Having no traditional income does not automatically disqualify you for an auto title loan. The large issue with this is that many title loan lenders require some sort of income or verification of income. An auto title loan can be an alternative funding option that allows an individual to borrow money based on the equity of their vehicle even if they are unemployed. Using the title to a vehicle as collateral can help the borrower get cash quicker and easier than going to a traditional bank in most cases. If you are currently unemployed, don’t worry! You may still be able to qualify for an auto title loan if you can find a lender willing to accept unemployment insurance.5 Additionally, if you still receive a form of qualifying alternative income you could be deemed eligible! for a title loan while unemployed.5
Why is Income Important When Applying for a Loan?
Proof of income shows that a prospective borrower is capable of repaying the loan. This factor, along with the value of your vehicle, are used to determine your eligibility and loan amount.1 5
What Qualifies As Income For An Auto Title Loan?
Some of the most common documents a lender can ask a borrower to provide as proof of income include the following:
- Unemployment Insurance Documentation
- Pay stubs
- Bank statements
- Letter From an Employer
- Disability Income
- Pension Distribution Statement
- Retirement Income Statements
- Court-Ordered or Settlement Payments
How Do You Prove That You’re Unemployed?
If you receive a form of alternative income, such as pension income, you do not always need to prove that you are unemployed during the application process for a car title loan. However, individuals can request an unemployment verification letter from their former employer to apply for unemployment benefits or programs through their state or federal agencies. If you are unemployed, some lenders can ask for a verification letter.5 You may not think it is possible to get a title loan while unemployed, but it is! As long as you have a form of alternative, steady income, you can still potentially apply for the cash you need.5
What Are The Auto Title Loan Requirements?
For the pre-approval process with Max Cash® Title Loans, you may need to provide an alternative proof of income, proof of residency, a driver’s license as well as a couple of other things for example:5
- Free and Clear Vehicle Title in Your Name
- Three references not related to you
- Proof of Car Insurance (some states require this but not all)
- Social Security Number or ITIN
- Pictures of your car (all 4 sides including VIN and Odometer)
What are the Benefits of An Auto Title Loan While Unemployed?
There are many benefits to getting an auto title loan using one of the best brokers around. Getting a great deal on an auto title loan by going through Max Cash can help you:2 5
- Pay for a down payment for a family home
- Pay for unexpected medical expenses
- Pay for immediate home repairs
- Help you catch up on your finances and much more!
Pay My Loan As Fast As Possible
The tips below may help you pay off your auto title loan in a shorter amount of time and could save you money on interest. For starters, consider rounding up your scheduled payments to the nearest $10, $20, $50, or even $100-dollar increment.
- Make One Big Lump Sum Payment
- Don’t Miss Any Loan Payments
- Make more frequent payments
Don’t Wait to Apply for a Car Title Loan Online
When you go with Max Cash Title Loans, you can connect to a flexible loan process that was designed to be as efficient as possible. Not only will your lender most likely give you a fast quote if you’re pre-approved, but they can also create a unique payment plan for you, and you’ll have access to competitive interest rates and convenient loan terms.4 5
A car title loan can be a simple and efficient option for funds when you work with qualified and experienced car title loan agents. You can call us or even text us at 855-561-5626, we are waiting by the phone to help you!2 5