If you need to get back on your feet financially, it can be a struggle on your own. Fortunately, you may have more help than you think! A title loan might be the perfect solution to get back on your feet when you are stuck in a hard place. But you might be asking yourself- “what do I need for a title loan?”
While you may not know the requirements to get a title loan, the experts at ChoiceCash Title Loans are available to break down the quick and easy online approval process to get the cash you need!¹
Before I Learn What I Need for a Title Loan, How Does a Title Loan Work?
A title loan is a type of secured loan that allows you to access your vehicle’s available equity and turn it into cash. For this to work, your vehicle’s title will be collateral for the loan. The approval process for a ChoiceCash Title Loan is focused on your vehicle’s value and your ability to repay the loan. Most vehicle owner’s do not know their car’s current equity, however.
To use the ChoiceCash Title Loan online calculator and get a preapproval decision, you will need to input some details about the vehicle ¹ :
1. The Current Condition of your Vehicle: This refers to any damage that is in the interior/exterior surface of your vehicle. The better condition your vehicle is in, the larger the loan amount could potentially be. ¹
2. The Make, Model, and Style of the Car: Your vehicle’s make, model and style will greatly contribute to its calculated value. Some variations of models and makes, as well as luxury vehicles, can slow the declining value of a car. The color, style, and technology packages are aspects that help boost the resale value of a vehicle. Many popular models and styles can add to the value of the car.
3. The Year of the Car: Recent models usually have more value than older models. However, some older models of vehicles can still have value if they are well maintained! A classic car, luxury car, or an older car with the right condition and factors could still qualify for a title loan.¹
4. The Mileage on the Odometer: The mileage on the odometer shows how often a vehicle has been used. The higher the mileage is, the more it can negatively affect your car’s value. However, there is a chance that even if the mileage on the odometer is high, you could still qualify for a title loan.¹
5. Any Modifications to the Vehicle: In some instances, modifications can decrease the value of a car. Some upgrades can increase value, however. If you upgraded the engine or exhaust, there is a great chance that your car has more value!
With this information, it’s easy to use the online tool to calculate your equity and go through the quick approval process with ChoiceCash Title Loans! ¹
What Kind of Income Do I Need for a Title Loan?
When you’re applying for a title loan, you will be asked to provide proof of income. It’s important to choose a loan you can afford, which is why you need to show your monthly income. Your income is used by a loan agent to determine your loan amount, and what your monthly payment could be.
There are different ways to provide proof of income, like bank statements, pay stubs, or tax statements. If you have an alternative form of income, however, don’t panic.
You might be wondering about the type of income you need for a title loan, but there are many ways to earn a living. Take a look at just a few alternative forms of income that can be accepted during the title loan approval process:
1. Settlement Income
2. Worker’s Compensation
3. Pension Income
4. Retirement Income
5. Self-Employment or Small Business Ownership
By using email or fax, these documents can easily be submitted during the online approval process or a ChoiceCash Title Loan.¹
What are the Benefits of a Title Loan?
While you may be worried about the kinds of things you need for a title loan, there are benefits waiting for you.1
In addition to the money you may get, there are many other benefits you could take advantage of. ¹ With ChoiceCash Title Loans, you can expect these benefits after being approved¹:
- Fast Funding: Most lenders can take a lengthy period in approving your loan. With ChoiceCash Title Loans, you may receive your funding in as little as 24 hours! ¹
- Flexible Approval Process: A title loan is based on collateral, which makes the chances of being approved more flexible than others.
- Low Payments²: If you pay on time with ChoiceCash Title Loans, you may start with a low payment that can keep decreasing each month. ²
- Paying Off Early: Many loan options give penalties for paying off your loans early. With ChoiceCash Title Loans, you are free to pay them as early as you want; no hidden fees and penalties to be had.
- Available Funding: With a title loan, there is a chance of receiving a large amount of funding based on how high your collateral is. ¹
- Keeping Your Vehicle: Although your car’s title is being used as collateral, your car can remain with you. As long as you’re making your payments on time, you can keep your vehicle wherever you go. ¹
What Kind of Vehicle Inspection is Needed for a Title Loan?
Most title loan providers will require a vehicle inspection to determine your car’s equity amount. Unfortunately, vehicle inspections are traditionally done in-person at a designated location. It can be quite a hassle when you need your money now. Thankfully, ChoiceCash Title Loans serviced by LoanMart can help you save time by doing it all online!
