Online Title Loans

You can apply for car title loans completely online in almost every state. Some states have specific rules and regulations that govern online financing companies. So, it’s best that you check with your state before you apply for a car title loan. Once you decide that this type of equity financing is right for you, the next step will be to apply for online title loans and submit the necessary documentation. Most online title companies have an easy online application process. The loan application process is fast and easy, often less than 30 minutes.

Some lenders will require documentation of a bank account, proof of residency, and recent employment history. Borrowers who qualify for car title loans can get cash within 24 hours of approval. Most financial institutions and banks do not offer secured loan products that are completely online. You will either work with an online lender or a title loan company near you.

Yes, you can still qualify for online title loans with poor credit!  Having bad credit may disqualify you from traditional bank loans. But that shouldn’t be the case here. With vehicle equity financing, you’re using your pink slip to secure the amount you borrow.  Whereas a bank or credit union will rely more on your credit score as those types of personal loans are unsecured and not attached to your property. Consumers with bad credit are approved for funding all the time!  Lenders will often need an active checking account with proof of income in place of good credit history.

Make sure you don’t have an active bankruptcy before applying for car title loans. As always, contact your local financial institution like a credit union or personal loan lender first. Consider a credit card advance or installment loan as they may have better rates with a higher loan amount. See if you can arrange financing with better terms to repay the loan fast.

Most of the time, you will need a vehicle title that’s free and clear of any pending payments or liens. This means the original car title will need to be in your name. You will also need to have made all payments on the car before you apply. There are exceptions to this rule, so it’s best to check with your customer service rep if you have any questions or need more information.

Qualified applicants can also refinance an existing auto title loan to get a lower interest rate or quicker payoff. This is the same as if you wanted to refi a high interest credit card or mortgage refinance. This will give you a favorable interest rate and lower monthly payment on the loan amount if you qualify.

Customers always want to make sure they can pay off their loan amount in full, with no pre-payment penalty. The answer to this question is, yes! There is no early payment penalty associated with most online title loans. The loan process is set up for a specific payoff time with flexible payment options. Title loan payments are typically made once a month or every 30 days.

Once a borrower is approved they can pay it off as quickly as possible. You can send more money each month to pay down the principal amount borrowed. Or you can pay off an online title loan all at once if you’d like. This is something we recommend as well!

The total amount of money you can receive with a title loan is based on the estimated vehicle value. It helps to have good credit and the ability to pay back the loan. But lenders want to have collateral in the form of your vehicle and they base the loan amount on that. Newer vehicles in good condition with low miles will often return the best value. Expect anywhere from $1,000 for an older car to upwards of $10,000+ for a newer paid off car with low mileage.

You can generally receive your title loan money as soon as the next business day. Once you’ve been approved for the loan, completed the vehicle inspection, and signed your contract, the lender will give you a few options on how to get your money. You can have the cash sent directly to your bank account, this is often done through ACH or bank wire and can be completed that same day. You may also choose to pick up the money in person at any title loan lending location near you. This means an applicant can go from filling out an application to picking up the loan proceeds within just a few hours!

Car title loans are a great way to get quick cash when you need it. Some common benefits associated with title loans may include the following:

You can get cash quickly with a lender that’s completely online and even with a company that offers title loans near you. There are no hidden fees associated with most online title loans. The interest rates are high but you pay what’s quoted to you by the loan company. You also shouldn’t expect any prepayment penalties if you want to pay off the loan early and many of the larger lenders may work with you to either refinance or restructure the loan contract if you’re in danger of defaulting. Compare that to a company that offers payday loans or a cash advance where the terms are non-negotiable with full payment due in less than a month!