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Is It Possible To Get A Title Loan With A Salvaged Car Title?

A question that often pops up is: “Is it possible to get a title loan with a salvaged car title?” The answer to this question is yes; however, you need to know how it works and what the limitations are when it comes to using a salvaged vehicle title as collateral for a title loan.

 

What’s A Salvaged Car Title?

A salvage vehicle is one that has been totaled out and could never be repaired or sold in its current condition. When this happens, there isn’t much of a point in letting the vehicle sit around; so insurance companies write them off as salvage cars and pay you for your loss using an auto insurance settlement check. However, you will receive the check minus your deductible (if you had one), which means if your car was insured for $5000 and you had full coverage the lender will write you a check for that full amount.

 

Will Any Title Loan Companies Accept A Salvaged Title As Collateral?

Yes, there are a few title loans that will accept your salvage car title as collateral. There aren’t very many of them out there, but you can find one near you by doing a quick search on the Internet.You can get approved for a title loan with a damaged vehicle. The reason why there are so few lenders that accept salvage titles is clear. Vehicles that are declared salvaged are often valued far lower than typical vehicles. That means the amount you have available to qualify for a car title loan can often be too low. At the least, the amount available to borrow with a salvaged title pink slip loan is always going to be less than your average online title loan.

Always read the small print carefully before entering into any type of transaction like this, because there may be conditions attached including a higher interest rate or a lower amount of money based upon the current value of the vehicle. Make sure you’re willing to live with these terms before signing anything.

When trying to determine if a title loan will be possible for you after your car was declared a total loss, the first thing you should do is contact your lender directly. There may be a way for you to go about getting a title loan with a salvage car title that only becomes clear when speaking directly to them, or they may tell you right away that it’s something they can’t work with.

 

What Are The Requirements For Salvage Car Title Loans?

The first thing you should know about getting a title loan with a salvage car title is that there are requirements for your eligibility. You’ll need to be the legal owner of the vehicle and still own it. Also, you cannot have any liens on the car, or else they would need to be paid off before it could qualify as collateral for title loans. Finally, you must be able to prove vehicle ownership so documents such as registration and insurance papers will need to be provided.

In nearly every lending situation that involves a salvaged or wrecked vehicle the title loan company will want to conduct a visual inspection. That’s because the car was most likely in a serious accident or something else happened where the car was seriously damaged. The lender will need to verify the current condition of the car before signing off on a loan contract.

 

What Are The Benefits Of Getting A Title Loan With A Salvaged Car Title?

Getting a title loan is very beneficial because interest rates tend to be much lower than typical credit cards and you can access the equity from a salvaged vehicle. Many people turn to this method because they have bad credit and can’t be approved for a bank loan or even a payday loan. Having bad credit is not going to be a problem for most who apply for this type of secured loan. The underwriter mainly wants to know the vehicle’s value.

 

Salvage Title Loans Near Me

Many borrowers will want to look for salvage title loans near me, as these types of companies are easier to work with and are more trustworthy. It should be an easy choice between an online lender or a local company that accepts salvage title loan near me. A local lender allows you the peace of mind where you can meet with them face to face and discuss your circumstances.

Even though an online title loan company is licensed in your state and allowed to offer same day funding it may be easier to work with a salvage lender near you. The company will be able to conduct a full inspection when you meet with them and the process will take a much shorter amount of time from when you submit the application to when your loan is funded.

A salvaged vehicle title can still get you a same day title loan.

 

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Get An Estimate For An Online Title Loan

Don’t sign up with the first title loan company you come across. Get an online estimate for what you should expect when it comes to the title loan monthly payments and total payoff amount. It makes sense that you’d first want to get an estimate for a car title loan before you sign off on a contract or even send in any documentation. Here at Hyperlend we can lay it out all and tell you exactly what to expect with a secured lending quote. The last thing you want to do is go in blind without knowing the details of your loan.  Rest assured, we’ll get you an estimate within 15 minutes of submitting an application.

 

Get A Free Online Title Loan Estimate With No Obligation

We can get anyone a free estimate and quote for a title loan regardless of your income status or loan request.You can get a free quote for a secured vehicle collateral loan. The only factor that matters is what you state you live in. If you live in a state where online title loans are allowed it won’t be a problem to provide you with a same-day quote and estimate and we should be able to do that quickly.

It doesn’t make much sense to get you an lending estimate in a restricted because you ultimately won’t be able to get approved for a loan. But that doesn’t mean we can help you. Here at Hyperlend, we focus on online car title loans, but we can still provide information and lending resources to help narrow down your decision. Perhaps you’re better suited for an installment loan or personal loan?

