A title loan that doesn’t require a vehicle inspection is the ideal scenario for most people that apply with a title lender. Who doesn’t want to skip the arduous process of having to meet with someone and visit them at a lending location? The reason why car title loans without inspections work are 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 inspect it. On the flip side though, it’s hard to find a lender that offers no inspection title loans. The reasons vary and some states outright ban these types of online title loans. Let’s get into why it’s so hard to get approved for a title loan no inspection
Car title loans without a real inspection mean there’s no check on whether someone has been paying their taxes on time, if they have had too many points against their driver’s license, or if they have been declared bankrupt. Because these sorts of checks aren’t being made there’s more risk for a lender when it comes to default.
No inspection title loans are great for borrowers but they can cost lenders money because the car may not be as described. car title loans without an inspection. In those cases, car owners need to do their research to find a car title loan 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 why people do car title loans without inspection has to do with how much time it takes to complete one. If someone does car title loans without an inspection, they are able to 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 be approved for a title loan with no inspection because it simply takes longer to underwrite and process your application. That said, car title loans without inspections are currently more popular than car title loans with inspections.
In some states, the lender is actually required to conduct an in person vehicle inspection. That means you actually have to visit the finance company at their store or place of business so they can visually inspect your vehicle. This enables the lender to confirm the vehicle actually 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 is allowed in most states when it comes to car title loans. The car owner themselves must confirm their car exists and that they own it. Once this is confirmed and they provide all the right documents.
There are several reasons why car owners would choose to 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 is usually what people 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 in a short period of time. Secondly, people who decide to get car title loans don’t always trust other companies to come to inspect their vehicles. So they’d rather handle all of this on their own and avoid wasting time online if they were told that’s all which is needed.
The bottom line here is that a no inspection title loan is possible, but it will likely lead to higher interest rates and a lower funding amount offered for your title loan. So, if you can find a car title loan that doesn’t require an inspection then by all means take it.
Online title loans from Car Title Loans 123 are convenient and fast and 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 there’s an advantage to having the car inspected which 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, if you’re looking for a California title loan the process is a lot simpler. 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 car title loans without inspections, well…they may require less time online but they aren’t necessary if you know what you need to do in order to get approved! If you want a car title loan without inspecting your vehicle then obviously something will be required from the lender.