Key Takeaways for the Documents You’ll Need For a Title Loan
Is a car title loan the right fit for you? Car title loans are secured loans that help you access a portion of your vehicle’s equity. By pledging your car’s title as collateral for the loan, you can get emergency funding to deal with a variety of personal expenses.1 5
Keep reading to learn:
- What Documents You Will Need for a Title Loan
- How to Apply for a Title Loan Online or Over the Phone
- Tips for Making Your Application As Smooth as Possible
What Documents Do I Need for a Title Loan?
When you apply for any type of loan, you will need to provide some information about yourself. This information needs to be verified by a loan agent before you can receive approval! You will need to provide a few documents for a title loan in order to qualify for funding. The required paperwork and photos are used by title loan agents to verify your information. Typically, they are already in your home! The exact documents you will need can vary depending on your state of residence. But, in most cases, you will need the following:5
Vehicle Title
When applying for a car title loan, you must have a car title in your name and in your possession at the time of your loan request. The name on the title needs to match the name on the photo ID. The title must be free and clear so the lender can place a lien on it until the loan has been repaid. If you are currently financing your vehicle, you may still qualify for a title loan if your car has the right amount of equity!5
Proof of Residence
Title loans are only available in certain states. During your inquiry, you must be able to prove that you reside within a serviceable state. You can submit recent utility bills or credit card statements to verify your address! Other documentation can also be accepted. Just talk to your lender to find out what they are willing to accept.
Proof of Income
You’ll need to prove you have a steady source of income to show you’ll be able to pay back the loan.5 However you are bringing in income, you can show a variety of documents to prove that you can afford to repay a loan. The most commonly used documents are pay stubs, bank statements, pension statements, and Social Security benefit statements. In some cases, a letter from your employer with your salary information can also qualify as proof of income.
Valid, Government-Issued Photo ID
You’ll need a photo ID to verify your identity and prove that you are at least 18 years old. This doesn’t have to be a driver’s license, it can be any valid government-issued ID, including a United States passport, REAL ID, or other state-issued ID.
Vehicle Insurance and Registration
You may also need a copy of the vehicle’s insurance and registration at the time of inquiry. Make sure that it’s up to date!
Vehicle Photos
If your lender requires an online inspection instead of a physical one, you will need a few photos of your car. This includes the interior and the exterior, along with the VIN and odometer reading.
Through Max Cash® Title Loans, you can expect a simple and streamlined loan process. If you’re ready to gather your documents and begin your loan inquiry, just complete a short online form or give us a call today at 855-561-5626!2 5
How Does a Title Loan Work?
Title loans are a unique type of secured loan. Through a title loan, you’ll be able to use your car title as collateral for the loan. This can allow you to access your vehicle’s available equity and turn it into cash you can use! If you qualify for a title loan, depending on your state and income, you could access up to 50% or more of your car’s equity.1 5
Since your title is the collateral for the loan, a title loan lender will place a lien on the title and become the lien holder. This lien is their legal right to your asset until the loan is paid in full. Once you’ve made all your payments, the lien is removed and your title is free and clear! You can continue to drive your car while you make on-time payments on your title loan each month.
Your vehicle’s title is one of the most important documents for a title loan that you will need!5
If you have questions about the ins and outs of title loans, call a Max Cash Title Loan agent today at 855-561-5626 today!
Do I Need Perfect Credit to Apply for a Car Title Loan?
For most unsecured loans, your credit history is the most important part of the approval process. An individual’s credit history tells a lender what their current financial situation is like and how reliable they are when it comes to borrowing money. If your credit history is less than stellar, you may not qualify for certain types of unsecured loans.
Unsecured loan lenders will focus on your income, your ability to pay a loan, and your current credit score as well as your income to debt-ratio. That’s why it can be tough to receive approval for an unsecured personal loan if your finances are suffering! However, you will likely have a different experience through a title loan. Title loans are secured loans, meaning that collateral is used to minimize the risk of lending to an individual who does not have a strong credit history. While there are a few documents you need for a title loan, you don’t need to have a perfect credit score to qualify for a title loan!5
Using Your Documents to Apply for a Title Loan
The process for securing a title loan can be simple and fast. With Max Cash Title Loans, you can apply online or over the phone and get connected to thousands of verified title loan lenders!5
There are a few easy steps until you find out if you’re approved for a loan!5 First, you’ll apply online, or call a title loan representative (855) 561-5626 to send in your vehicle information. Then, we’ll verify your vehicle’s information and get back to you immediately.2 The last thing you’ll have to do before you have the cash in hand is submit your documents. Here is a list of the documents you’ll likely need to present at the time of your loan inquiry:
Apply Online Today
Now that you know what documents for a title loan are necessary, it may be time to apply! The process for securing a title loan is simple and straightforward for your convenience. Having your documents in order before you start the process can make it even more streamlined. Getting access to the cash you need shouldn’t be a hassle!5
If you have any questions, please don’t hesitate to reach out by phone or through our contact form. An expert at Max Cash Title Loans is ready to answer any questions you have and walk you through the process. If you’re ready to get started, fill out our pre-approval form today! Or, call a title loan agent any day of the week at 855-561-5626.