Title loans can be a quick way for consumers to get cash without a strong credit history.
While title loans are a great resource to use if you need an alternative loan and you do not qualify for a traditional one, they are not available everywhere. Auto title loan laws can vary from state to state, with some states having more restrictions than others. The most common restriction is your title loan amount! The amount you can borrow from a car title loan is based on a few different factors, including:
- Your State’s Laws
- The Value of Your Car
- Your Income
Before receiving approval for your funds, a title loan agent can discuss these factors with you and answer any questions you may have.
How Do I Find out if Title Loans Are Allowed in My State?
Auto title loans are an alternative type of lending that allows a borrower to borrow off of the equity in their vehicle. The more a car is worth and the higher the income of the borrower, the larger the loan amount will be in most cases.
For some states, the legal loan amount is decided by state legislature. Some states have a cap on the loan amount or interest rates, while others do not allow title loans at all. If you aren’t certain if your state can allow you to borrow cash through a title loan, there are resources you can use! With ChoiceCash Title Loans, you have access to a free title loan calculator. This service can offer you:
- An Estimate of Your Vehicle’s Equity
- A Free Title Loan Quote
- And Resources to Find out if There are Title Loans Allowed in Your State!
ChoiceCash Title Loan agents are available seven days a week for extended hours to answer any of your questions and point you in the right direction. If you aren’t sure what your state laws are, give an agent a call today at 855-422-7402!
How Do the Title Loans Allowed in My State Work?
Title loans can be a unique alternative loan option that is secured by the borrower’s title to a vehicle. State laws determine whether or not car title loans are authorized, and some laws are put in place to regulate the loan amounts or the repayment period.
Car title loans are collateral-based loans, meaning that they are secured loans. Since they do have collateral as the focus of the approval process, a borrower’s credit is not in the spotlight. Instead of relying on just a borrower’s credit history to determine merit for a loan, a title loan will focus on these factors during the approval process:
- The Value of your Vehicle
- Your Income and Ability to Afford a Loan Payment
While your credit may still be considered, it is not the focus for loan eligibility. Instead, collateral-based loans like title loans will focus on the value of the asset. In this case, the asset is the title to your vehicle! For title loans, you can borrow up to 75% of what your vehicle is worth on the market if your income supports that payment.1
Since title loans are secured loans, they can offer more benefits, including flexibility during the approval process and competitive interest rates.1
What are the Requirements for a Car Title Loan?
During the search for the right car title loan, you may be asking yourself a few questions besides “are title loans allowed in my state”. If you are like most borrowers, you might be wondering what the requirements are for a car title loan.
Like the laws for title loans, the requirements for a title loan can change from state to state. However, you can expect to need to meet these requirements:
- Age Requirement: Signing a loan contract is a big decision. To apply for a title loan in any state, you must be at least 18 years of age or older.
- Income Requirement: While you do not need a traditional 9-5 to apply for a car title loan, you will need to prove that you can afford a monthly payment! For a title loan, your loan amount is based on your income.
- Vehicle Requirement: When applying for a car title loan, your car’s title must be in your name. The title is collateral for the loan, so it must have a certain amount of value for you to borrow from as well.
These requirements are less of a hassle than you might think! It’s never been easier to apply for a car title loan online.
What Documents Will I Need to Apply for Title Loans Allowed in My State?
All loans, even alternative loans like a title loan, will require a borrower to submit a few documents during the approval process. These documents help a loan agent verify their information and identify their collateral. For your convenience, you can submit these documents online when you submit a loan inquiry with ChoiceCash Title Loans!
You can expect to need:
- Proof of Income: While there is a variety of proof that is accepted, some of the most common documents submitted are bank statements, pay stubs, or tax forms.
- Proof of Address: To prove your address, you can submit documents like your utility bill, recent credit card statement, or your voter’s registration card.
- Recent Photos of the Vehicle: Most title loans require a vehicle inspection to determine the condition of your vehicle and its value. With ChoiceCash Title Loans, however, you can skip the in-person inspection by simply submitting photos of your vehicle! Take pictures of the back, front, and sides as well as the odometer.
- Photo ID: To verify your identity, you’ll need to submit a government or state-issued photo ID. Many borrowers choose their driver’s license, passport, or even their military card in some states.
- Car Title: Your vehicle’s title is the most important part of the loan, and it will need to be in your name to be submitted.
What Will I Need to Apply for a Title Loans with an Out of State Title?
If you have an out of state title or you have a different residence than your car title because of a recent move, there are a few things you will need to do before you can apply for a title loan.
- Register Your Car Title: Once you’ve moved out of state, you will generally have 30 days to register your vehicle with a new state. For some states, the law requires you to have auto insurance before you can register. To register your vehicle, you will need to visit your local DMV (Department of Motor Vehicles) and complete an application for vehicle registration. Some states will even allow you to submit the form online to save time!
- Update Your Address: If you have just moved, make sure your driver’s license has the updated address as well as your car title. This can also be done at your local DMV by simply submitting a change of address form.
If you have any trouble with the registration or address process, you have resources! ChoiceCash Title Loan agents are knowledgeable and can guide you through the approval process.1 Call 855-422-7402 for any questions about your out-of-state title or the registration process for a car title loan.
Where Can I Apply for Title Loans Allowed in My State?
While applying for a traditional loan may seem complicated, a car title loan can be the opposite. If you are researching questions like “where can I apply for title loans allowed in my state?”
The answer is through ChoiceCash Title Loans! ChoiceCash Title Loans services customers all across the United States.1 Through ChoiceCash Title Loans, borrowers can access a simple, three-step approval process:
- Submit a Loan Inquiry Online or By Calling a Representative
- Send in the Right Documents to Verify Your Information
- Get Approved and Choose How to Pick Up Your Cash!
Applying for an auto title loan does not need to be a hassle! Car title loans can be repaid in monthly installments and are easy to apply for. Get started on your ChoiceCash Title Loan today by visiting the website, or by calling a loan agent at 855-422-7402.