Can you apply for a title loan without a car? The short answer is: “Yes, you absolutely can!”
A lot of online title loans will allow you to get a loan without having to bring in your car for inspection, you just need to provide pictures of your car for their inspection team to check out. However, there are still some that require a physical inspection before they can consider you as a borrower.
This makes it easy to obtain an online title loan since you don’t have to drive a car to an inspector most of the time.
In this guide, we’ll take a look at how you can get title loans that don’t require a car being present and how you can get a title loan online!
Can You Get a Loan Without a Car?—The Requirements for
The most important requirement for a car title loan is the proof of financial capacity to pay—the assessment here is if you have income to pay the title lenders back.
Now it would be great if you had a full-time job, but the good news is there are a lot of people who have gotten car title loans without one.
You still need to prove that you have a steady source of income coming in. This could be workers’ compensation, Social Security benefits, dividends, or a stable passive income stream. We can always help you check with your lender if you make the cut, but as long as the income is steady, it’s considered. If you have a business, they might ask you for your tax return or a bank account statement.
Next, you’ll need government identification and proof of billing. For the former, it can be a driver’s license, passport, or any other government ID—as long as it hasn’t expired yet. Proof of billing can be a utility bill.
Now, the necessary requirements for online car title loans are the car being in your name and for you to provide pictures if they don’t require a physical inspection of the car itself. Make sure you also have a copy of the vehicle history so that the lender can make an accurate assessment of the car’s value.
Ensure you have multiple copies of the documents or alternative documentation should they ask for additional files from your end.
Assessing the Car for a Car Title Loan
If you find a lender that doesn’t require a physical inspection of the car, you’ll need to submit clear and accurate pictures of the car to showcase it’s condition.
Now, you don’t need to borrow an expensive camera to do this. For example, your smartphone will do just fine, as long as the pictures are clear.
We advise that you take the photos in a well-lit environment outside of your garage, preferably outside your home or in a parking lot during the day.
Common photos your lender will ask you to provide are:
- Exterior shots of the front, back, driver’s side, and passenger’s side
- What’s under the hood (quick tip: make sure you clean out what’s under the hood before taking photos, as it shows how you maintain the car)
- The car’s interior, be detailed about this as some will even require to show the floor of the car
- The license plate with the car visible in the frame of the photo
- The vehicle’s VIN number
- The odometer to make sure they know how many miles the car has driven
- The dashboard
- All of the wheels
- The trunk of the car
A few photos and the other documentary requirements in the previous section are all you need to secure a car title loan from a lender.
Another good tip would be to take extra photos if you need to so that you’re not hassled to provide additional photos should the lender ask for more from your end.
Additional requirements for an online title loan include:
- You must be a US citizen or have a green card
- You must be at least 18 years old
There could be additional requirements depending on which state you’re in, but we can help if you need assistance.
Can You Pawn a Title That’s Not in Your Name?
The vehicle title must be in your name for a car title loan to be issued to you. If you find that the car is technically yours but you don’t have the title in your name, you need to speak with the original title owner and pay a visit to the DMV to get it sorted out.
This is one of the first requirements to get a title loan.
Can I Get a Title Loan if the Title is Signed Over to Me?
Yes, the title has to be signed over to you in order to get a car title loan. In addition, you need to make sure that you have a lien-free title before securing a title loan. As mentioned in the previous section above, make sure you’re the sole owner of the vehicle and visit the DMV if you want title transfer executed.
Can Someone Be on the Title of a Car But Not the Loan?
Lenders do now allow online title loans with someone else being on the title and not the loan— you still need to be the sole owner of the car with the loan being granted in your name. Taking out the loan is your responsibility, so the collateral has to be yours alone with these types of instruments.
What’s the Interest Rate on a Car Title Loan?
The interest rates are fairly low in the first period of your car title loan, provided that you pay back the money on time. Nevertheless, these can increase if you have a tendency to be overdue on your payment.
As with all financial products, you have to make sure you have the ability to pay before you take out any sort of loan with an asset as your security.
Make sure that you’re clear with the lender on how many manageable monthly payments you can make so that you can avoid taking out too much money and failing to pay the interest. Also, be clear with the loan period and that you can pay within that period.
What Happens if I Have a Bad Credit Score?
Title loans are a great financial instrument for people with bad credit scores in a financial emergency. Although most institutions require you to have good credit, the major point of consideration in a car title loan is your ability to pay back your loan—even with non-traditional income—and the equity that you have in your car.
This makes car title loans such a great option to consider if you need cash quickly and you’ve been suffering with bad credit. Your lender might still institute a credit check even with the vehicle present, but this shouldn’t be the only consideration they have.
So, if you have bad credit, that shouldn’t be a problem. Get a title loan to help you get the money you need without the vehicle present!
How Much Money Can I Get for My Car Title Loans?
You can get a lot of money as title loans serviced by most lenders provide 25% to 50% of the car’s equity. This means that if your car is still worth a lot of money, you might be able to make up for most cash emergencies that you have.
If your car is fairly new, has good mileage, and a good working history, you might increase the maximum loan amount. Of course, this would still depend on other factors, such as your ability to pay and your credit history.
This is why people often attempt to get car title loans instead of, for example, a credit card cash advance since they can often get more in their bank account and fulfill the needs of their financial emergency.
What’s the Bottomline?
The bottomline is that you can get a title loan online without having the car physically inspected as long as the lender allows it. A car title secured loan is one of the best ways to get cash in times of financial emergency and it should be one of your considerations if you’re in a pinch. You can also look at a personal loan, other types of secured loans, or cash advances if you’re still looking around for an option.
However, always make sure that you’re not taking on bad debt, have the capacity to pay, and you only take what you need and not the maximum vehicle title loan amounts.
The primary consideration here is if you can pay and the vehicle value.
We can help you with your online title loan, so feel free to inquire with our team and we will get back to you at the soonest.