What Are Title Loans That Don't Require the Car?
Ideally, when looking to secure a loan against a car, you would present the title (proof of ownership) and the vehicle to the lender for inspection. However, due to the vast range of online loans available, presenting the car to the lender for assessment may not be feasible.
In this scenario, you would need to obtain an online title loan which is effectively a virtual inspection of the vehicle. Therefore, it is vital to prepare the required paperwork and photographs before applying for a loan. This ensures that the lender will have everything to hand and be able to make a virtual assessment of the value of the vehicle.
How to Be Qualified for Title Loans Without Vehicle Present?
In order to qualify for a title loan without a vehicle present, initially, you will need to supply:-
- Proof that you own the vehicle (title over the car)
- A lien-free title (not used as collateral against any other type of finance)
- Prove that you have access to the vehicle
Once you have the relevant ownership documentation in place, you will need to provide:-
- External/internal photographs of the vehicle
- The VIN
- A picture of the odometer
- Car registration details
The more detailed photographs you can present to the lender, the more chance of a successful outcome. Failure to provide sufficient detail about the vehicle's condition may result in rejection of the application or a higher than average interest rate.
How to Apply for Title Loan Without Showing Your Car?
Here at USBadCreditLoans, we work with an array of direct lenders who specialize in areas such as title loans without the car present. All lenders work on a risk/reward basis; therefore, the more detailed information you can provide, the greater the chances of a successful outcome. The process itself is relatively straightforward:-
Step 1: Submit your information
Step 2: Receive an offer
Step 3: Sign a contract
Step 4: Get funds
How much would you like?
Can I Get a Title Loan With Expired Registration or No Registration?
While you may know that registration of your car is indispensable for the application of a registration loan, do not downplay the role of registration in a title loan. It is difficult to get a title loan without registering the car.
It is illegal to drive an unregistered car. Whether you have just acquired the vehicle through a business or private sale, it is important to ensure the car is registered as soon as possible. You usually have between 30 and 60 days to register your vehicle if you are moving states, while others may require immediate registration. Where you can prove title to the car and registration has not yet been completed, you may be able to incorporate registration fees into the loan or seek alternative finance for the fees.
Why Do I Need a Title Loan Without Showing the Car?
Competition in the loan market has increased significantly in recent years due to the online revolution. Consequently, the most suitable lender for your situation may not be local, and therefore a physical inspection of your vehicle is not practical. However, it is now possible to obtain a realistic valuation without a physical assessment using the car's history and comparing and contrasting it with similar vehicles.
While you will still need to provide as much information as possible (detailed above), a title loan without showing the car is a practical solution.
How Much Can I Get From Loan Lenders?
Typical, no inspection title loans tend to range from $100-$5000, depending on the lender's assessment. There may be scenarios where a greater level of funding is available, although this will be dependent on circumstances. Key to the level of funding is the vehicle's value, as this provides a degree of security for the lender.
As a broker, we can help you collate the required information and present this to the lenders with whom we work.
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1. Can You Get a Title Loan on a Car That Can't Run?
Just because a car is not currently in working condition does not automatically prevent you from applying for a title loan using the vehicle. It could be a classic car or require relatively minor repairs. However, a successful application will depend on the lender's value assessment.
2. Will My Credit Score Be Checked by Lender?
While all lenders are required by law to undertake credit checks on loan applications, this is just one of several factors taken into consideration. For example, if the vehicle in question provides sufficient collateral against a loan and you can make the repayments, a troubled credit history may not necessarily lead to rejection.
3. Does Paying off Title Loan Contribute to Higher Credit Rate?
No, your credit score won’t be affected. Title loan lenders use your car as collateral. They won’t report your payment history to credit bureaus. If you fail to pay the loan, they will simply repossess your car.