 

What’s Required To Get An Online Title Loan Quote

To get an online title loan estimate you’ll need to tell us what type of loan amount and payoff term you’re looking for. Of course, it also depends on what state you live in. Some states have limits of a few thousand dollars for loan amounts while others have no restrictions. Beyond that, you’ll need to fill out a quick application so the underwriters know what they’re looking at.

If you’re able to provide brief vehicle information and some other details like employment information we can get this done within an hour or two. A title loan estimate is not as detailed and lengthy as what’s required for a full online title loan application. In that case, you need to be fully underwritten and it can take some time to verify all the information.

 

What happens after I get a quote for an online car title loan

Once you have the estimated payoff amount along with loan terms and monthly payment information you’ll need to make an informed decision on whether to move forward or not. At this step, it’s wise to take your time and evaluate the different options. Is it wise to get a title loan at all or is it better to borrow money from a friend or turn to another loan option?

Do you want to shop around using this loan estimate to see if there are better rates and terms available? Have you thought to ask the lender if they can offer you an auto title loan with no proof of income requirement? Or do you want to see if your lender can go lower than what they initially quoted you for the title loan estimate? You should keep all options on the table as your initial quote is a good stepping point and you likely have enough information to know if you should move forward with an online title loan.

sameday estimate for a title loan

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How To Work With A Title Pawn Company To Pawn Your Car Title

It is easy to qualify for a title pawn if you have a paid off vehicle to use as collateral. Pawnbrokers will loan you a small percentage of the value of your car. The money is deposited just for you and you pay a fee to the broker for the use of the money. The percentage they give may vary between pawn companies, but it will generally average 50% of the vehicle value. It is important to realize that the less valuable the car is, the chances are the lender will loan you less than half of its value. It will help you to get cheaper loans if you want to learn how to pawn your car title.

You should realize that in most cases, the value of the car will be limited to about 50% of the loan value. Naturally, the value of the car will be determined by how it is customized and experienced in the automotive industry. So if you are looking to pawn a flashy sports car with multiple options or different packages and trim levels, the value will be higher and probably up to 70% of the loan value.

 

How Does A Title Pawn Actually Work

Title pawning is a fast way to get cash for the value of your vehicle. Some legitimate lenders that pawn car titles or “title pawns” will offer 60-70% of your vehicle’s value in the form of cash. Keep in mind, a car title pawn is different than the more common online title loans you hear about these days. Find a pawnshop near you that will take your car title instead of the actual vehicle.Whereas a car title loan lets you keep driving your car after handing over the vehicle title or pink slip, a title pawn means you give the lender or registered pawn shop the vehicle to hold as collateral. The title pawn company will keep possession of the car until the loan is successfully paid off. A title pawn shop will probably give you more money with a lower APR than your average title loan company, but you won’t be able to drive your car to work or anywhere for that matter during the life of the loan.

 

How To Most Effectively Pawn Your Car Title

Look for a reputable company that you can trust, while knowing the rates and terms will be fair. This will help you to get the loan at a reduced rate with a company that you know follows all relevant state title lending laws. Look at several companies, read their information, and see if they are legitimate companies. Is there a fee or is there interest? Does the online title pawn come with a balloon payment, and what is the interest rate? This is an important question to ask. You do not want to get into a loan that will not have a way out of it. How about a car title loan where you can get a higher loan value? These are typically limited to only 50% of the value of the car. These however need to be paid off faster. They will also come at a penalty rate.

 

What Are The Standard Title Pawn Requirements

Like most other secured loans, you will mainly need to hand over your vehicle as collateral for the amount financed. An auto pawn company will also require valid identification and you’ll need to show you can pay back the amount borrowed. Try not to pile on more debt during the months before you apply for online title loans. Do your shopping at the title company. If you are still several months out from making your final payments, you do not want to apply for a title loan on a vehicle in which you are still several months out from the purchase.

If you have bad credit, do not fret. Good or even decent credit is often not a requirement for a title pawn. Title loan lenders ultimately want to know that you have enough verifiable equity in your vehicle to settle the account if payments become past due. They will not run traditional credit checks and will look beyond past due payments as that comes with the territory. Bad credit may result in a higher interest rate and less favorable terms but you can still drive your dream vehicle.

 

How To Get Your Cash After Approval For A Car Title Pawn

As most car title pawns take place at a pawn shop you can typically expect to have cash in hand within a few hours of submitting your application with a title loan company near you. Some applicants will complete the entire application process online or over the phone and then hand over the vehicle and keys in person. Once you hand over the vehicle you can opt to get the money in the form of cash or check. Some people will prefer to get cash wired straight to their bank account.

