Explore the eligibility criteria you need to meet in order to increase your chances of getting funding.
What is a Title Loan?
A Title Loan is a secured type of loan that enables borrowers with any type of credit apply for and receive financing. A secured loan means that you must provide your vehicle title as collateral for the loan. At the time of the loan repayment, you transfer the title of the car to the lender and get it back when the debt is fully repaid.
Title Loans are popular because you don't have to meet a lot of requirements to get it. The collateral gives lenders some guarantee that you will repay the loan on time. However, if you fail to do this, you may lose your collateral.
How can I find a Title Lender near me?
Now more and more lenders are offering online application, which is much faster and more convenient. Thus, all you need to do is fill out the form and provide information about your car and its photographs so that lenders can estimate its value and provide you with a loan.
However, if you want to apply in person, then visit the site of the selected lender, click on the "Locations" button and enter your address. Thus, you will be able to see a map with the offices of the Title Lender nearest to you where you can apply and get a loan.
What are the requirements for obtaining a Title Loan?
Before submitting your application, study the main criteria that you need to meet in order for your application to be approved. You must:
- Be 18 years of age or older
- Be a US citizen or official resident
- Have an active bank account
- Have a regular monthly source of income
- Provide government proof of identity
- Provide contact details such as phone and email
Also remember that you must provide documents for the car:
- Current vehicle registration
- Original vehicle title with solo ownership
- Vehicle insurance proof
- Proof of residency matching the name on the title
- Government issued identification matching the name on the title
Can I get a Title Loan with bad credit?
Yes, most lenders approve applications even for borrowers with bad or poor credit. Since borrowers provide the title of the car as collateral, lenders are not particularly interested in credit history as they have a guarantee of debt repayment. If the borrower cannot repay the loan, then the lenders will sell the car in order to consolidate the debt.
Can I get a Guaranteed Approval Title Loan?
You cannot get a guaranteed approval loan as each lender has eligibility criteria that must be met in order for your application to be approved. However, if you meet the basic requirements, then the chance of getting a loan is very high.