Instead of using your credit history to secure a traditional loan, consider other alternative loan options like vehicle title loans. If you have a paid-off or close-to-paid-off car, you may be eligible to apply for a car title loan online. While traditional loan options will often require a perfect credit history for a borrower to be eligible, title loans can be the opposite.
To qualify for a car title loan, you will simply need to:
- Send in a Few Documents to Verify Your Information
- Have a Vehicle Title in Your Name
- Provide Proof of Income or Ability to Repay the Loan
If your credit isn’t perfect and you need financial help now, an online title loan can be the perfect resource! When you’re in a financial emergency, there is no faster option than ChoiceCash Title Loans. Qualified borrowers can get their cash in as little as 24 hours!1
How Do Vehicle Title Loans Work?
With many types of traditional loans, credit history can be the largest factor when it comes to car title loan eligibility. While every type of loan will have some form of a credit check, title loans do not base a borrower’s eligibility solely on their credit history.
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Instead, a borrower’s eligibility is mainly based upon:
- Monthly Income and Ability to Repay the Loan
- The Value of the Collateral
Vehicle title loans are secured loans that allow you to borrow cash by using the title of your vehicle as collateral. The use of collateral can open a lot of benefits up to a borrower. Unsecured loan options rely on credit history to approve a borrower, as their credit is an indicator if a borrower is a risk to lend to. With a title loan, however, the collateral will offset the risk and offer more security in the approval process.
Since collateral is used to secure the loan, a borrower may have more advantages than an unsecured loan! Secured loans like title loans can offer these benefits:
- Flexible Loan Approval: Collateral can make the approval process for a title loan flexible and easy! Title loans are popular across the nation for having an easy application process and high approval rates.
- Interest Rates Won’t Hurt Your Wallet: With unsecured loans, your interest rates are determined by your income and credit history. With a secured loan, you may find that the interest rates are more competitive and easier on your wallet!
With a secured loan like a car title loan, the process is easy to understand. If you have a paid-off or close-to-paid-off vehicle, you may be eligible for a loan! By simply using a vehicle’s title as collateral, qualified borrowers can get approved for cash.1
Does My Car Need to Be Paid off to Apply for Vehicle Title Loans?
To apply for a car title loan, your vehicle must have a certain amount of equity. Simply put, equity is the difference between what your car will sell for on the market and what you currently owe on it if you are financing.
If you are still financing your vehicle, you may be curious if you are eligible for a car title loan. Vehicles that are still being financed may qualify for vehicle title loans. Even if your car is being financed, a car title loan is based partly on how much equity is in the vehicle. It is not based upon how many remaining payments there are.
If there is positive equity in your vehicle, you may be able to qualify for a car title loan. If you’re like most borrowers, however, you may not know how much equity your vehicle has. Luckily, there are online resources you can take advantage of. A title loan calculator offered by ChoiceCash Title Loans can provide you with an estimate on your vehicle’s equity. By answering a few questions about your vehicle, you’ll receive an equity estimate and a free title loan quote.
Will I Need a 9-5 Job to Apply for Vehicle Title Loans?
For most traditional loan options, a borrower is required to provide proof of income during the approval process. While many bank loans and unsecured loan options prefer a borrower with a traditional 9-5 job, a title loan can be different.
A future borrower will need to provide proof of the ability to repay when applying for a car title loan. There are many different types of alternative income options that are considered proof besides a 9-5, however!
Some of the more common forms of alternative income are:
- Social Security/ Disability Benefits
- Worker’s Compensation
- Self-Employment or Small Business Owners
- Retirement Accounts or Annuities
While you will need to provide proof of income, there are many alternative ways to show you can afford a title loan payment! If you are uncertain if your benefits or income will qualify for a loan, there are loan agents that can help. Simply call 855-277-4847 to speak to a qualified ChoiceCash Title Loan agent and take advantage of the easy inquiry process!1
What Can I Use My Funding from a Car Title Loan for?
Many unsecured loan options like mortgage loans or auto loans will require the borrower to use their loan amount for a specified purpose. With a title loan, however, your funding is yours as soon as you receive it! If you are facing a financial emergency, a title loan can be used for a variety of situations, such as:
- Paying Medical Bills or Veterinarian Bills
- Covering the Cost of Car Repairs or Home Repairs
- Funeral or Wedding Expenses
- Vacation and Travel Expenses
- Cash for a Rainy Day or Big Purchase
When your financial situation changes, it can be tough to get the help you need. With resources like title loans, you have access to the help you need! Whatever the cash is needed for, qualified borrowers can take advantage of the flexibility of a title loan.
Why Should I Choose Vehicle Title Loans for Funding?
Vehicle title loans can be a helpful resource to get cash if you are searching for an alternative loan. There are more benefits to a title loan than just cash, however! Take a look at these innovative perks that qualified title loan borrowers can take advantage of:
- A Loan That is Accessible: Title loans have high approval rates across the nation for a reason. Vehicle title loans are some of the most flexible and accessible loans to apply for! Borrowers from all different types of financial backgrounds and credit histories can be approved for a loan.1
- Rewards Available2: With many loans, the transaction can often feel one-sided. With ChoiceCash Title Loans, you can feel like you are being rewarded for paying your loan back. Responsible borrowers that make consistent on-time payments can have their payments start low and get even lower!2 Take advantage of interest and payment deduction perks by being a responsible borrower.2
- Easy Inquiry Process: With ChoiceCash Title Loans, you will have access to a simple three step process when you place a loan inquiry online! Getting a title loan shouldn’t be a hassle.
- Keep Driving: During the approval process for a title loan, you will use your vehicle’s title as collateral for the loan. Understandably, you might be concerned about the status of your car during the repayment process. Responsible borrowers that make consistent on-time payments can keep driving their car like it is business as usual!
- Unmatched Customer Service: Your experience with customer service should always be a positive one. With ChoiceCash Title Loans, you will have access to loan agents for extended hours! Any questions you may have about your loan can be answered day or night.
Where Can I Apply for Vehicle Title Loans Online?
Applying for a car title loan can be an easy process! With loan options like ChoiceCash Title Loans, borrowers can apply for vehicle title loans online or over the phone in just three simple steps:
- Go Online or Give A Loan Agent a Call: Borrowers can conveniently choose to start the prequalification process for a car title loan online, or over the phone with a representative! Both options can take just minutes to do.
- Send in a Few Documents: If you are prequalified, a loan agent will reach out and request a few documents to be sent in online. These documents can help an agent verify your information and send you off to the next step! You can expect to need these items to apply for vehicle title loans online:
- Proof of Income and Address
- Title to Your Vehicle
- Government or State Issued Photo ID
- Recent Photos of The Car
- Some References May Be Required
- Collect Your Funds: The last step in the approval process is to receive your eligibility information! If you are qualified for a title loan, all you will need to do is sign your loan agreement and collect your cash.