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.