Loan qualifications for a car title loan vary but tend to require three main points that make you valid for a car title loan. The following significant loan qualifications are:
- Must be a legal adult, which is typically the age of 18 or older (unless you get a co-signer to help you get a car title loan)
- Must own a clear, car title loan with the vehicle that you own.
- Proof of income is necessary so that the lender can see that you are capable of making payments for your car title loan (this is actually required in many states that allow for title loans)
Once you have the essentials, loan qualifications must be followed based on the state you live in. In some state, car title loans are illegal, so you must see if your state permits title loans or not.
In case you have forgotten, here’s the list of states that find car title loans legal:
- Alabama
- Arizona
- Delaware
- Florida
- Georgia
- Idaho
- Illinois
- Kentucky
- Mississippi
- Missouri
- Minnesota
- Montana
- Nevada
- New Hampshire
- New Mexico
- Oregon
- Rhode Island
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Wisconsin
There are also other states that allow for car title loans under certain loan qualifications:
- California
- Kansas
- Louisiana
- South Carolina
Now that you are aware of your state’s loan qualifications for a car title loan, there are still many other materials you will need during the application process before you can be approved for a car title loan. The list of documents and items needed for a car title loan are the following:
- Photo ID; Government-issued
- A copy of that free and clean title.
- Three separate references that are not related to you.
- Insurance, which is required by some states, but not all.
- Social Security Card, or a document that has both your name and SSN listed.
- Pictures of your car that include all sides, as well as the VIN and Odometer (remember that some lenders may charge to inspect your car or check its value for additional fees).
When all these loan qualifications are met, the application process should be completed. Once you are approved for a car title loan, there is just one more thing to do, and that’s collect the money from your car title loan.
Although these not necessarily the loan qualifications you need for a car title loan, the following are necessary to complete the car title loan transaction. Thankfully, many lenders have many options in terms of how someone can get their money from a car title loan. Here are just some car title loan lenders can get you your money:
- MoneyGram
- Check
- Cash
- Bank Account
- Pick up in-store
- Online account
- Online banking
If there is one thing to note, is that most loan qualifications tend to ask for the same things during the application process. But nevertheless, we will let you know what most car title loan lenders will not ask you for.
What are some loan qualifications that I won’t need for a car title loan?
What makes car title loans different from things like a loan from a bank or a payday loan is how they don’t require significant loan qualifications. These are just some things that a car title loan lender will not ask for as the loan qualifications:
Credit history: A car title loan lender will not make credit history part of the loan qualifications because as long as you have some kind of “proof of income,” what you do with your money will never factor in your application process.
Credit score: For a car title loan, one must remember that a lender’s security of such a loan comes from using your car as a collateral. With that security, most lenders can provide a car title loan to anyone that match the essential loan qualifications, regardless of good or bad credit.
Employment history: If you are unemployed but can show proof of income, most lenders will understand because they see that you have capability of paying for you car title loan in some way. But keep in mind that unemployment, does not count as a proof of income.
So, after all of this, perhaps you think you have the right stuff and are ready to start looking for a car title loan on your own. But what about looking for the right one in your financial situation? Max Cash Title Loans has you covered!
Can Max Cash Title Loans find me the right car title loan based on loan qualifications?
As far as loan qualifications go, we at Max Cash Title Loans have years of experience on the process and would love to share that knowledge and insight with would-be borrowers like you. We offer our services as a car title loan broker and have served over 350,000 people around the world.
Finding car title loans is our job, and we’d be happy to do it for you, free of charge! That’s right! And we not only get you choices for your car title loans based on your financial situation but will be sure to fill you on the details of what loan qualifications you need to worry about for your car title loan.
Just remember that as an expert in car title loans, we at Max Cash Title Loans are here to help you and bridge the gap between borrowers and lenders throughout the country. Don’t delay, you can apply with us or call today so you can spend less time looking, and more time getting a car title loan based on simple loan qualifications.
