Title Loans Without Vehicle Inspections Title loans can be a great resource for those who have poor credit and need money fast. However, a title loan application may only be approved after the vehicle is inspected. Fortunately, it may be possible to get title loans completely online, which means that there is no inspection needed. […]
Title Loans Without Vehicle Inspections
Title loans can be a great resource for those who have poor credit and need money fast. However, a title loan application may only be approved after the vehicle is inspected. Fortunately, it may be possible to get title loans completely online, which means that there is no inspection needed. This may make it easier to get a loan approved and money into a borrower’s bank account in less time and with less hassle.
How Do Auto Title Loans Work?
The auto title loan process is a relatively straightforward one. First, an individual fills out an online application that asks for basic information such as your name, address and phone number. An applicant will then provide information about the vehicle such as the make and model and what kind of condition it is in.
After the application is submitted, the lender will do a quick appraisal based on current market conditions. Once a market value for the vehicle has been established, a lender will offer a percentage of that amount. Finally, the applicant will agree to be bound by the terms of the loan agreement before the money is finally deposited into his or her bank account.
Most title loans are paid off within 30 days. However, it is possible to negotiate a longer loan term, and it is also possible that a lender will offer installment loans in addition to short-term loans. Regardless of the terms that you agree to, it is important to pay the loan back on time as failure to do so could result in the car being repossessed.
How Does a No Vehicle Inspection Title Loan Work?
With a no vehicle inspection title loan, an applicant will usually just send pictures of the vehicle to the lender. In some cases, there is no need to actually verify the condition of the vehicle. In that scenario, the amount of your loan is based on the value of a car in fair to good condition. As a general rule, borrowers will get more if they have a vehicle that is in demand or that is relatively new. This is because the lender can get more for it on the open market if they need to repossess and liquidate it to get their money back.
What Are the Requirements to Get a Title Loan?
While you may not need to have your car inspected prior to getting a loan, you may need to prove that you can repay it. This is generally done by submitting pay stubs or other information that verifies your income. However, it is also possible for a lender to skip the income verification process as well.
Getting title loans without proof of income may be ideal for those who don’t have a job or don’t have a steady source of income. In addition to proof of income, most loan providers will ask for proof of your identity as well as proof that you have a valid title to the car. Ideally, you will own the car outright, but it may be possible to get a loan even if it is not paid off completely.
Why Would Lenders Offer Loans With Such Terms?
A lender may offer a no vehicle inspection title loan because it makes it easier to charge higher interest rates. Lenders who don’t ask for an inspection or proof of income may offer lower amounts that need to be paid back over a shorter period of time. Of course, it is also possible that a loan provider is looking to break into a new market and wants to make it easier for customers to do business with them.
Borrowers should understand that they are required to pay back any money that they receive from a lender. This is true regardless of the fact that a lender didn’t ask for income verification or for an inspection prior to making the loan. Failure to do so could result in the car being repossessed. In some cases, it could also result in legal action being taken against the borrower if selling the car doesn’t recoup the entire outstanding balance.
Getting a title loan with no inspection may speed up the process of helping a borrower overcome financial issues. It may also make it easier for a borrower to start a business or otherwise use the funds for any purpose that he or she sees fit. Once the loan is repaid, the lien comes off the title within hours. After that happens, a borrower can sell or trade the vehicle or use it as collateral for another loan.
Car Title Loan Benefits
Car title loans are secured loans that use the title to a car you own as collateral. Then, the value of that car is what determines your loan amount. You could easily borrow up to thousands of dollars if you own a newer model car in good condition.
While title loans are sometimes painted as risky because the interest rates are higher than typical loans, they’re beneficial for a number of reasons.
- Vehicle title loans don’t involve a credit check. Since the value of your collateral is so high, you don’t have to pass a credit check to be approved. That makes these loans ideal for people with damaged credit who need access to quick cash.
- You can borrow significant amounts of money. Many borrowing options geared towards people with bad credit are small-dollar only. With auto title loans, however, you can borrow up to thousands of dollars.
- You don’t have to be employed. Title lenders only need proof that you can repay your loan, so if your income is derived from child support, alimony, disability or worker’s compensation, you can still be approved.
- You can get a loan with an older car. Some title lenders only work with newer cars with clean titles. However, more and more lenders are offering rebuilt title loans and salvaged title loans.
