Are you short on funds this month and find yourself struggling to make ends meet? If so, you might be searching for cash title loans near you. With so many different loan options available, it might be hard to find the right one for your financial situation.
While the number of cash title loan options may seem overwhelming, finding the right loan can be simpler than you think! If you’re ready to make the step into finding financial security, you’ve got resources to use.
With loan options like ChoiceCash Title Loans serviced by LoanMart, borrowers can get their cash in as little as 24 hours if they are qualified.1
How Do Cash Title Loans Work?
If you’ve been considering a title loan to help with your finances, you might have wondered how you’ll be able to use your title to get cash.
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Cash title loans can be fast and easy to obtain, and even easier to understand! To put it simply, a title loan is just an installment loan that will allow you to borrow off of your vehicle’s equity. Equity is just the value of your car! If you still owe money on your auto loan, however, your equity is the value of your vehicle minus what you still owe.
The more value your car has, the more you can potentially borrow through a cash title loan! If you have a paid-off or close to paid-off vehicle, you may be eligible to apply for a title loan.
There are online resources like an online title loan calculator through ChoiceCash Title Loans available to you. To find your vehicle’s equity, all you will need to do is answer a few basic questions about your car. By answering a few questions about your vehicle, you’ll be able to get an estimate of your vehicle’s equity and a free title loan quote!1
Can I Apply for a Cash Title Loan with Bad Credit?
Title loans are secured loans, meaning that your title will be collateral for the loan. Using collateral to secure the loan can offer a lot of advantages to you as a future borrower.
Secured loans can offer these benefits to borrowers:
- Lower or More Competitive Interest Rates
- More Cash Can Be Available Than Unsecured Loans
- Even Those with Poor Credit Histories Can Apply
- Flexible Loan Approval Process
Secured loans can make the approval process easy and hassle-free for future borrowers. Since collateral is used to secure the loan, a borrower is less of a risk to the lender. With every unsecured loan, a lender will assume most of the risk if the loan is not paid back. For this reason, unsecured loan lenders will prefer a borrower with a strong credit history.
With a secured loan, however, the lender can be much more flexible in the approval process because the collateral will offset the risk! Secured loans like title loans can have a flexible approval process that can accept borrowers with bad credit.1
Even if you are not confident with your credit history, that may not stop you from being eligible for a title loan!1 Borrowers from all different types of credit backgrounds and financial situations can apply for cash title loans online.1
What Kinds of Vehicles Will Qualify for a Car Title Loan?
The biggest requirement for a loan is that a borrower must have a vehicle with equity. There are many different kinds of vehicles with equity, so there is no all-inclusive list of what types of cars may qualify for a car title loan.
There are cars from 30 years ago that can still hold a lot of value. There is a process to determine equity that includes different aspects of a vehicle to determine its market value and sale price on a dealership lot.
When a dealership or lender looks at a vehicle to estimate its equity, they will look at these factors:
- The Make, Model, and Year of the Car
- The Style of the Vehicle
- The Current Mileage on the Odometer
- Any Cosmetic or Surface Damage
- The Accident History Reports and the Maintenance of the Vehicle
All of these factors will contribute to the value of your car and how much you’ll be able to receive from a title loan. There are many different models of cars that will hold equity and qualify for a car title loan! While there is no all-inclusive list of cars that can qualify for cash title loans, there are a few models of cars that often qualify:
- Ford Prius
- Toyota Camry
- Honda Civic
- Nissan Rogue
- Jeep Wrangler
- Toyota Tacoma
- Subaru WRX
- Chevrolet Silverado
- Dodge Challenger
These makes and models of cars often hold equity well, even if they are a few years old!
Don’t see your car listed? Check out if your vehicle will qualify for a title loan by answering a few questions about your car!
What Types of Income will Qualify for a Car Title Loan?
To qualify for a car title loan, a borrower will need to have a steady income. Proof of income is required by most if not all title loan lenders to verify that a borrower can afford a loan payment each month.
Unlike other traditional loans, however, you will not need a specific type of income to apply for a title loan! Even if you do not have a traditional 9-5 office job, you can still apply for a cash title loan. There are many different types of income that can count as proof of income during the approval process.
Some of the most common types of alternative income that are accepted for title loans are:
- Worker’s Compensation
- Social Security Benefits
- Disability Benefits
- Annuities or Retirement Income
If you are not traditionally employed, you may have a hard time proving your income to traditional lenders. With cash title loans, however, borrowers from all different types of employment can apply! To apply for a cash title loan online, you will need to show proof of income or any of the mentioned types of alternative income. This could be through bank statements, pay stubs, or even a disability award letter to verify your income.
What are the Requirements to Apply for an Auto Title Loan?
While traditional types of loans can be a hassle to apply for, cash title loans are the opposite! Qualifying for a title loan simply means meeting a few requirements and reaching eligibility.
During the approval process, a loan agent will be more thorough if there are any additional requirements, but the initial ones are:
- You Must Be At Least 18 Years of Age
- The Title of the Vehicle Must Be in Your Name
- You Must Have a Steady Income or Alternative Income
- The Vehicle Used as Collateral Must Have Equity
These requirements are easy to meet! Cash title loans have never been simpler to apply for. If you are not certain of your eligibility status, a loan agent can walk you through the process and help answer any questions you may have.
Where Can I Apply for Cash Title Loans Online?
If you’re like most borrowers, you’re all about convenience. If you can complete your errands online, why not apply for a loan online as well! Title loans can be hassle-free to apply for.
With ChoiceCash Title Loans serviced by LoanMart, you can conveniently apply online in just three simple steps:
- Submit a Loan Inquiry Online or Over the Phone: To get started on the approval process, simply choose how to apply! Future borrowers can choose from applying online or over the phone. If you choose online, all you will need to do is fill out a short inquiry form that can prequalify you for the next step. Both methods can take just a few minutes to finish.1
- Send in a Few Documents: After submitting the initial form, the next step is to send in a few documents. A loan agent will reach out to you and request these documents to help verify your information and vehicle ownership. While the exact documents may change depending on the state you reside in, you can expect to submit these online:
- Proof of Income
- Recent Photos of the Car
- Title to the Car
- Proof of Address
- Government or State Issued Photo ID
For your convenience, these documents can all be submitted online via email or fax.
- Collect Your Cash: The last step of applying for a cash title loan is to collect your funds! If you are qualified for a ChoiceCash Title Loan, all you will need to do is sign your loan agreement and choose how to get your cash. Borrowers can either choose a check in the mail, direct deposit to their bank, or be picked up at any local MoneyGram. If you are qualified for a loan, you could get your cash in as little as 24 hours with ChoiceCash Title Loans!1
Ready to get the cash you need to turn your financial situation around? Applying for cash title loans is easy through ChoiceCash Title Loans! Go online today or give a loan agent a call at 855-277-4847.