inspection is required to apply for a car title loan? While most title loan options will require an in-person inspection, there is an option that will let you bypass this inconvenience. With a title loan from ChoiceCash, you can opt for an online inspection instead! Just submit a few photos of your car’s back, front, and sides. Additionally, snap a few photos of your car’s VIN (Vehicle Identification Number) and your odometer reading.
  • References: A title loan agent may ask for a few references during the inquiry process. These can be personal, professional, or both.

What Type of Employment is Required to Apply for a Car Title Loan?

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Now that you have an idea of how a car title loan works, you may be concerned about some of the requirements. If you have applied for an unsecured loan before, generally, the income requirements can be quite strict. Fortunately, you do not need a 9-5 job to apply for the funding you need. There are many different ways to earn a living that may not be found in traditional employment! Many people are leaving corporate America behind, or never joined it to begin with.

With a title loan from ChoiceCash, you will find that there are many forms of alternative income that can be accepted.1 Curious about the acceptable forms of alternative income? The term “alternative income” is very broad, but there are a few specific forms that can potentially qualify as proof of income for a car title loan:

  1. Worker’s Compensation: If you were injured at work on the job and now receive worker’s compensation, you may be able to use your check stubs as proof of income.
  2. Settlement Income: While money from a settlement may not be considered income in some cases, you may be able to use your settlement income to prove you can afford a title loan.
  3. Self Employment: Did you leave corporate America behind? If so, you may be able to use your bank statements as proof that you are self-employed and can afford a car title loan.
  4. Small Business Owners: Do you own a small business? If so, you may still qualify for a car title loan with alternative income. Use your bank statements as proof that you can afford to repay a car title loan without the title!
  5. Retirement Income or Pension Income: Are you retired or living on a pension income? If so, you can use either form of alternative income to prove that you can afford to repay your title loan.
  6. Annuity Payments: Do you receive annuity payments? If so, you can use that as proof of alternative income.
  7. Alimony/Child Support: It definitely takes a village to raise a child. If you receive either alimony or child support, you can use those forms of alternative income to prove your income during the inquiry process.
  8. SSI or Disability Income: If you receive SSI, you may be able to use that as proof that you can afford to repay a title loan.

Curious to see if your alternative income will meet the requirements for a car title loan? Your title loan questions can be answered promptly.1 Call a title loan agent with ChoiceCash at 855-914-4847 today! It can take no time at all to find out if you qualify for the money you need.1 Title loan agents are standing by 6 days a week for extended hours to take your call!

If I Qualify for an Auto Title Loan, What Happens to My Car?

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If you are like most vehicle owners, your car is everything. It gets you to work, to your friends, and it gets the kids to school. Naturally, you do not want to give up your primary source of transportation! Luckily, with a loan option like a car title loan, you may not have to. As long as you make your payments on time and keep to your loan terms, you can drive your vehicle like it is business as usual. To avoid any late payments or mishaps, set up autopay on your loan account!

What Kind of Car Do I Need to Qualify for a Car Title Loan without the Title?

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With a car title loan, there are a few initial requirements that should be met. These initial requirements include:

  1. Borrowers Must Have Proof of Income or Alternative Income
  2. Borrowers Must Have a Qualifying Vehicle with Equity

But, what is a qualifying vehicle? If you are looking to apply for a car title loan without the title, you will need a vehicle that meets certain criteria. This criterion is that a vehicle must have a certain amount of positive equity to borrow from.

The good news is that many different makes, models, and styles of vehicles can have positive equity! There is no list of cars that can qualify for a car title loan because many different types of vehicles can qualify.

While this is true, there are certain factors that will influence the amount of equity in your car that does not have to do with how much you owe on it. These factors are influenced by the market and determine the value of the car. Remember that equity is just the difference between the market value of the car and what you owe on it, if at all. Here is some insight into what influences the market value of your car:

  • The Mileage on the Odometer: It is no secret that cars with higher mileage are viewed as less than desirable on the market. This is because higher mileage will indicate to a buyer that the car will need more maintenance in the long run. The lower the mileage your vehicle has on the odometer, the more likely it is that your car will have more value. However, you may still qualify for a car title loan if you have high mileage on your vehicle!1
  • The Style, Make, and Model of the Car: Some makes and models will hold more equity than others on the market. For example, the Ford F-Series or the Honda Civic can have a ton of value.
  • The Technology of the Car: Some technology packages will increase the value of your car! Heated seats, GPS, and even assisted parking can add value to your vehicle.
  • The Condition of the Vehicle: One of the biggest factors that affect the value of your vehicle is the condition of the car. The better the condition, the more value it can have on the market! The condition often refers to any damage to the car, whether it be the exterior or interior. Additionally, the maintenance of the vehicle will also contribute to the condition. The more a car has been taken care of, the better condition it could be in. Remember to keep up with tire rotations, oil changes, etc.

What is the Approval Process Like for a Car Title Loan Without the Title?

Ready to apply for the money you need through a car title loan? There is no secret way to apply! Just use your smartphone or computer to get started. With a title loan from ChoiceCash, you can access a flexible and fast approval process that was designed for you.1 The process is streamlined to help borrowers that are facing a financial emergency!

That’s why you can complete the approval process in just three simple steps:

  1. Call or Click Online to Get Started: If you are ready to get started, the first step is to choose the way you want to apply. Fortunately, you can submit a short prequalification form online, or you can call a title loan agent at 855-914-4847. Both options can take no time at all!1 Just use your smartphone or laptop to begin and find out if you are prequalified for funding.1
  2. Submit the Right Documents: At this point, a title loan agent with ChoiceCash will reach out and inform you of your inquiry status. You can then find out if you are preapproved or not! From there, you will be asked to submit a few documents to verify your identity and vehicle ownership. Fortunately, you can submit these documents online for your convenience via email or fax.
  3. Find Out if You Qualify for Quick Funding1: This is the last step in the approval process! You will now find out if you are approved for quick funding through a car title loan. You can choose from a few different ways to collect your cash, whether it be electronically or through a check sent in the mail overnight. Once a title loan agent has let you know that you are approved, you can sign your loan agreement. Qualified borrowers through ChoiceCash can get their funds in as little as one business day after approval.1

Find Out if You Qualify for a Car Title Loan Online or Over the Phone

Ready to find out if you can qualify for the funding you need through a car title loan? With a title loan from ChoiceCash, it can be easy and hassle-free. Get started on your title loan inquiry today by calling 855-914-4847!