• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Before Header

Spanish Flag ESPAÑOL

1800 Car Title

Car Title Loans. Fast Cash, Low Payments, Everyday!

  • Home
  • How it Works
    • What Is A Title Loan?
    • Car Title Loan Requirements
  • Loan Types
    • Car Title Loans
    • Refinance Title Loan
    • Motorcycle Title Loans
    • RV Title Loans
    • Car Title Loans Online
  • About Us
    • Reviews
    • Programs
    • Locations
    • Contact Us
  • Faqs
  • Blog
  • Rates and Fees
  • Home
  • How it Works
    • What Is A Title Loan?
    • Car Title Loan Requirements
  • Loan Types
    • Car Title Loans
    • Refinance Title Loan
    • Motorcycle Title Loans
    • RV Title Loans
    • Car Title Loans Online
  • About Us
    • Reviews
    • Programs
    • Locations
    • Contact Us
  • Faqs
  • Blog
  • Rates and Fees
GET A QUOTE TODAY!

1-800-227-8485

How much is my car worth?


  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
  • 2001
  • 2000
  • 1999
  • 1998
  • No Items Found
  • No Items Found
  • No Items Found
  • TV Ad
  • Bing
  • Google
  • Yahoo
  • Radio Ad
  • Direct Mail
  • Existing Customer
  • Previous Customer
  • Friend

What Are the Eligibility Requirements For An Auto Title Loan?

May 6, 2021 //  by marcela

Auto Title Loan

Life is unpredictable. No matter how carefully you plan your budget, unexpected expenses could arise and put a strain on your finances. If you’re in this situation, taking out an auto title loan might be a great way to get the cash you need.

An auto title loan, which is often called a car title loan or simply a title loan, is a type of secured loan that allows the borrower to use the title to their car, RV, or motorcycle as collateral. Title loan applications can be processed and approved quickly, which is why these loans are ideal for people who need cash fast.

Before you start the application process, you may want to learn about the eligibility requirements to determine whether or not you will qualify for an auto title loan. Here’s what you should know:

What is Needed For An Auto Title Loan?

Every lender will require borrowers to submit certain types of documentation during the application process. The exact requirements may vary slightly from lender-to-lender. But in general, this is what you will need to provide to apply for a title loan:

  • Title to your vehicle
  • Driver’s license or government-issued ID
  • Proof of income
  • Proof of residence
  • Photos of your vehicle

You must also be at least 18 years old to obtain an auto title loan.

What If I Can’t Find the Title to My Vehicle?

You need to submit the title to your vehicle to your lender as part of the application process. But you shouldn’t give up on getting a title loan if you can’t find the title to your vehicle. 

You have several options if you want to apply for a title loan, but your title is missing or damaged. The first option is contacting the Department of Motor Vehicles (DMV) in your state to find out how you can order a replacement title. You may need to fill out paperwork and pay a small fee, but that’s typically all it takes to get a new title.

The second option is contacting the title lender for assistance. Title lenders may be able help you with the process of tracking down your missing title.

Can I Get An Auto Title Loan

Can I Get An Auto Title Loan With A Salvage Title?

If your vehicle has a salvage title, this indicates that it has suffered extensive damage in the past. For example, the vehicle may have been badly damaged in an accident or flood or as a result of a criminal act. The title is used to notify future potential buyers of the damage that the vehicle has sustained in the past.

In most states, a vehicle is given a salvage title when it is deemed a total loss by an insurance company. A vehicle is considered a total loss when the cost of repairing its damage exceeds a certain percentage of the value of the car.

It is far too difficult to estimate the value of a vehicle with a salvage title. For this reason, salvage titles likely cannot be used as collateral to secure car title loans. If your vehicle has a salvage title, you may not qualify for an auto title loan unless you have another car, RV, or motorcycle to use as collateral.

Can I Get An Auto Title Loan With No Proof of Income?

Title lenders need to see proof of income in the form of tax returns, pay stubs, or other documentation during the application process. This allows the lender to verify that you have a reliable source of income that can be used to repay your debt.

You typically cannot get approved for an auto title loan without providing proof of income. However, it’s important to clarify that this does not mean you need to be employed in order to get approved for an auto title loan. If you’re unemployed, you may still qualify for a title loan if you have another source of income.

Can I Add A Co-Signer to My Title Loan?

You can add a co-signer to your title loan if you don’t think you will get approved on your own. A co-signer is an individual who agrees to add their name to your loan, which means they are legally responsible for your title loan payments in the event you are unable to pay them.

Even if you can get approved for a title loan on your own, you may want to consider adding a co-signer if your credit score is low. Adding a co-signer with good credit may help you secure more favorable loan terms, including a lower interest rate.

A co-signer must be willing to sign a credit application and provide proof of income and residence to the title lender. This information will be kept private, which means you won’t have access to your co-signer’s information and your co-signer will not have access to your information.

Can I Get A Car Title Loan With Bad Credit

Can I Get A Car Title Loan With Bad Credit?

You will need to consent to a credit check during the application process. Many people assume that if a title lender performs credit checks, it means they don’t approve applicants with bad credit. But that’s not always the case.

Title loans are secured by collateral in the form of the title to your vehicle. Because the loan is secured by collateral, lenders don’t take on as much risk when lending to borrowers with less-than-perfect credit. After all, if the borrower stops making payments, the lender can satisfy the debt by taking possession of their vehicle and selling it to cover the balance of the loan.

