Title Loans That Don't Require the Car

What Is A Car Title Loan?

This is a popular type of loan that uses your car as collateral. Lenders use your vehicle's value to estimate the money to loan you. Some lenders may require you to present your car physically for inspection and evaluation. Besides, you can also get the inspection report from a third party and then submit the report to the lender when applying for title loans.

On the other hand, some lenders will keep your car in a safe place and give it back to you once you have fully repaid the loan. Thus, it is essential to read and understand the lender's terms and conditions before accepting the loan offer. Also, note that if you fail to repay the loan, the lender will legally repossess your vehicle.

Why Do Most People Look for Title Loans That Do Not Require the Car?

Quick loan application process and faster approval are some of the main advantages of going for car title loans without showing your car physically. You can request the loans online regardless of location and get your money without stepping to the lender's office. These title loans save you time and money you would have spent taking your car for inspection and appraisal.

Many car owners will be inconvenienced by lenders who want to keep their vehicles. Title loans that don't require your car allow you to continue driving to work, taking your kids to school, and undertaking other activities that need your vehicle.

What Are The Basic Requirements For Getting Title Loans That Do Not Require Your Car?

To get your title loan approved, you must meet the basic requirements. Some qualifications are standard in the industry, but lenders are free to ask for additional information from borrowers. To request a title loan, you must be the actual owner of the car serving as collateral. The title should be under your name. The qualifications include;

• Your vehicle should not have a lien on it.
• The loan applicant should be aged 18 and above.
• The applicant must prove to have a stable source of income.
• One should have access to the vehicle.
• The borrower should be a resident of the United States of America with a genuine physical residential address.

Essential Car Photos To Submit To Title Loan Lenders.

Title loan lenders will always want proof of your vehicle when you don’t need to present it to them physically. Thus, the lenders will request you to attach photos of your car while submitting your loan application. These photos are used to assess the condition of your car and help determine the amount of money you can borrow. Ensure the photos are clear and your car is in good condition.

You can use your smartphone if it has a good camera or hire a professional car photographer to help out. Clear and quality pictures will help the lender get every detail of your car for easy and quick evaluation. Some essential photos to submit include the license plate, vehicle identification number, rear, front, and interiors such as the carpet, odometer, dashboard, carpet, and all the seats. Besides, attach images of the car's cargo area and under the hood.

How Can I Take Out Car Title Loans That Don't Require The Car?

Apply for title loans via iPaydayLoans by filling out the application form. The application form will automatically guide you with all the information you're supposed to provide. For instance, you will be required to include your car details such as the year of manufacturing, the vehicle make, model, trim, the car's status, and mileage. You must also declare if you have fully paid for your car.

Besides, provide your details such as your full name, contact details, email address, social security number, employment status, etc. Then select the amount of money you wish to borrow. We will submit your data to lenders on our network immediately, who will get back to you with loan offers in a few minutes. Also, be ready to provide the lenders with any additional information they may need from you. Remember to read and understand the title loan terms before accepting the credit offer.

What Are The Advantages & Disadvantages Of Taking Out Title Loans Without Showing Your Car?

Requesting the title loans that don't require you to show your car physically comes with various benefits such as;

Quick application and processing

Presenting your car to the lender or third party for inspection prolongs the loan application and processing. This process may take up to two weeks before your application is approved. However, the process is faster for loans that don't require your car. You submit your application online and get your money as soon as the following business day.

High chances of approval

So long as you own the vehicle and meet the basic eligibility requirements, the chances of lenders declining your title loan application are minimal. If you apply for a car title loan via iPaydayLoans, you will get many loan offers from our lenders. Besides, secured loans such as title loans have a lower rejection rate than unsecured loans.

Keep using your car

Losing your car even for a short time can disrupt your daily operations. Cars play a significant role in helping you move around for personal or even business purposes. Car title loan Lenders on our network understand that you need the vehicle to look for money to repay them. These lenders will put a lien on your vehicle and allow you to keep using it.

A credit score can't stop you from getting a loan.

Traditional financial institutions scare away borrowers with poor credit scores. However, title loan lenders on our vast network are always committed to helping you achieve your short-term or long-term financial goals. Although a good credit score is an added advantage when applying for loans, it's not a priority to many of our title loan lenders. Your car is enough to secure the credit you want to take.

The Disadvantages are as follows:

• Interest rates could be high since it's a short-term loan.
• The lender may repossess your car if you fail to repay the loan.
• You can't use the same car to take another loan before repaying the current credit in full.

Is A Vehicle Inspection Necessary？

This depends on the lender's terms of giving out title loans. Car inspection helps lenders get the value of your vehicle before giving you a loan offer. Some lenders may ask you to present the car to one of their agents or offices for inspection. Alternatively, online lenders may just ask for your car photos. The photos are used to evaluate your car's value. Pay attention to the type of car photos the lender needs.