A car title loan is a secured loan that allows an individual to borrow cash by utilizing the equity in their vehicle. To establish the equity, a car inspection for a title loan is required by most lenders.
For a car title loan, the lender will place a lien on the title of your vehicle. To do this, you would need to have equity in your car to secure the cash. This is called collateral borrowing, which makes a title loan a secured loan. This is a popular option for individuals that may not have perfect credit, but need quick cash!
How the Car Inspection for a Title Loan Works
Instead of solely relying on a credit check, the lender will evaluate the value of your vehicle during the inquiry process. The car inspection uses factors about your vehicle to get an estimation of the value. Things like the mileage, make, and model are all factors that a loan agent will use to estimate the value. This is inspection is done during the inquiry process, and it can be completed online through a few photos of your vehicle’s front, back, and sides. Additionally, you will need to take pictures of the vehicle’s odometer reading and VIN( Vehicle Identification Number).
The title loan application process can be uncomplicated for a car owner that is looking for financial assistance. The representatives at Max Cash Title Loans are prepared to guide you every step of the way. Turn your vehicle title into cash!
Why is a Car Inspection for a Title Loan Necessary?
Do you need to have a car inspection for a title loan? The lender will evaluate the value of your vehicle to determine how much a vehicle is worth. Firstly, a vehicle inspection determines the amount you can potentially borrow, as well as your eligibility for a loan. Secondly, the inspection will reveal the condition of the vehicle.
Thirdly, the loan amount could be boosted if the vehicle is in great condition or has a great technology package. There are many important factors of a vehicle that can affect its market value. Finally, once the amount is disclosed, it would be approved by a lender. Then, it will be presented to you with an interest rate and payment schedule.4,5
Car Inspection for a Title Loan: What are the Benefits?
With an online title loan, you don’t need an onsite vehicle inspection. The benefit of a title loan could be completing the inspection online with just a few photos of your car! In addition to this convenience, there are numerous benefits that come along with getting an auto title loan online.
- Long Repayment Terms4
- No Prepayment Fees3
- Competitive Interest Rates4
- Quick Emergency Cash2
Can I Get A Title Loan Online With No Store Visit?
Are you looking for the most convenient way to apply for cash? Not only can you get a car inspection for a title loan done online, but you can apply online as well. Most approvals for a car title loan take a few minutes-with no store visit.5 All you need to do is fill out an application form online and submit all the necessary documents online. Once they are reviewed and approved by one of the lenders, they will let you know how to get the funds in less than one business day.5
What Documents Do I Need to Secure a Title Loan?
- Free and Clear Vehicle Title
- Three references- Either Personal or Professional
- Proof of Registration and Insurance (some states require this but not all)
- A Government or State Issued ID
- Pictures of your car (all 4 sides including VIN and Odometer)
Firstly, the ability to pay back a loan is very important. We want to make sure your situation gets better, not worse. You must receive enough consistent income to comfortably repay the title loan. Typically, you can show proof of income by submitting a paystub, bank statements, or alternative documents providing such information. Additionally, you can also be a business owner and use your bank statements as proof of income.
Does Having Bad Credit Affect My Ability To Get An Auto Title Loan?
Having bad credit is not a major issue when applying for an auto title loan or cash advance. Your credit score is not the most important factor in the approval process, although it can be considered. The determination of the value will come from Kelly Blue Book, or sometimes Black Book ( a book that estimates values of vehicles ). They will use those tools to determine the amount of money that your vehicle is worth. It’s not just based on the year, make, model, and mileage of the car. The title loan application process is uncomplicated for a car owner, looking for financial assistance and the representatives at Max Cash Title Loans are prepared to guide you every step of the way. Turn your vehicle title into cash!
Does The Make And Model Of The Vehicle Matter?
Yes, the more your vehicle is worth, the better it is for you. For example, an older car that has minimum miles may be worth more than a newer model with a lot of models. The evaluation is going to depend on your vehicle specifically. If you aren’t sure what your vehicle is worth, don’t sweat it. That’s what the agents with Max Cash Title Loans are here for!
What If The Inside Or The Exterior Of My Car Is Not The Best?
The interior and exterior condition of a vehicle are the bigger factors that can affect the car’s value. An older car that has a lot of mileage, but is still in good condition can often qualify for a car title loan.5 If it’s an older car with a lot of body damage, it can be worth almost nothing.
If you do need more information on the auto title loan process without an onsite inspection, look no further. Lastly, you can start the process today by applying online through Max Cash Title Loans. If you have any questions, our loan agents are available 7 days a week to take your call at 855-561-5626!