Understanding the Vehicle Title Loan Requirements

A car title loan is a type of secured loan that can be flexible and convenient! With an auto title loan, you’ll be able to borrow against the value of your vehicle by using your car title as collateral for fast funding. Car title loans can offer a quick way to access fast cash, especially for individuals who may not have a strong credit history. Whether you are going to apply for a car title loan online or in person, here are the title loan requirements that you need to meet to get approved:1

  • Be 18 Years of Age or Older: Applicants must be 18 years of age or older to apply for car or truck title loans in the United States.
  • Have a Vehicle with Positive Equity: While other factors are taken into consideration during your application, your eligibility for a car title loan is mainly based on your vehicle’s value and your ability to repay the loan. One of the most common misconceptions about title loans is that you need a newer car to get approved. That’s just not the case! You can borrow against the value of a newer or older car as long as it has enough positive equity to qualify as collateral for the loan. When your vehicle has positive equity, it means that its market value is greater than the amount you still owe on your auto loan. Fortunately, you can use ChoiceCash’s title loan questionnaire to get a vehicle value estimate and a loan quote, free of obligation!1 Contact a ChoiceCash title loan agent at 855-422-7402 if you have any questions about the title loan qualifications.
  • Provide Proof of Income: During the auto title loan application process, you must prove you have the ability to repay the loan. However, unlike some traditional loan options, you don’t need a 9-5 job to qualify for a title loan!1 You can submit various documents during the application process to prove your ability to handle your title loan payments, including bank statements, pay stubs, or disability award letters. Title loans are designed to be accessible to a wide range of individuals, including those with poor credit or unconventional employment situations.1
  • Have a Car Title in Your Name: You can’t get a title loan without a vehicle title in your name. If your vehicle title isn’t in the right shape to apply for a car title loan, you must visit the office of your local Department of Motor Vehicles (or state equivalent) and transfer the car title to your name if you are the rightful owner of the vehicle.

Unlike traditional loans, title loans can be much more flexible because they are a type of secured loan. Title loan lenders don’t solely focus on credit histories during the application process, making them accessible to a broader range of applicants. So, even if your credit history isn’t perfect, you could still qualify for a ChoiceCash title loan and get emergency cash!1

If you’re eligible for a ChoiceCash title loan serviced by LoanMart, you can access competitive interest rates and obtain fast cash in as little as 24 hours!1 Call a title loan officer at 855-422-7402 if you have questions about the title loan requirements.

What Documents are Required to Get a Title Loan?

title loan requirements

Now that you know more about the car title loan requirements, you may be wondering what kind of paperwork you’ll need to have to verify your income, vehicle ownership, and personal information. By collecting all of the necessary paperwork ahead of time, you can ensure that you experience a smooth and efficient application process!1

With ChoiceCash title loans, you are offered convenient submission methods, so you can upload your documents online without leaving your house. You can also send your paperwork directly to a title loan representative via email or text message!

Below is the list of documents you must provide when applying for an auto title loan:1

  1. Bank Statements, Recent Pay Stubs, or Another Document to Prove Your Income
  2. Recent Utility Bills, Credit Card Statements, or Lease Agreements to Prove Your Current Address
  3. A Car Title, Which Must be in Your Name
  4. Recent Pictures of Your Vehicle to Complete a Virtual Vehicle Inspection
  5. A Driver’s License, U.S. Passport, or Another Valid, Government-Issued Photo Identification

Uploading these documents online means that an experienced title loan representative can review them for completeness in no time at all and speed your application process along!1 Providing inaccurate information or outdated documents can lead to delays in your application.

Create a checklist of the required documents before the application process begins to make the process as efficient as possible. Once you have gathered and reviewed all of your paperwork to make sure everything is valid, you can easily upload everything online without leaving your home! Call 855-422-7402 if you have questions about the documents you’ll need to get approved for a quick loan.1

What are Title Loan Interest Rates and Fees?

The interest rate is the cost of borrowing money and is a percentage of the principal loan amount. If you are perceived as a low credit risk to a lender because your creditworthiness is high, you will likely receive a low interest rate. A lower rate is ideal since you will end up paying less for borrowing money from a lender or financial institution. However, if you have a poor credit history, you will likely receive a higher interest rate when qualifying for a loan because you pose a higher risk to a lender. Fortunately, people with shaky financial backgrounds can still qualify for auto title loans and access competitive interest rates!1

Since title loan interest rates can vary depending on the lender you work with, your credit history, and your state of residence, it is important to shop around and search for the option that fits your budget. Pay close attention to the annual percentage rate (APR), which is essentially the price you pay for a loan. The APR of a loan is expressed as an annual rate that is charged on a loan balance. The lower the APR, the less you’ll pay in interest and fees over the life of the loan.

When evaluating the total cost of a title loan, it is important to consider any potential penalties or fees associated with late payments or paying off your loan early. Some lenders charge fees for late payments, while others may charge prepayment penalties if you repay the loan before the full term has ended. Familiarize yourself with the terms and conditions of your loan to avoid any surprises.

Thankfully, if you qualify for a ChoiceCash title loan, you can access competitive interest rates, no hidden fees, and zero prepayment penalties! You can take advantage of a flexible application process, and you don’t need a perfect credit score to get approved for fast funding! Call 855-422-7402 to learn more about getting loans with bad credit.1

How Can I Repay an Auto Title Loan?

title loan qualifications

Once you have met the title loan requirements and qualify for a ChoiceCash title loan, you can choose from a few different methods to repay your emergency funding:1

  • Pay Online
  • Set Up Automatic Payments from Your Checking Account
  • Pay by Phone
  • Mail a Check to the Payment Center
  • Pay in Person at a Participating Money Transfer Location

In order to effectively manage your title loan, it’s important to fully understand the terms and conditions of your loan. Review your loan agreement carefully before signing on the dotted line, including the repayment schedule, interest rates, and any applicable fees.

Here are some tips to help you manage and repay your title loan responsibly:

  • Budget and Prioritize Your Loan Payments
  • Set Reminders for Payment Due Dates
  • Talk to a Title Loan Agent if You Encounter Financial Problems
  • Only Borrow What You Need and Can Afford to Repay

Do you have any questions about repaying title loans that don’t require you to show the car in person? Call a ChoiceCash title loan agent today at 855-422-7402!

What is the Title Loan Application Process?

If you meet the initial title loan requirements, why not see if you are eligible for a car title loan? Applying for a ChoiceCash title loan serviced by LoanMart can be streamlined and simple, which is invaluable if you need a fast way to access cash. Just follow these three simple steps to get your money:1

  1. Complete an Online Questionnaire and Meet the Title Loan Requirements
  2. Verify Your Information, Vehicle Ownership, and Income Through Requested Documents
  3. Review the Terms and Conditions of Your Loan and, If You Wish to Proceed, Accept the Loan Offer and Sign Your Electronic Loan Contract
  4. Mail Your Vehicle Title and Additional Forms (if Required By the State You Currently Reside in)
  5. Get Your Title Loan Money!1

If you want to experience a smooth and successful application process, consider the tips listed below:1

  • Have All of Your Documents Ready Before Applying to Avoid Unnecessary Delays
  • Ensure the Information on Your Application is Accurate
  • Ask Questions if You Need Clarification
  • Review Your Payment Schedule and Have a Repayment Plan in Place

Ready to apply for a ChoiceCash title loan? You can get the money you need to handle a financial emergency in one business day or less if you’re eligible. Call 855-422-7402 if you have questions about the title loan requirements or the application process.1