A title loan that doesn’t require a vehicle inspection is ideal for most people applying with a title lender. Who doesn’t want to skip the arduous process of meeting with someone and visiting them at a lending location? Car title loans without inspections work because the lender either calls the car owner or the car owner takes their vehicle into a shop that works with lenders to have a mechanic check it out. Conversely, finding a lender offering no inspection title loans is hard. The reasons vary, and some states outright ban these secured loans.
Car title loans without a real inspection mean the lender is not checking out your vehicle’s physical condition or driveability. Some people prefer this as it saves them time to check their vehicle. But lenders are undoubtedly leary of this option as it can lead to fraud or improper loan amounts. You can get cash without a proper inspection or visual proof of the car. Of course, the loan amount will likely be lower, but some companies may be ok with video proof of your vehicle as opposed to an in person verification.
No inspection title loans are great for borrowers but can cost lenders money because the car may not be as described. In those cases, car owners must research a lender that will not require an inspection. This is ideal for car owners who want money quickly and want the loan completed just as fast.
The biggest reason people do vehicle equity loans and title loans on semi trucks without inspection is how long it takes to complete one. If someone does car title loans without an inspection, they can get fast cash which they can use immediately. Instead of having to wait days or weeks, car owners can receive these funds within 24 hours in most cases so getting money fast becomes easy when there’s
It can take a bit longer to approve a title loan with no inspection because it simply takes longer to underwrite and process your application. That said, these types of loans are currently quite popular as the underwriting time can be cut in half.
In some states, the lender must physically look at the vehicle in person. That means you have to visit the finance company at their store or place of business so they can visually check out your vehicle. This enables the lender to confirm the vehicle exists, and they can then attach a value to the car and come up with a loan amount. Generally speaking, car title loans without having the car inspected are allowed in most states. The car owner must confirm that their car exists and owns it. Once this is confirmed, they provide all the right documents.
For several reasons, car owners would do car title loans without inspection. First, there’s no time spent waiting for an inspection by a third party, so the car gets turned over quickly, which people usually need when they take out such a loan. That means these loans are more convenient than other mainstream types of unsecured loans and they can be processed quicker if it’s only for a title loan refinance. There’s no store visit required, and you can get everything done quickly. Secondly, people who decide to get car title loans don’t always trust other companies to come to inspect their vehicles. So they’d instead handle all of this independently and avoid wasting time online if they were told that’s all needed.
The bottom line is that a no inspection loan is possible, but it will likely lead to higher interest rates and a lower funding amount offered for your title loan. If you can find a car title loan that doesn’t require an inspection, then by all means, take it. But be aware of the lending fees and other costs that are bound to come.
Same day cash from Car Title Loans 123 is convenient and fast; the best part is you don’t need to leave the comfort of your house. Having to visit someone in person may not be as easy, but an advantage to having the car inspected is that your car won’t need any repairs before getting approved for that car title loan. Usually, this begins with taking photos of the car and providing them to whoever needs them so they can process your car title loan application. On that note, the process is much simpler if you’re looking for a California title loan. The State allows you to conduct a vehicle inspection with the DMV and you can provide your lender with the official DMV report.
As for no inspection loans, they may require less time online, but they aren’t necessary if you know what you need to do to get approved! The lender will require something if you want a car title loan without inspecting your vehicle.