Applying for an Online Title Loan Can Have Simple Requirements
One of the most significant advantages of an online title loan is that you can apply even with poor credit. Most adults will struggle with their finances at some point, and making ends meet isn’t always easy. When you’re experiencing an emergency, covering the costs can be stressful.
Improving your credit score can take years of making payments, which not everyone can accomplish. The good news about an online title loan is that the requirements can be simple to meet! Additionally, the necessary documents can be simple to gather, and most adults have this paperwork on-hand! But what are the required documents to apply for a title loan online?
Understanding the documents you need for a title loan can make the inquiry process quicker and smoother. If you’re interested in applying for a title loan online, you can fill out this pre-approval form or call to speak directly with a title loan agent.
What Documents Do I Need to Submit for an Online Title Loan?
As mentioned above, the documents required to apply for a title loan online can be relatively straightforward. Meeting the initial requirements and submitting the correct paperwork is essential. Fortunately, the inquiry process can be easier than traditional bank loan options because you can begin your application online! Below are the documents necessary for a title loan:
Government or State-Issued Photo I.D.:
You can only apply for an online title loan if you are an adult at least 18 years or older. While some loan agreements may allow minors to apply, title loans are not one of them. You can use a driver’s license or passport to prove your age and identity.
Proof of Address:
Proving residency is important so lenders can verify that you are a permanent resident of the area and can pay back the loan. You can use official mail, like a utility bill or leasing agreement, to prove this.
Proof of Qualifying Vehicle Title in Your Name:
You must have a vehicle title in your name to obtain a title loan. This document is crucial because title loans depend on them for collateral. Title loans use a borrower’s vehicle title in exchange for funding from a lender. If you obtain approval, lenders place a lien on the title and remove it after repayment.
Proof of a Consistent Income:
The great thing about an online title loan is that you don’t need to work a traditional job to qualify potentially! Showing proof of consistent income means receiving money regularly from an outside source. Examples of income proof are pay stubs, Social Security benefits, workers’ compensation, settlement income, and some self-employment.
Recent Photos of the Vehicle:
Submitting recent photos of your vehicle will serve as the virtual inspection for lenders! Instead of bringing your car into a physical location, lenders can verify the condition online. The best way to ensure your inquiry process moves quickly is to take clear and direct photos of the car!
What Types of Cars Get Approval for an Online Title Loan?
Many types of cars can obtain approval for an online title loan. What matters most is how much equity your vehicle has and if you have consistent income. Car equity is determined by subtracting how much you owe on your vehicle from its overall value. Websites like Edmunds can provide you with car value estimations against the current market!
The best time to apply for a title loan is when your car is paid off or close to being paid off.
Car value can affect your auto title loan approval and your funding amount. Lenders look at several things when determining this factor during a virtual inspection. Your car’s make, model, mileage, and overall condition will be checked, as well as any upgrades or modifications.
The overall condition of the vehicle means what shape it’s in. Maintaining your car, fixing minor repairs, and keeping it clean should keep it in good condition!
Apply for an Online Title Loan With the Correct Documents Today
Applying for an online title loan can be straightforward if you provide the necessary documents. The approval process can be quick, with qualified borrowers receiving access to money in one business day. If you’re struggling financially, title loans could be a solution to consider!