Can I Still Drive My Vehicle if I Have a Title Loan?
Absolutely! You keep hold of your car during the entire duration of your title loan. The research that goes into car title loans can be messy and hard to get through. We get it. The information that is presented either argues against your options or pressures you with pushy sales tactics that make you question every decision you make. It is, unfortunately, a reality of the title loan industry. But Max Cash Title Loans exists on the premise that we provide relief to those who need it. We aim to be a friendly resource to answer your most pressing concerns. So, with that, let’s get down to it.
First Off, What IS a Title Loan?
Title loans are collateral-based loans that a consumer borrows against their vehicle. Applicants go through an approval process with a lender, who will then determine how much they can safely lend. During this time, they will provide payback conditions that are based on the borrower’s situation. There are many types of loans, depending on what you qualify for. It is important to determine what is ideal for you. Max Cash Title Loans is a lending broker, which means that our representatives are trained to look at your situation and find the best lender for you.
But Can I Still Drive My Vehicle if I Have a Title Loan?
You can still drive your vehicle while you have a title loan against it. Keep in mind though, if you borrow too much, or you fall into a situation where you can no longer make payments, you will be at risk of repossession. We recommend that before you decide to take out a loan, you determine how much you can borrow and pay back quickly.
The biggest risk to title loan customers is getting trapped by high-interest fees, which can start a chain reaction that is hard to break away from. It is really important to understand what you can realistically borrow so that you can avoid any unpleasant surprises and maintain a good relationship with your lender.
Fortunately, we have built solid relationships with our lenders, so we are able to offer loans with interest that falls far below the industry standards. Generally, interest on title loans can be up to 400%. With a title loan brokered through Max Cash, you’ll see interest starting at around 175%. This allows you a safer buffer to pay back your loan and continue to drive your vehicle.
Requirements for a Car Title Loan
Since we serve multiple states, the requirements for a car title loan varies by state and by lender. With this being said, most lenders have very close criteria. Here is the general criteria for a car title loan:
- You need to have a car that is either paid off or is close to being paid off. Most title lenders will pay off the remaining balance and consolidate the amount into your new loan.
- You need to have identification such as a driver’s license or a photo ID issued by the state.
- You will need to prove income but this does not mean you will need to have a job. Income comes in many ways but you need to show you can prove income. Some lenders will allow you to bypass this requirement if the car you are using has significant value.
- You will need insurance but some companies will offer you this in the loan.
- You will need to send in pictures of the vehicle. In some cases the lender may not actually see the car physically but will use pictures as proof.
- You will need to have references. Most require at least 3 but some 6. Some will not call the people but some might.
- Proof of residence. Easy one on this because proof could be just mail you get or it might be listed on your credit report.
What you don’t need:
- Good credit or a good FICO score. Since this is based on your ability to repay the loan and your car’s worth, credit usually is soft pulled until you get the loan. Some do not pull any credit at all!
- Your bills do not need to all up to date. Title lenders know that one of the reasons why you are getting the loan is to handle your bills.
- A perfect car. Lenders have gone from 50% to 130% LTV (Loan to Value). This means that depending on the other factors above, you may actually get more than your car is worth HOWEVER most will give you less. Remember they are not buying your car, just becoming a new lien-holder on it.
Car title loan lenders come in two varieties. You have brick-n-mortar store where you actually go to their store and you have online title loan lenders (which have been a very popular option in 2017). With both you would fill out the information form on this site and your information will be either processed by our loan processing center and give you a call to make sure you have everything before you get your loan or handle the online process for you and do whatever workaround needed to get past sticky requirements.
Remember that car title loans are high interest rate loans so knowing the best company for you is easy with contacting us verses making call after call and getting all tangled up with the different rules of each lender. Just call us or contact us and tell us your situation and let us unsort it for you. Our fee is free to you. The lenders pays us to do this for them because it saves money with man power costs on their end.