Short on cash this month? A title loan can be the perfect resource to use to fix your financial woes. Whether you need funding for a home improvement project or a financial crisis, the funding you receive through a car title loan can help your wallet and your stress!
Unlike traditional loan options, the requirements to get approved for auto title loans are simple. Car title loan options like ChoiceCash Title Loans were created with the customer in mind!
Typically, you can expect to need to meet these requirements when applying for a car title loan:
- A Car Title in Your Name
- A Steady Income
- A Vehicle with Market Value
Car title loans like ChoiceCash Title Loans can be the easiest in the business to apply for! With a paid-off or close-to-paid-off vehicle and a steady income, you’ve met the initial requirements to get started on your title loan today.
How Do Auto Title Loans Work?
Auto title loans are an alternative loan option that has been designed to help borrowers in an emergency. By using the title of a vehicle as collateral for the loan, a title loan will allow a borrower to get the cash they need for a financial emergency. Typically, a title loan can help you get cash in as little as 24 hours!1
Auto title loans can be called many names, including:
- Car Title Loans
- Auto Equity Loans
- Auto Advance Loans
While the name may be different, these are all collateral-based loans that can help you get the funds you need! Most of the requirements to get approved for auto title loans are based upon a few eligibility factors. While other traditional loan options often have requirements that focus on credit history, a title loan is different.
For a car title loan, your vehicle’s title will be collateral for the loan, which changes how the approval process works. During the approval process for an auto title loan, your credit history is not the focus. Instead, your vehicle’s value and your income matter the most! Borrowers from all different kinds of credit histories can potentially apply for a car title loan.
Your vehicle’s value and income will also determine what your loan amount will be. Typically, a car title loan can be anywhere from 25%-75% of your car’s value! Not only are car title loans an alternative way to get cash with your car, but they are also one of the most flexible cash loan options to apply for since they are secured.
What are the Other Requirements to Get Approved for Auto Title Loans?
Car title loans may be one of the most flexible cash loan options to apply for, but there are some requirements besides having a car and a reliable income!
As a future borrower, you will need to meet these other two big requirements:
- Age Requirement: Applying for a car title loan is a big financial decision. If you are under the age of 18, you will not be eligible to apply for a car title loan.
- Vehicle Requirement: Your car must have the title in your name, and it must have value to qualify as collateral for the loan.
If you are like most borrowers, you may not know how much value your vehicle has. To solve this problem, ChoiceCash Title Loans created a title loan calculator! By simply inputting a few facts about your vehicle, you’ll be able to find out what your vehicle is worth and get a free title loan quote in the process!
The information about your car that is needed is often:
- The Make, Model, and Year of Your Car
- The Style of the Car
- The Mileage on the Odometer
- The Condition of the Vehicle and Cosmetic Damages
With this information, you can easily find out if your car will qualify for a car title loan.
The requirements to get approved for auto title loans can be much simpler than traditional loan options!
What Documents Are in the Requirements to Get Approved for Auto Title Loans?
One of the conveniences of choosing an online title loan option like ChoiceCash Title Loans is that you can apply from the comfort of your own couch! To do this, you will need to submit a few documents that help verify your information.
While the exact documents can vary from state to state, you can expect to need:
- Proof of Income: One of the biggest requirements to get approved for auto title loans is the borrower’s income. This determines what the loan amount will be, and if they are eligible for a loan. While a borrower does not need a traditional job to apply for a title loan, they will need proof that they can afford the loan. Most candidates use their pay stubs, bank statements, or even retirement income to prove their income.
- Recent Photos of the Car: While some title loan options will require an in-person vehicle inspection, ChoiceCash Title Loans is different. Instead, simply submit a few photos of your car to bypass this! Take photos of the front, back, and sides of the vehicle as well as the odometer.
- Photo ID: Almost all loans will require you to submit a form of identification. Many future borrowers will choose their driver’s license or their passport. In some cases, a military ID or other forms of government-issued photo IDS can be submitted!
- Proof of Address: Utility bills, recent credit card statements, or other official mail can be submitted as proof of residence.
- Car Title: To qualify for a car title loan, the vehicle title must be in your name.
For your convenience, these documents can be submitted online with ChoiceCash Title Loans! You can easily get started on your title loan from the comfort of your home.
What are the Benefits of Car Title Loans?
Car title loans can come with more benefits than just cash! With loan options like ChoiceCash Title Loans, you can take advantage of all the perks that come with your funding. These benefits can help set you up for success as a borrower!
Take a look at some of the benefits you can take advantage of:
- Payments Start Low and Can Get Even Lower2: By simply keeping a title loan account in good standing, ChoiceCash Title Loan borrowers have the opportunity to earn a lower interest rate and payment each month!2 This reward can help lower your monthly payment and set responsible borrowers up for success.2
- High Approval Rates1: Title loans are known for a flexible approval process and high approval rates!Borrowers with a poor credit history may be denied for other traditional loans, but a title loan agent will focus on other important factors during the approval process.1
- Fast Funding1: Qualified borrowers of a ChoiceCash Title Loan can get their cash in as little as 24 hours!1 If you have a financial emergency and you need cash fast, a title loan can be the perfect resource to use.
What Can I Use My Funding for Once I Get Approved for a Title Loan?
Once a borrower has met the requirements to get approved for auto title loans, the next step is to spend the cash! So, what can you use your title loan funding for?
While not every person’s financial emergency looks the same, here are a few common ways that a borrower will spend their title loan funds:
- Debt Consolidation
- Medical Bills
- Surgery Costs
- Vacation and Travel Expenses
- Home Improvement or Repairs
- Car Repairs
While unexpected expenses and life can happen unexpectedly, a car title loan could help you get funds in as little as 24 hours!1 The funding is fast, and the approval process is streamlined to help borrowers like you in a financial emergency.
Where Can I Apply for an Auto Title Loan Online?
Applying for traditional loans can often seem like a hassle. With ChoiceCash Title Loans, you can apply from the comfort of your own home if you have a smartphone or computer!
The approval process is conveniently just a few simple steps:
- Fill out a Quick Loan Inquiry Online, or with an Agent over the Phone
- Send in the Right Documents to Verify Your Information
- Meet the Requirements to Get Approved for Auto Title Loans1
- Get Your Cash!
If you can get your cash in as little as 24 hours, why wait to see if you qualify for a title loan with ChoiceCash Title Loans?1 Get started on your loan today by visiting the website, or by calling a loan agent at 855-914-2945.