Whether the borrower is financing their vehicle or has paid it off in its entirety, there could be a good amount of equity in their vehicle.
Title loan lenders look at the year, make, model, mileage and additional factory-added options that you may have on your vehicle. The biggest addition to value is the factory options. Some “base model cars” do not have electric heated or cooled seats, backup cameras, Navigation systems, Sirius Radio or Satellite Radio, and more. Maybe yours does? Good news! That may add considerable value and put you into consideration for a regular title loan.
Cars with high mileage still may qualify. Some cars and pickups do not lose their value much over time and even with high mileage. The cars are so in demand that age and mileage have little effect on them. Do you have a car that is considered a popular model? Wonderful! Apply now and see how much you may be able to get on that popular car!
Lenders may accept all kinds of vehicles when considering qualification for a title loan. You could be eligible to get the help you need! 1
If you would like to use your unpaid vehicle for a title loan, you can get a head start by getting your documents in order before you make the inquiry.
Depending on your unique situation and background, you may be asked for more information, but these are the general documents you will need:
- Vehicle Title: The title for your unpaid vehicle must be in your name for you to inquire about a title loan. If it isn’t, a loan agent may be able to help you with the process of requesting a transfer.
- Proof of Income: To fully qualify for a title loan using your unpaid vehicle, you must show proof of your ability to repay. You can demonstrate your reliable income through bank statements, invoices, paycheck stubs, benefit statements, etc.
- Proof of Address: As proof of address, you can use a recent utility bill, voter registration card, phone bill, credit card statement, insurance statement, etc.
- Photo Identification: To show proof of your identity, you can show your state ID, driver’s license, passport, etc.
- References: For the title loan process, you may be asked to provide some references. Usually, you can submit personal or professional references.
When you choose to inquire for a title loan online, you receive the convenience of being able to turn in your documents online! Take photos of your paperwork and email the images to a loan agent or scan your documents and upload the files online.
Must I Go through an Inspection to Get a Car Title Loan when the Car is Not Paid Off?
When you use your vehicle to obtain a title loan, you are typically expected to go through an inspection. However, when you inquire about an online title loan, you can do without that inconvenience!
Instead of driving your vehicle to a brick-and-mortar location to be inspected by an agent, you can just take photos using your smartphone! You will be asked to take an image of each side, the odometer, and one of the vehicle identification numbers www.paydayloanstennessee.com/cities/lynchburg/.
Will I Go through a Credit Check if I Inquire About Title Loans for Cars Not Paid Off?
There are two types of credit inquiries you should know about, soft credit checks and hard credit checks. Soft credit checks are typically done when a person initially inquiries about a title loan. This type of credit check does not affect your credit nor does it appear on your credit report.