Financial emergencies don’t wait for weekends. If you find yourself short on cash on the weekends, you might be looking for title loans open on Sundays.
Fortunately, there are loan options that know that emergencies won’t wait! If you need cash on the weekends, you can apply for it online through ChoiceCash Title Loans serviced by LoanMart. Whether you need it day or night, you can apply on Sunday and be the first priority Monday morning! Some borrowers can get their cash in as little as one business day!1 It is easier than you think to find title loans open on Sundays.
How Can I Use the Title of My Car to Apply for a Loan?
Title loans work a bit differently than traditional loans. When an individual borrower applies for an unsecured personal loan, their credit and income are the factors that will determine their eligibility. Title loans are not as rigid with their approval process and are not unsecured!
Title loans are secured with collateral, which is the title to your car. The use of collateral when you are applying for a loan allows you to access your car’s value and borrow off of it! Title loans are installment loans and are considered secured loans.
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Since collateral is used to secure a title loan, the approval process is much more flexible than other types of loans!
Your eligibility for a title loan is based upon these factors:
- The Value of Your Car
- Your Income
The more your car is worth and the higher your income, the more you can potentially get through a title loan!1
Do I Need Good Credit to Apply for a Car Title Loan?
If you’re like most borrowers, the thought of applying for a title loan can be a bit intimidating if your credit is not up to par. Most traditional unsecured loans will require a credit score that is considered good at the very least! When your score is less than perfect, getting approved for a loan can be challenging.
If you are not confident with your credit history, don’t sweat it! A title loan can be much more flexible in the approval process because you are using collateral to secure the loan.1 Secured loans can offer a lot of benefits to borrowers, including security! Collateral gives your title loan lender the security that you are not a big risk to lend to. While your credit history is still considered, it is not the focus of the title loan approval process.
Instead, a lender will look at the value of your car and your ability to afford a monthly payment. With this information, they will determine your eligibility!1 Even if you are not confident with your credit history, you can still apply for a title loan.1
Does My Car Qualify for an Auto Title Loan?
To qualify for a car title loan, your vehicle must have a certain amount of equity. Equity is just the difference between the market value of the car and what you currently owe on it. Even if your car isn’t fully paid off, it could still have equity!
Since there are many different types of cars that could have equity, there is no set list of cars that qualify for a title loan. If you’re like most borrowers, however, you may not know what your car is worth off the top of your head!
Your vehicle’s value is determined by a few different factors:
- The Year, Make, and Model of the Car
- The Car’s Current Mileage
- The Condition of the Car
- The Style of the Car and Color
Are you curious what your vehicle could potentially be worth? Through ChoiceCash Title Loans online title loan calculator, you could receive a free loan estimate and more information about your car’s current used value!1
What Documents Will I Need to Apply for a Title Loan?
Looking to apply for title loans open on Sundays? There are a few documents you will need to have handy first to make the approval process quick and easy.1 Fortunately, these are all documents that you likely have sitting around!
You can expect to need these:
- Proof of Address: Many borrowers choose to submit recent mail such as utility bills, credit card statements, or other official mail items. If you have a rental agreement, that can be considered proof of address!
- Recent Photos of the Car: You can skip an in-person vehicle inspection by just taking a few photos of your car! The front, back, and sides of the vehicle must be visible in the photos. You may be required to take a picture of the odometer on your dashboard as well.
- Proof of Income: You do not need a traditional 9-5 to apply for a title loan! However, you will need to have some stream of income or alternative income. Bank statements, pay stubs, and even Social Security award letters will count as proof of income!
- Government or State Issued Photo ID: Many borrowers use their driver’s license or passport as proof of ID!
- Title to The Vehicle: While it may seem obvious, this is the most important document you will need to submit! It must be in your name for it to qualify as proof of vehicle ownership.
A loan agent will ask for these documents to help verify your information and identity. These documents can be submitted online for your convenience!
How Fast is the Process to Apply for Title Loans Open on Sundays?
If you’re in a financial emergency, you don’t have time to wait! Time is of the essence, and you need a loan that is fast and easy.
The process to apply for a ChoiceCash Title Loan is streamlined and hassle-free. You can apply online, or over the phone for your convenience- day or night!1 Whether it is a Wednesday or a Sunday, you are a priority. With ChoiceCash Title Loans serviced by LoanMart, many borrowers can get their cash in as little as one business day.1