Interesting enough this is one of the most searched inquiries for a title loan. How can I get a car title loan if I have no income or if I do not have enough income? Here are some solutions you may not have thought of:
No income for a title loan?
We need to first make sure you have “no income” because you may be thinking that since you have no job, you have no income. A paycheck is income for sure but so is disability payments, alimony payments (which by the way the lender cannot ask unless you volunteer that information), or maybe you do little projects, drive for Lyft or Uber, sell things over eBay, etc. “Income” does not mean just a paycheck but rather money coming into to you each month that you can prove.
What if you truly have no income? The law of SOME states says that you must show the ability to repay the loan and not just repay the loan but also you have to fit that loan payment into your other bills and still be able to afford it. This is where co-signers come in. You could have the car and your co-signer could have the income.
This also means that other states income is not required. Legislation surely will be in place soon federally so that all states require income BUT some people have simply pawned their car and take ride sharing options while they do not have their car.
We strongly suggest if you have zero income to not put your car in pawn or get a title loan where the state law allows it. It is a massive gamble and most probably the money you took out now will be gone soon and so will your car.
Too Low income for a title loan?
Let’s say you work but could use a raise. Read this article on how to do this correctly. There are right ways and wrong ways to ask for a raise or to go from part-time to full-time and if you follow basic rules, it is not that hard.
You could also get a part-time job to supplement your income. Many Uber drivers have other jobs and it allows total flexibility.
Can I get a car title loan if I am unemployed?
Employment does not mean income and income does not mean employment. Yes you can get a car title loan if you are unemployed but the key factor here is making sure you can repay the loan.
Car title loans with no vehicle inspection and easy title loans
So let’s assume you have the income but you do not want to have the vehicle inspected by the title loan company. Maybe the car’s in the shop. Maybe it is in a tow yard. For easy title loans with no vehicle inspection, you are going to have to use a company that does “virtual” based loans. There are some major players out there but not in every state. You will be asked to take pictures of the car and most probably text them by cell phone in but actually looking at the car is starting to become a thing of the past. More title loan lenders are finding it less costly to have brick and mortar stores and to find ways to get people their money fast via MoneyGram or some other way.
Easy title loans happens when you do not have to even leave your desk other go take the pictures of the car. This is a new thing for people needing title loans in 2017 and the bigger companies, with large tech support, are finding ways to handle confirmation of information without having to send in a bunch of documents. You will always need to do some, but technology now verifies a great amount of what would normally been something that would take days to collect. Now it’s a matter of minutes.
You also want easy title loans from companies who have other options than a title loan. An example of this is companies who have other loan products if you don’t qualify for the main one you applied for. Now THAT”S EASY!