Your credit score will still play a role in determining whether or not you are eligible for an auto title loan. But when the lender reviews your application to determine eligibility, your credit score may not be as important as the value of your vehicle or your ability to repay the loan.

Can I Get A Title Loan If I Still Owe Money On My Vehicle?

If you’re still making payments on your vehicle, you may or may not qualify for a title loan depending on how much you still owe. The resale value of your vehicle must be more than the amount you still owe on your vehicle.

For example, say your car’s resale value is $10,000 and you still owe $3,000 on it. In this case, the fact that you still owe money on your vehicle will not automatically make you ineligible for a title loan.

But if your vehicle is worth $4,000 and you still owe $4,500 on it, you would not be likely to be eligible for an auto title loan since the amount owed is greater than the resale value.

Can I Get An Auto Title Loan If Someone Else’s Name Is On the Title?

You cannot use the title to your vehicle as collateral unless your name is on it. However, your name does not need to be the only name on the title to the vehicle. If someone else’s name is on the title to your vehicle, you may still qualify as long as your name is also included.

You should qualify for an auto title loan as long as you meet all of these eligibility requirements. But if you’re still not sure whether or not you meet the requirements, feel free to contact a title lender to discuss your unique situation.

Category: blog

Previous Post: «FinTech Trends Top FinTech Trends to Watch For in 2021
Next Post: Getting your Finances Organized in 2021 Getting your Finances Organized»

Primary Sidebar

How much is my car worth?


  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
  • 2001
  • 2000
  • 1999
  • 1998
  • No Items Found
  • No Items Found
  • No Items Found
  • TV Ad
  • Bing
  • Google
  • Yahoo
  • Radio Ad
  • Direct Mail
  • Existing Customer
  • Previous Customer
  • Friend
Best Online Title Loans

Do You Qualify for the Best Online Title Loans?

June 28, 2022

People often apply for traditional personal loans when they need to borrow cash to make ends meet. …

Vehicle Title Loans Near Me

Vehicle Title Loans Near Me: How Much Can I Borrow?

June 28, 2022

Life is unpredictable. Even if you’ve carefully prepared a budget, additional expenses can arise as …

Can I Get A Car Title Loan With No Job

Can I Get A Car Title Loan With No Job?

June 9, 2022

Making ends meet can be difficult without a steady paycheck. If you’re unemployed, you may need …

CATEGORIES

ARCHIVES

TAGS

bad credit Bankruptcy Borrow Money Car Title Loan car title loan fit create a budget credit myths credit report credit score Effective budget equifax experian fast cash Fast Funding FICO credit score Finance Funny Car Mods of The Month how to save improve credit Loan Los Angeles MoneyGram No Credit options after bankruptcy Pay Day Loans payment history Private Lenders Qualifying Vehicle savings secured credit card secured loan stick with your budget title loan Title Loans transunion types of credit
1800 Car Title
Bottom Logos

FOLLOW US!

  • Facebook
  • Twitter
  • YouTube

Footer

1800 Car Title
Bottom Logos

FOLLOW US!

  • Facebook
  • Twitter
  • YouTube
  • Extras
  • FAQs
  • Programs
  • Reviews
  • Locations
  • Community Service
  • Become an affiliate
  • Benefits For Military
  • Extras
  • FAQs
  • Programs
  • Reviews
  • Locations
  • Community Service
  • Become an affiliate
  • Benefits For Military
  • Title Loan Options
  • Car Title Loans
  • Title Loans Refinance
  • Motorcycle Title Loans
  • RV Title Loans
  • Car Title Loans Online
  • Title Loan Options
  • Car Title Loans
  • Title Loans Refinance
  • Motorcycle Title Loans
  • RV Title Loans
  • Car Title Loans Online
  • How to Get a Car Title Loan
  • Benefits of a Car Title Loan
  • Payday Vs Title Loans
  • Car Title Loans Online
  • Lower Your Interest on Car Title Loans

Site Footer

  • Sitemap
  • Privacy Policy
  • Questions & Complaints
  • Utah Disclosures, Fee Schedule and Complaints
  • Terms of Use
  • Credit Education

USA Patriot Act Disclosure: Important information about procedures for opening a new account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you apply for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Loans may be made by one of several lenders, including: First Electronic Bank, a Utah-chartered industrial bank located in Salt Lake City, Utah, member FDIC; Wilshire Commercial Capital L.L.C. dba 1 (800) Car-Title and Wilshire Consumer Credit, a licensed lender in certain states. Loans not available in all states. In California, loans are made pursuant to a Department of Business Oversight California Finance Lenders License. See State Disclosures for additional information.
Accessibility Statement. We are committed to ensuring digital accessibility for people with disabilities. We are continually improving the user experience for everyone and applying the relevant accessibility standards in compliance with Web Content Accessibility Guidelines. For feedback on our website accessibility or if you have any problems with the access of our website please call our toll-free number 800-589-0290 or email us at [email protected] and we will assist you.
Wilshire Commercial Capital, LLC dba 1 (800) Car-Title and Wilshire Consumer Credit is located at 4727 Wilshire Blvd, Suite 100, Los Angeles, CA 90010.
© Copyright 2022 Wilshire Commercial Capital, LLC. dba 1 (800) Car-Title and Wilshire Consumer Credit. All Rights Reserved.