Title loans are a type of alternative funding that can allow a borrower to access their vehicle’s equity and turn it into cash!1 With a title loan, the approval process can be flexible, but there is a required inspection. Are you wondering, “What kind of inspection do I need for a title loan?”
The answer is a vehicle inspection! For a title loan, a borrower’s eligibility and loan amount will depend on the value of their vehicle. The vehicle is the most important aspect of the loan, so the value must be verified by a loan agent.
All title loans will require some form of inspection, but they do not always need to be in person. Fortunately, ChoiceCash Title Loans can offer an online vehicle inspection that is more convenient for the on-the-go borrower.1
Why Do I Need a Vehicle Inspection for a Title Loan?
Title loans are secured loans that use collateral during the approval process. For a title loan, your vehicle’s title will be the collateral for the loan. Since collateral is used to secure the funding, the value of the vehicle is the most important factor for loan approval.
The kind of vehicle inspection you need for a title loan will depend on the title loan provider you choose, but the inspection is to determine:
- The Equity or Value of The Car
- The Condition of The Vehicle
Equity is simply the difference between the market value on the car and what the borrower currently owes on it. The more equity a car has, the more a borrower has to turn into cash if their income supports it!1
The vehicle inspection can help a loan agent determine the condition of your vehicle and whether it qualifies for a title loan! Fortunately, ChoiceCash Title Loans can offer an online alternative to a vehicle inspection. With ChoiceCash Title Loans, a borrower will simply need to submit a few photos of their vehicle during the online approval process to bypass an in-person vehicle inspection.
What Vehicle Inspection Do I Need for a Title Loan?
If you are wondering, ‘What kind of inspection do I need for a title loan?” you may have other questions about the inspection process. A vehicle inspection for a car title loan is just to determine the condition of the car and the equity that the vehicle has to offer. During a vehicle inspection for a title loan, a loan agent will look at different aspects of the car to determine whether it qualifies as collateral.
There are a few other factors that contribute to the equity of your car and its market value:
- The Make, Model, and Style of the Vehicle
- The Year the Vehicle was Manufactured
- The Current Condition of the Car and Any Damage
- The Modifications of the Vehicle, if Any
- The Mileage on the Odometer
To complete the online vehicle inspection with ChoiceCash Title Loans, a borrow will simply need to take photos of the back, front, and sides of the vehicle.
What Kind of Credit History Do I Need for a Title Loan?
While a vehicle inspection is something you need for a title loan, a perfect credit history is not! Title loans are secured through collateral, which is the most important aspect during the loan approval process, along with the borrower’s income. The value of the vehicle and your income will determine:
- Your Loan Amount, and
- Your Eligibility for a Title Loan!
Your credit may be considered during the process, but it will not be the focus for approval. For a title loan, your vehicle’s title will be used as collateral for the loan. This will minimize the risk to lend to you if your credit history is not up to par. Even if you are not happy with where your credit history is at, you could potentially still qualify for the cash you need!1
What Documents Do I Need for a Title Loan?
Title loans can offer a flexible approval process, but there are some documents you will need to have handy during the approval process. While your main question may have been, “What kind of inspection do I need for a title loan?” You may not have considered what documents are needed to get qualified!
Fortunately, ChoiceCash Title Loans can make this easy on you. These are the documents you will need for loan approval:
- Bank Statements, Pay Stubs, or Another Way to Prove Your Income
- Recent Utility Bills, Credit Card Statements, or Mail to Prove Your Address
- Recent Photos of the Car for the Vehicle Inspection Online
- Car Title in Your Name
- Government or State Issued Photo ID
When you submit a loan inquiry with ChoiceCash Title Loans, you can submit these documents online for your convenience.
What Can I Spend My Title Loan Funds On?
If you are facing a tough financial emergency, you may be wondering what you can spend your title loan funds on. While everyone has a different financial situation, some of the most common ways that a title loan borrower will use their funds are:
- Debt Consolidation
- Covering Rent or Mortgage Payments
- Paying for Medical Bills or Surgery Costs
- Covering Vet Expenses
- Paying for an Unexpected Bill or Expense
- And Much More!
Where Can I Apply for a Title Loan Online?
Ready to see if your vehicle can qualify for the cash you need? Skip the hassle of an in-person vehicle inspection with ChoiceCash Title Loans today when you take advantage of the online approval process!1
Get started on your loan by simply filling out a short inquiry form on the website and answer a few questions about your vehicle. Or give a loan agent a call at 855-914-2945. Representatives are available for 7 days a week to help you get your title loan questions answered!
Qualified borrowers can get their cash in as little as one business day through ChoiceCash Title Loans.1