All you need to do is answer a few questions and take recent pictures of your vehicle. You must take pictures of the front, back, and sides of your vehicle, as well as it’s odometer and identification number. It’s important that the pictures are clear, as it helps the loan agent confirm the value of your car!
With loan options like ChoiceCash Title Loans, the inconvenience of car inspections is a thing of the past!
What Kind of Cars Qualify for a Title Loan?
After evaluating the car details needed to inquire for a title loan, you may wonder if there’s a kind of car that does not qualify. Can older vehicles still qualify for a car title loan? Are specific brands or makes not eligible for a title loan? You may like to know that many different kinds of vehicles may qualify, as long as they have positive equity!¹
Although many cars may be eligible, there are some details to note when inquiring for a specific loan amount. If the vehicle comes from a popular make or model that is currently on demand, your vehicle’s value may be higher. ¹ If you have an older car, the market value might be lower than a newer model. The same can also be said for the current mileage of the vehicle. If the car is older, it probably means that the mileage on it is high, which decreases its value. But older cars may still qualify for a title loan!1 If they were well maintained or a classic car, they may meet the criteria for collateral.1
Let the experts with ChoiceCash Title Loans serviced by LoanMart verify your information and determine the value of your vehicle.¹
Is a Bank Account Needed to Qualify for a Title Loan?
Some loan options would require you to submit your bank account information before you can receive approval. With title loans, you might not have to worry about that. With ChoiceCash Title Loans, the most important requirements needed to qualify are your vehicle’s title and proof of income.
There are different ways to make your monthly payments without a bank account:
- Using a Standard Check via Mail
- Pay via Phone Using a Credit Card or Check
- Pay Online
With loan options like ChoiceCash Title Loans, you may still inquire for a car title loan without a bank account.¹ While you are required to provide proof of income, you may be able to do so without a bank account!
How Much Money Can I Get Through a Title Loan?
Now that you are aware of what you need for a title loan, you may wonder about the loan amount you could potentially receive. Generally, a title loan amount can often be anywhere between 25%-75% of your vehicle’s market value. This means, the more value your vehicle has, the more funding you could potentially get if your income supports a larger loan payment!¹ Your loan amount will largely depend on your ability to repay the loan and your vehicle’s available equity.
With ChoiceCash Title Loans, you can easily find an estimate on your vehicle’s equity online!¹
Do I Need Perfect Credit to Apply for a Title Loan?
The good thing about title loans is that they are secured through collateral during the approval process. This grants anyone from different credit histories and financial backgrounds the opportunity to inquire for a title loan.¹ It’s important to note that your credit may be considered during your inquiry, but your vehicle’s value and your income matter more.
If your financial situation is not steady, you may not have a perfect credit report. Even if your credit is not where you want it to be, you may still have a chance in being approved for a title loan.1
How Can I Pick Up My Cash After Receiving Title Loan Approval?
Many title loan options can only offer limited ways to receive your funds. With loan options like ChoiceCash Title Loans, there are different ways to pick up your money:
- Receive a Check: Feel free to request to have a check sent right to your home by mail.
- Through a Wire Transfer: You can request a wire transfer to receive your money!
- Pick Up Your Money In-Person: If you’d like to physically get your money, you can pick up your funds at any participating money transfer location near you.
- Direct Deposit: If you have a bank account, you can connect it and receive your money in as little as one business day.¹ You can also use your bank account to set up automatic payments each month!
What Do I Need for a Title Loan Inquiry Online?
Applying for a car title loan does not need to be a hassle! With just a few documents like your vehicle’s title, you can easily get started right from your smartphone or computer.
Now that you know what you need for a title loan, you can easily complete the online approval process with ChoiceCash Title Loans in just three easy steps:
1. The Inquiry Process
You can start the title loan process in two different ways. You can always go online and submit a short, pre-qualification form, or call a loan agent at 855-277-4847 . A loan agent will check the details from your vehicle and determine your vehicle’s equity. If you feel like there is an enough amount to cover your expenses, you will then proceed with the next step.
2. Submit a few documents: To verify your information, a loan agent will ask for the following:
- Proof of Income
- Proof of Address
- Photo Identification
- Pictures from Your Vehicle
These documents can be submitted online for your convenience! For any questions regarding documentation, you can always ask a ChoiceCash Title Loans representative for details.
3. Getting Your Money
Once your information has been received and approved, a loan agent will send you a loan agreement. It contains the necessary details you need for the repayment process. After you sign the agreement, it’s time to pick up your cash! Get started on your title loan and get the money you need in as little as one business day!¹