If you’re in need of fast cash, you may think you won’t be able to secure the money you need to make ends meet, but that’s not necessarily true. If you own a vehicle, you may be able to get the cash you need by applying for a title loan.
A title loan is a type of secured loan that allows you to borrow money by using the title to your vehicle as collateral. You won’t need to give up your vehicle to get a title loan. You can continue to drive it while you make payments. In the meantime, the title loan company will hold onto your title or put a lien on it until your debt has been repaid.
Title loans usually have fast processing times, which is why many people rely on them when they need cash right away. If you’re considering this option, your first question might be, “Where can I get a title loan near me?” Fortunately, you don’t need to travel very far to get a title loan. In fact, you can apply for a title loan online from the comfort of your home. Here’s what you need to know about online title loans:
The Benefits of Getting Title Loans Online
There are many reasons why people prefer getting title loans online rather than in-person at a lender’s office, including:
- Convenience: Applying for a loan in person is not always convenient. You often need to make an appointment in advance, travel to the office, and wait for a loan officer to meet with you. You can avoid these problems by applying for a title loan online. You can complete the entire process without leaving home, which makes it far more convenient than applying for a loan in person.
- Self-paced: Because the process occurs online, you won’t have to worry about a loan officer standing over your shoulder and making you feel rushed or uncomfortable. The entire title loan application process can be completed at your own pace.
- Open 24/7: If you apply for a loan in person, you will need to do so during the lender’s normal business hours. This can be difficult if you work odd hours. Luckily, you can apply for a title loan online at any hour. Online title loan applications can be submitted 24 hours a day, 7 days a week.
Even though you complete the process online, you won’t be alone. You can reach out to a loan officer at the title loan company at any point in the process to ask questions or voice your concerns.
How Much Can I Get for a Title Loan?
Title loan amounts can vary depending on a number of factors, including:
- Your income
- Your vehicle’s resale value
- Your equity in your vehicle
The title loan company will ask you to submit proof of income during the application process. This is because the title loan company wants to confirm you have a reliable source of income that you can use to repay your title loan.
Your lender will also analyze your income to determine how much you can afford to repay. The results of this analysis will impact how much you are approved to borrow.
Your Vehicle’s Resale Value
Because your vehicle is used as collateral, it’s important for the title loan company to know how much it is worth before determining how much you can borrow.
During the application process, the title loan company will calculate your vehicle’s resale value based on several factors, including its make, model, year, condition, mileage, and trim level.
Your Equity in Your Vehicle
You must have equity in your vehicle to qualify for a title loan. To calculate your equity, subtract the amount you still owe on your vehicle from your vehicle’s resale value.
For example, if your vehicle is worth $10,000 and you owe $2,000, this means you have $8,000 in equity.
You usually cannot borrow more than the value of your equity for a title loan.
What Will I Need to Apply for Title Loans Near Me?
If you’ve never applied for a title loan before, you may not know whether you qualify for a title loan or what you will need to submit an application to a title loan company. Every title loan company may have different eligibility requirements and submission guidelines, but in general, you may qualify if you meet these conditions:
- You are at least 18 years old.
- You own or partially own a vehicle, which means your name is on the title.
- You have equity in your vehicle.
- You are willing to consent to a credit check.
- You have a reliable source of income.
The title loan company will likely ask you to submit certain documents during the title loan application process, including:
- Your driver’s license or another form of government-issued ID
- The title to your vehicle
- Proof of auto insurance
- Proof of income such as recent bank statements, tax returns, or pay stubs
- Proof of residences such as your driver’s license, utility bills, or lease agreement
The title to your vehicle is used as collateral to support your title loan, so it is perhaps the most important document that is submitted in the application process. If you can’t find your title, let your lender know right away. Your loan officer can help you obtain another copy from the Department of Motor Vehicles (DMV) in your state.
Remember, these requirements can vary depending on the lender. Be sure to talk to your lender to learn more about their specific eligibility requirements and application process.
How to Apply for Title Loans Online
Don’t wait any longer to get the cash you need. Follow these steps to apply for an online title loan with 1(800)Car-Title®:
- Contact a loan officer. There are two ways to get in touch with a loan officer to start the application process. You can either call 1-800-227-8485 to speak to a loan officer directly or submit your information using the form on our website. If you submit an online form, a loan officer will contact you as soon as possible.
- Get a free loan estimate. Your loan officer will ask you some basic questions about your vehicle. For example, you will need to provide the make, model, mileage, and year. Your loan officer will prepare a free loan estimate based on this information. The loan estimate will tell you if you are approved for a title loan and if so, how much you can borrow and at what interest rate. If you have questions about your free loan estimate, don’t hesitate to ask your loan officer.
- Sign and submit documentation. If you would like to finalize your loan, you will need to sign and submit the required documentation. Your loan officer will go over the documentation requirements with you and help you understand the best ways to submit your documents.
- Get your cash. If your application has been approved*, your cash will be available shortly after. Once it’s available, you can either pick up your cash in person at one of our convenient locations or ask to have it sent to you directly via check or wire transfer.
The application process is simple and straightforward. The best part? You can complete the entire process without leaving home. Call or submit an online form now to get started.
*Loan approval is subject to meeting the lender’s credit criteria, which includes the demonstration of the ability to repay the loan. Not all applications will be approved.