Need to pay bills? In need of immediate cash but feel like there is no way for you to get it? Have you tried applying for loans, but you have bad credit, or the processes are long, and it will take a while before you get the money? A title loan could be the solution to your financial woes. Title loans are for people who need fast funds. If you are considering getting a title loan, we’ve got you covered. But, you might be wondering- What all do I need for a car title loan?
Max Cash Title Loans is here to show you the title loan process, what you need to get the loan, and more.
Brief Overview of Title Loans
Title loans are also known as car title loans or collateral loans. Just as a mortgage uses the home as collateral, this loan type involves the borrower using their car as collateral. Once the car has been used as collateral to get the loan, the car’s title belongs to the lender. During the loan period, you will be able to use the car. However, to get the title to the car back, the loan must be paid entirely within the agreed time stipulated in the contract. Because a title loan is a short-term loan, the repayment period is short, lasting from 15 to 30 days.
If you are unable to repay the loan on time, depending on the agreement between you and your lender, you may roll your current title loan into a new one. However, this adds more fees and interest. If you default, the lender may take your car. This is why, before you get a title loan, get a title loan education.
Max Cash Title Loans can offer a way to connect to title loans online, making the loan process flexible. However, before you get the title loan, certain documents are needed. Irrespective of whether you have a good, bad, or no credit record, as long as you have a car, you are eligible to get an auto title loan.
What You Need for a Car Title Loan Inquiry
Not sure what you need for a car title loan inquiry? The title loan application process can take just three simple steps!
- Fill out the inquiry form
This is the first step to getting a title loan. The loan process does not require a huge amount of paperwork; instead, all you need for a title loan is to fill out is a simple inquiry form. The form can be filled out online or in a physical location (if applicable).
Here are the details required in the inquiry form:
- Contact Information
- Car Information
- Monthly income, and others.
Once you are done with the form, your request will be reviewed.
- Connect with your lender
Once you are done with the form, if you are prequalified, a title loan agent will connect you with a lender best suited to your needs. You will be asked some questions and will most likely be asked to provide some documents.
Note: It is best to get these documents beforehand so they can be presented to the lender upon request. Once all the required documents have been submitted to your lender, they will start drawing up the title loan contract you have to sign.
If you sign the loan contract, the lender will also be added to the vehicle’s title as a lienholder.
- Get the money
After the title loan processes and documentation have been completed, it’s time to get the money. You can choose to receive your title loan money through the following ways
- Direct Deposit
- Wire Transfer
- Check in the Mail
Note: Before signing the title loan contract, read the contract carefully and ask questions about things or terms you are unsure about. Title loan agents are happy to help walk you through it! Call 855-561-5626 to learn more.
More About What You Need for a Title Loan
Before you get the title loan, there are some documents you need to have and present to your lender. Once all these documents and requirements have been verified by the lender, you will be eligible to receive a title loan.
Title loan requirements
The requirements for a title loan vary by lender and state. However, the following requirements are important
- Age: You need to be 18 years or older to qualify for a title loan.
- Residency: You might have to prove you are a resident of the state you want to get the loan. This is because title loans are prohibited in some states.
- Insurance: You may be required to have basic insurance coverage for your car.
- Title’s name: The title must be in your name at the time of inquiry. If you are still financing your vehicle, you may be able to qualify for a title loan if it has the right amount of equity.
Documents Needed for a Car Title Loan
- A government-issued form of photo ID or driver’s license: This identification form is needed to verify your identity
- Proof of residence: You will need to submit documents such as a piece of mail, mortgage or lease agreement, utility bill, or other proofs that proves your current address.
- Proof of income: You might have to show your income statements, such as your bank statement, pay stubs, receipts from benefits, and others that will show you can pay back the loan.
- Title to your vehicle in your name: The title should be in your name, not someone else’s, unless a name is shared on the title. The title document can be sent via email or delivered in person.
- Photos of car: Take pictures of your car as this helps determine the amount of loan your will receive.
- Proof of insurance: If it’s part of the requirements to have insurance to get the title loan, you have to bring your insurance card.
Depending on the lender, you might be asked to bring other documents to provide clarification of information.
Benefits of Title Loans
- Fast funding
Unlike traditional loans that take days or weeks before you get the funding, a title loan can be streamlined! Qualified borrowers could get their funds in as little as 24 hours.5
- Convenient Inquiry Process
This is one of the most important benefits of a title loan. The application can be started online, making applying for a loan fast and convenient. All these can be done in the comfort of your home or office. Once approved, you may get the money within the same day.
- Get Connected
Why waste time searching for a title loan yourself? Let Max Cash Title Loans do the hard work for you. We have a vast title loan marketplace and can connect qualified borrowers to the lending match they are looking for.5
- No credit needed5
With a title loan, it doesn’t matter if you have a good, bad, or no credit score or history.5 Those are not needed to qualify for a title loan. This is because the loan is secured with your vehicle’s title as collateral.
If you currently have a car title loan, you could choose to refinance the existing title loan into a new one.
Ways to Repay a Title Loan
Here are ways to pay your title loan monthly:
It doesn’t have to be a hassle. You can pay:
- Through a Bank Account
- Checks in the Mail
- Through a Card on the Phone
With all these options, you can choose which is more convenient for you to pay your title loan.
Uses for Title Loans
The purpose of getting a title loan is because there are no options available for funds for the financial needs at hand. Therefore, a title loan can be used for anything you need. Here are some things title loans can be used for
- Utilities and other bills
- Unexpected expenses such as hospital bills, etc.
- Financial emergencies
- Rent or mortgage payment.
- Birthdays, weddings, funerals, and others.
Before getting the loan, speak with a qualified representative to know how are title loan will benefit you.
Terms to know about title loans (lienholder, free-and-clear title, loan terms, etc.)
- Annual Percentage Rate (APR): The annual percentage rate (APR) shows your loan’s annual interest rate.
- Collateral loan: This refers to the item or property the borrower uses to secure a loan. In case of a default, the lender has the right to seize the item or property.
- Free/Clean title: This referred to the lien placed on the bank to secure the title if a bank loan was used to pay for it. Once the loan is repaid, the bank releases itself from the title. Your vehicle would have a clear title if you paid cash for it.
- Grace period: This refers to the period between the payment’s due date and the day you will be charged with penalties. On title loans, interest still adds up during this period.
- Lien holder: This refers to the person entitled to the vehicle (frequently lenders) in case of a breach of contract or default.
- Proof of income: This is the type of proof you use to prove your income status. The proof could be your bank statement or documentation of social security benefits. It does not have to be a pay stub.
- Proof of residency: This refers to documents that prove your current residency. These could be Utility bills, a lease agreement, a driver’s license, or other documents.
- Refinancing: This is when a borrower requires additional funds or wants to change the loan’s terms.
Why Choose Max Cash Title Loans if You Need a Car Title Loan?
Max Cash Title Loan can help connect you to a wide range of title loan lenders in our online title loan marketplace. They help you get in touch with lenders that could be suitable for your financial needs, and with Max Cash Title Loans, getting approval for fast funding is possible.5
We are here to help get you connected to the financial help you need today!5 Don’t wait to see if your income and vehicle can qualify for the financial help you’re searching for.
For more inquiries about car title loans, reach out to a Max Cash Title Loan agent at 855-561-5626!