If a title loan is an unfamiliar resource to you, then you may have some questions, like:
“How do title loans work?”, and, “What documents do I need for a title loan?” Essentially, auto title loans are a type of secured loan, where the borrower’s car can be used as collateral against the debt. Because collateral is required to guarantee the loan, title loans can cater to people with bad credit. Having a bad credit history can hold you back during a lot of financial sitautions!
We love to make a difference in the lives of the people we service. You can easily learn all you need to know to get pre-approved the same day you inquire for a title loan with the help of Max Cash® Title Loans.2 5
How Do I Get a Loan With My Car Title?
When an individual is interested in applying for an auto title loan, the amount they can receive will primarily depend on how much the vehicle is worth. As mentioned above, lenders also consider other things for eligibility besides your credit score. This includes your ability to pay back the loan and your income.5
So, what happens if you get a loan with your car title? A lender places a lien on your document after the loan is funded. You get to keep driving your car like normal if you make your payments on time each month. Once the full payment of the loan is complete, the lien-free title returns to you.
What Documents Will I Need for a Title Loan?
Not sure what documents you will need for a title loan? For the pre-approval process, you may need to provide proof of income and residence, a driver’s license or another valid, government-issued photo ID, as well as a couple of other things. The exact documents you will need often depend on the lender you work with and your state of residence. Typically, you will need the following:5
- Free and Clear Vehicle Title
- Three references not related to you
- Insurance (some states require this but not all)
- Social Security Card (or a Document on which your name and SSN both are listed)
- Pictures of your car (all 4 sides including VIN and Odometer)
Can You Get a Title Loan Without a Title?
The status of the title will also matter when someone is looking to qualify for an online auto title loan. In most cases, an applicant needs to have a car that is fully paid off with no other liens on the title before they can be approved for funding. However, if you are close to paying off your car, it may still qualify as collateral.5
By law, you are not allowed to offer security on an asset that you do not rightfully own. A title is a legal document that shows ownership and that document must be accurate for any lender to proceed. If someone else’s name also appears on the title in addition to yours, there are some things you will need to verify:
- If your name is listed on the title with the word “and” separating your name and the other’s, you may still be able to be considered for a loan, so long as the other owner submits their documentation in addition to your own during the approval process.
- When your name is listed on the document with the words “or” in-between, the other person is not required to submit their information for you to be considered for a loan.
- The name on the title should match the name on your driver’s license.
What if I Don’t Have Everything I Need?
That is not a problem, for the most part, our skilled representatives at Max Cash Title Loans can find ways to help you get the right documents you need. Although, it is important to have at least a title and a source of income, and a bank statement. If you don’t, give us a call and we will see what we can do to assist you.
Is Good Credit Needed for a Title Loan?
Now that you know what documents you need for a title loan, you may be worried about your credit. Do not worry if you have bad credit, okay credit, or even no credit.5 Our skilled representatives will look for a lender that is right for you and your long-term financial solution!5 Your credit history will not be a huge factor when determining eligibility. Your history is not the most important part of the loan. Instead, lenders will focus on the value and condition of the vehicle that is being used to secure the cash, as well as the repayment evaluation.
Max Cash Title Loan Benefits
Max Cash Title Loans has helped people across the United States for years. There are many benefits to getting an auto title loan using Max Cash Title Loans. A great deal starts by going through us and our network of trusted lenders! We may be able to help:
- Pay for a down payment for a family home
- Cover unexpected medical expenses
- Cover immediate home repairs
- Condense Debt
- … and much more!
Auto title loans may help you do everything from getting your finances back together to helping you establish a better budget. When you’re working with Max Cash Title Loans, you can potentially achieve or rebuild your financial dreams!5