Get a Title Loan with a direct deposit to your bank account with guaranteed approval online.
If you urgently need a certain amount, and it is not possible to get it from the bank due to a bad credit history, a car title loan with the ability to use a car throughout the entire repayment period is an excellent option.
Benefits Of No Credit Check Title Loans
Compared to traditional bank loans, car title loans have the following strengths:
- The ability to get title loan in 24 hours (in some cases, it takes no more than an hour from applying to issuing a 100% loan).
- You do not need to collect and provide a package of documents to confirm your financial solvency.
- Possibility to apply for a loan at any convenient time.
- Acceptable loan interest.
Car Title Loan: Conditions And Terms
For those who wish to receive money secured by a car, it is recommended not to rush to contact the bank. You should analyze proposals for secured loans not only from banks, but also from specialized companies. Loans in such organizations are issued as collateral for cars of various makes and models without strict requirements for the borrower.
Banks lend money against a car collateral, but such options are not always convenient. Why? Firstly, very strict requirements are imposed on vehicles that are left as collateral. Therefore, a loan can be issued far from every pledge of a car. It is unlikely that a bank will issue a loan for a large amount to the owner of a car with a mileage of 130,000 miles. Also, they will not give out money on the security of a car after a major body repair and discontinued models. Secondly, only the owner can take money on the security of the car. Banks do not accept powers of attorney and are not ready to work on it.
As for car title loan with no inspection, interest rates are not that high, especially given the tight loan terms. It turns out that you will have to pay a little more for a loan secured by a car.
How To Get An Instant Online Title Loan?
- To get started, find the most suitable lender online.
- Beforehand, you can use convenient online calculators. Enter the initial data to calculate the interest rate of online car title loans and determine the amount of payment on a title loan.
- Remember that the information received must be agreed with the representative of the company. Since the terms of repayment of a loan secured by a car depend on the estimated value of the vehicle and the terms of the loan.
- Regarding the payment of money in debt secured by a car, the entire amount of a loan can be received on the day of application around the clock.
- Before that, the specialist conducts an appraisal inspection, determining the market value of the vehicle. Therefore, you can apply for title loan with no income and get money in the amount of 70% of the market price. This is an excellent offer.
- The maturity of the loan is usually short-term and varies from 15 to 30 days. You can take car title loans completely online for a longer period up to 12 months.
- In any case, all conditions are agreed with the Client.
What Should Be The Car To Receive The Maximum Loan Amount
- Year of issue. The largest loan can be obtained on the security of a car under the age of 12 years. At the same time, the longer a loan is needed, the less favorable conditions it can be obtained on the security of a car whose age is approaching 12 years, because this is the limit of its liquidity for the secondary market.
- Valid pledges. The car can be used as collateral in several loan organizations (if it is allowed by their charter).
- The presence of the original passport of the vehicle. The very possibility to get cash now depends on this, because non-bank organizations are afraid of becoming a victim of fraudsters.
- A loan secured by a car can only be obtained by an officially registered owner of the car or a person who has provided a general power of attorney for the vehicle. Some companies may slightly reduce the amount of loan granted when issuing by proxy (if it is provided for by their charter).
- The lower this figure, the larger the loan you can count on.
- The more options implemented in the car, the larger the loan secured by it can be counted on.
- Body and interior condition. The body and interior are the first thing that potential buyers pay attention to, so their poor condition will significantly reduce the loan amount.
How Much Can A Car Title Loan Customer Expect?
Non-bank organizations issue up to 70-80% of its market value in the form of a loan. The client can borrow money for a different period. Depending on this, the size of the interest rate, that is, the cost of using the loan, varies. Now you know what a car should be like in order to receive the maximum loan amount, and before contacting a non-bank company, you can take measures to correct existing shortcomings.
In any case, you do not have to provide a certificate of income, look for guarantors and worry about a bad credit history, because the car acts as a guarantor of the fulfillment of loan obligations.
As you can see, lenders are ready to lend money secured by a car at a fairly low percentage. At the same time, the list of documents is minimal. Unlike a bank secured loan, only three documents are enough to get title loans online fast:
- Passport of the owner or authorized representative (of course, you must be over 18 years old)
- General power of attorney (if you are not the owner of the vehicle)
- Vehicle passport.
A certificate of passed technical inspection and a valid insurance policy are attached to the vehicle passport. Only if you have all these documents, you can borrow money, leaving the car as collateral.
What is not required to get car title loans online is guarantors, income statements and other documents, which may take several business days to collect. If all three auto documents are in your hands, then the money secured by the car will be paid urgently.
It is important to know that in case of non-payment of the debt (loan received and interest on it), your car will be sold. Only under such conditions can you take a loan, providing a car as a pledge.
