How To Apply Online

Do you need fast cash but are you having trouble qualifying for a personal loan? An auto title loan may be the solution to the funds you need. The application process only takes a few minutes and you could receive the funding in as little as 24 hours. (Some lenders offer same-day funding options). And financial, banking or credit issues may not stop you from getting approved.

Keep reading to learn more.

How to Get an Online Auto Title Loan

Getting approved for an auto title loan to secure the funds you need won’t take too much of your time. But to simplify the process, you’ll want to make sure you meet the minimum qualification criteria. Also, it’s best to have all the information you’ll need in front of you before applying.

Minimum Qualification Criteria

Are you at least 18 years of age with the title of a car registered to your name? Do you have a steady source of income? If you answered yes to both, you shouldn’t encounter any difficulty getting approved for a loan. You should also know that some lenders will approve your loan application even if you don’t have a job or income.

And since these loans cater to subprime consumers, no credit check is required.

Quick note: Even if your title has liens against it, you may still be able to get a loan. More on that shortly.

Required Documentation

In most instances, all you’ll need is a valid form of photo identification, proof of income, and the title to your ride. The lender will hold the title and more than likely ask for copies of the other documents.

How to Apply for an Online Auto Title Loan

You can apply online by completing the application in its entirety. (Some lenders also have brick-and-mortar locations). The review process usually takes anywhere from 30 minutes to a few hours. The easiest way to qualify for the loan is to apply online or call the company directly before visiting a store location. We’ve compiled a list of the top title loan companies that we would only recommend our readers to work with.

The Appraisal Process

The lender will conduct a quick appraisal to determine your car’s value before offering you a loan.  But most borrowers are only able to get a loan between 30 and 50 percent of the vehicle’s appraised value, notes AARP,

Auto Title Loan Without a Title

What happens if you don’t have the title to your vehicle but still want to take out an auto title loan? Unfortunately, you’ll have to seek other funding alternatives. Reasoning: the lender won’t be able to use the vehicle as collateral. And they aren’t willing to assume the major risk of loss if you default on the loan.

But if you’ve misplaced a physical copy of your title, you may still be able to secure an auto title loan. Visit the local DMV office and pay the applicable fee to retrieve a copy. You may also be able to submit a request for a replacement title online. If you’re unsure of the location of the nearest DMV office, you can find a directory here.

Auto Title Loan On a Car With a Salvaged Title

Do you have a salvaged title? Maybe your vehicle sustained extensive damage from an accident or inclement weather.

It’s still possible to get an auto title loan with a salvaged title. But you’ll have to do some legwork to find a lender that will accept salvaged titles. Also, be mindful that salvaged title loans may come with higher interest and fees to curb risks.

Another key difference to keep in mind is the way in which your car is assessed. If your car has a salvaged title, the appraised value will come in lower than that of a vehicle with a regular title.  So you should expect a lower loan amount.

Auto Title Loan on a Financed Car

Wondering if it’s possible to get an auto title loan on a financed car? Not quite. But an auto equity loan may be a good fit. In a nutshell, it allows you to borrow against a part of the equity you have in your vehicle.

These loans are available online and through select financial institutions. Some banks and credit unions also offer auto equity loans. But more stringent income and credit criteria will apply.

Auto Title Loan With Bad Credit

As mentioned earlier, auto title lenders don’t conduct credit checks when you apply for a loan. In fact, these loans are designed for those with bad credit who don’t qualify for traditional loan products elsewhere. That explains why having a title free and clear of all liens is paramount.

Auto Title Loan With No Job or Income

Most lenders require you to provide proof of income to get an auto title loan. But does that mean you need a paystub or W2 from a job? Not necessarily. In fact, you may not need a job at all. As long as you have a steady source of income, like retirement or unemployment proceeds, you may get approved. Government benefits will also suffice.

But what if you don’t have a job or income? Some lenders will approve you for a loan as long as you have a form of collateral.

Auto Title Loan Without a Bank Account

If you’ve ever applied for a payday loan, the lender may have requested your routing and account number. The lender then used this account to deposit funds and collect payments as they became due. And if the funds weren’t available when payments were withdrawn, you incurred fees from both the payday lender and the bank.

Fortunately, there are several auto title lenders that do not require bank account information to qualify for a loan. So, if you’re an unbanked consumer, you don’t necessarily have to look elsewhere.

Even better, you may be able to make payments via phone (with a card) or at a brick and mortar location (using cash).

The Bottom Line

Regardless of your financial situation, your chances of qualifying for an auto title loan are higher than what you’d find with most personal loan products. But it’s worth a shot to explore options from lenders who offer bad credit loans since they are often unsecured and may have lower interest rates.

And if you’re approved for a bad credit personal loan, you could be taking the first step towards improving your credit score. That way, you’ll qualify for more competitive loan products in the future should you get in another financial bind and need fast cash.