How To Get An Online Car Title Loan
It is not hard to obtain online car title loans. If you have access to a computer and some equity in your care, you can easily shop online for car title loans and get the cash you need the very same day. Continue to read about how you can accomplish this quickly and easily.
Are you wondering what exactly this car title loan is? It’s simply a loan you receive by using your car title as collateral. Typically you must own the car out-right, meaning you don’t have any financing or liens against the title. With the equity you have built-up in your car, it’s relatively easy to go out and find a lender willing to provide a loan based on the cars title because you are simply borrowing cash against the equity you have already established.
The amount of money you can borrow will vary depending on the type of car you own and what your monthly income is. Many lenders will loan up to 50 percent of what the Kelly Blue book values your car at. Some lenders may even go higher, some as high as two-thirds of the cars value.
Now with a computer and internet access, you can get a car title loan very easily. It wasn’t that long ago when trying to get a car title loan ( or a pink slip loan )would require you to spend the entire day on the phone calling every title lender in your local area. An entire day spent thumbing through the yellow pages, talking with lenders for car title loans, looking for the best terms available. It was a long drawn out process. What made the matter even worse, some people would skip the process of shopping around and just head down to the nearest local title lender where they would readily accept whatever terms they were offered. Without shopping around, many people ended up paying way more than they needed to.
Most reputable lenders are online now. That means you no longer have to spend the day calling every lender in town, or running back and forth between lenders. You can simply shop for the most reasonable terms and best rates right from the comfort of your home. You simply get online and visit the websites of the various lenders and instantly compare their rates and terms. Many sites will even have a section for FAQ’s. This FAQ’s, refers to “frequently asked questions,” and is a great place to start your research. Look through this area first and most of your questions will be answered.
Once you have found a lender with terms you like and you are ready to apply, the process can be completed online. You will need to scan or fax copies of some documents, such as the title to your car. You will also need to send a copy or fax of a driver’s license, proof of automobile insurance and usually a couple of pay stubs to show your income.
Each website or lender will have their own rules and requirements, but these are the basics, so be prepared and have them ready and you can make your process of applying for the loan as quick as possible. After you have sent all of your documents, the lender will frequently have an answer for you within a couple of hours.
Now all you need to do is locate the car title loan lenders on the web and apply for the money you need today. You can start checking immediately and shop for the best rates. There you have the basic process of how you can get online car title loans.
Here are some answers about online car title loans to questions we have recently received.
Can I get a title loan over the phone?
Yes. There are several online car title loan lenders that will take your application over the phone. They can take your information, but they will need to see the car to appraise it and assign a value to it.
Do I have to own the car for a title loan?
Yes. The registration and title must be in your name in order to qualify for the loan.
Do you have to be employed to apply for a car title loan?
This is an interesting question. Most lenders will want to see a pay stub from your workplace. However, there are some title lenders that will accept disability and social security checks as income. So even if you are not employed, but can show an income check, you still may qualify.
Will I have to leave my car when I get a car title loan?
No! That is the advantage of a car title loan over pawn title loan. When you pawn your car, you usually have to surrender the car to the lender. They will then store it in a facility until you pay the loan off.
When you get a title loan, you only give the car title to the lender. You still have the use of your car during the term of the loan.
Do I have to show my car to get a car title loan?
Yes you do. Since the loan will be based on the value of the car, the lender will need to inspect it in order to determine its value. Since it will be inspected, it is in your best interest to make the car look nice. The more the lender thinks the vehicle is worth, the more money you can borrow.
Does my car have to be running in order to get a loan?
The simple answer is yes. That is because many title lenders have a minimum value of $5,000 on a car in order to make a loan. Unless you own a classic car or a very valuable car that isn’t running, the lender will need to have the car in running condition.
