Do You Need Insurance to Get a Title Loan?
A title loan is commonly referred to as a car title loan or an auto title loan. Essentially, it is a type of secured loan that uses a borrower’s vehicle title as collateral for the loan. Title loans can be a helpful option for individuals who have bad credit scores and need fast funding to handle unexpected expenses or consolidate their debt.1
If you don’t have car insurance but need fast cash, you might be wondering if you need insurance to get a title loan. It may not be possible to get a title loan without insurance. Most car title lenders will require an applicant to have car insurance in order for them to obtain approval for a title loan. There may be a clause in your loan agreement that specifies what type of coverage you will need to have throughout the duration of your loan.
Whether you are planning on applying for a car title loan online or at a storefront location, it is important to reach out to your lender and ask them what their policies are and the exact requirements you will need to meet in order to obtain loan approval.
Can You Pawn a Car Title Without Insurance?
If you are trying to apply for a title pawn instead of a title loan, you might be asking yourself if you can pawn a car title without insurance.
Your ability to pawn a car title without insurance can vary depending on the specific policies of the pawnbroker or title pawn lender you plan on working with. However, most title pawn lenders will require an applicant to provide proof of insurance in order for them to use their car as collateral for the loan. If you are planning on pawning your car, you should check with individual pawn shops or title pawn lenders to understand their specific insurance requirements.
What Do I Need to Apply for a Title Loan Without Insurance?
Looking to apply for a title loan without insurance? It is important to understand that it may be difficult to find a lender willing to work with you if you do not have car insurance.
Having car insurance is important regardless of whether or not you plan on applying for a title loan. Depending on your specific type of coverage, car insurance can provide a certain amount of financial protection in the event that your car is stolen or damaged in a car accident. If you get into an accident during the title loan repayment process and your car is totaled, you will still be responsible for paying off the remainder of your loan. That’s why it is incredibly important to have car insurance before applying for a title loan! You should always prepare for the worst so you are not caught off guard if an accident happens.
Once you have car insurance, you can conveniently apply for a ChoiceCash title loan serviced by LoanMart online or over the phone today! Here’s a short list of the documents you will need on hand during your loan application in order to verify your information and speed the process along:1
- Valid Government-Issued Photo ID
- Proof of Address
- Evidence of a Qualifying Vehicle Title in Your Name
- Proof of Income or Alternative Income
- Recent Photos of the Vehicle
You may be asked to provide proof of car insurance during your application as well, so keep that document handy when you are communicating with your title loan agent! You can conveniently upload all of your documents online or send them to your title loan agent via email / text message.
Do I Need to Show My Car to Apply for Title Loans With No Insurance?
Now that you know it is difficult to find title loans with no insurance, you may be wondering if it is possible to get a title loan without showing your car. If you are eligible for a title loan, you can typically access up to 50% of your vehicle’s overall value. In order to obtain approval for a title loan, the value of your vehicle must be verified during your application.1
Your car’s value can be verified through a physical or online vehicle inspection. With ChoiceCash title loans serviced by LoanMart, you can conveniently submit a few clear photos of your vehicle to complete an online car inspection! You will need to submit photos of the following in order to complete your inspection:
- The VIN (Vehicle Identification Number)
- Odometer Reading
- All Sides of the Vehicle
You can expect to submit these photos with the other required documents during your loan application.
Can I Apply for Instant Online Title Loans with No Insurance?
Unfortunately, you may not be able to apply for instant online title loans with no insurance. Many lenders will require an applicant to provide proof of insurance during their application, or their loan contract will include verbiage stating that you will maintain insurance coverage throughout the loan, so it will be tough to find a lender who is willing to offer title loans with no insurance.
Although you may not be able to receive instant approval for an online title loan with no insurance, you can find out if you qualify for instant pre-approval with ChoiceCash title loans online!1 Just call or click here to fill out a short prequalification form and find out if you are eligible for same day pre-approval. Upon initial approval, you will be asked to submit a few documents to verify your information. After your documents are received and verified for completeness, you can find out if you are eligible for an online title loan! Then, the last step of the application process is to sign your electronic contract and choose how to receive your emergency cash. With ChoiceCash title loans serviced by LoanMart, qualified borrowers can choose between one of the following ways to obtain their loan proceeds:1
- Check in the Mail
- Direct Deposit to a Bank Account
- Have The Funds Added to a Debit Card
- Pick Up the Cash at a Participating Money Transfer Location Nearby