A car title pawn store will let you get cash for the value of your vehicle.

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What To Do If You Default On A Car Title Loan

Defaulting on any loan has adverse effects on your access to credit, down the road. On the other hand, the inability to access financing makes it difficult for you to make capital investments putting a severe damper on your efforts for financial growth.

The following is what you need to know before you fall behind on title loan payments and the steps to take after you’ve default.

 

How To Know If You’ve Actually Defaulted On A Title Loan

You default on your title loan when you fail to make your payments as per your agreement with the lender. That is when you fail to pay the full installment when you have agreed with the lender. At that time, you will be in breach of contract, and the creditor, backed by the law, may decide to take legal action to recover their money. Typically, a missed payment is more than thirty days overdue.

Most people don’t even know what constitutes a title loan default in their state.  Missing payments on a secured vehicle loan is serious and you should not fall behind.Laws regarding loan defaults vary between jurisdictions, but the variance is usually minor and often you will officially default when you fail to make payments in accordance with your loan agreement. Some states may give a short grace period before you can legally be declared to be in default. But most of the time a reputable lender will stick to the individual state requirements.

You can keep the lender from repossessing the property you bought through a title loan by talking to them early. Call your bank’s customer service department when you think you will default. Communication between you and the lender allows you to negotiate. They can give you an extension or a chance to negotiate for more flexible terms of repayment.

Lenders are usually happy to negotiate more favorable terms because repossession is both expensive and inconvenient to them. They also know that most borrowers would rather reach out directly than have to deal with or know their own state title loan lending laws.

 

Steps to Take to Avoid Title Loan Default

The only way to avoid title loan default is to pay your installments on time. There are some measures you can take to ensure that you manage the payments and they include:

  • Get a second job to make extra payments – Making a few extra dollars helps repay your loan. The money may not be much, but it will add up to a full installment with time. You can deposit every payment you get with the lender, even if it is just a fraction of the installment. When coupled with your regular payments, these small deposits create a buffer for you in case of something happening to your finances down the line. You might even find, with time, these deposits enable you to be a few installments ahead.
  • Reduce your expenses– Repaying your car title loan will hive off a considerable percentage of your disposable income. You will need to reduce your non-essential expenses for the term. Reduce your expenses on leisure activities such as costly hikes, dining out, and so on. You will have a higher margin to pay the loan and take care of other basic needs.
  • Direct any extra income to the loan– Use any unexpected money such as bonuses, gifts, and lottery just to mention a few to repay the loan. This extra money will help you finish paying your loan faster and reduce the possibility of defaulting.

What Happens When I Default On My Auto Title Loan?

Most people Defaulting on your title loan can have far-reaching consequences and they include:

  • Late and repossession fees– Making a late payment usually attracts penalties, and you have to pay for towing, warehousing, and attorney fees if the lender decides to repossess the property in question. These costs vary in different locations. Some jurisdictions put a cap on these amounts, while others leave them at the discretion of lenders.
  • Repossession– You need to know that if your car was used to acquire the loan it serves as collateral. When you default, the lender has every right to repossess it. The terms under which the lender can repossess the vehicle vary across states. Some of them have restrictions for your benefit, while others have no restrictions when it comes to car title loans.
What Happens if I Defaulted and my Vehicle has been Repossessed?

Your lender will sell the vehicle after a typical title loan repossession. Some states require the lender to keep the property in question for some time before selling. This time may enable you to recover it, but you would have to clear the l balance plus pay for all the expenses incurred during the process.

If you don’t move to recover the vehicle or property in question, the lender will sell it for the exact amount you owe them. Even though the lender is under no obligation to sell the collateral for the exact amount owed.

If the collateral can settle the amount owed, a lender has legal obligations to make you settle the balance. Always remember, the repossession will go on your credit report so you may want to contact the lender and see if they can stop reporting.

Contact your title lending customer service department to work out payment arraignments if you fall behind.

 

Categories

Should I Apply For A Title Loan Near Me Or Online

Many consumers have concerns about applying for a title loan. It doesn’t matter if that company is online or if it’s a service that offers title loans near me. They’ve heard story after story of someone losing their identity or getting money taken from their account. But, do you know that many borrowers turn to online services when they’re looking for a title loan? You’re in need of and you know you’ve got equity in several of your assets, including your car. You’ve heard of car title loans near me, and that they can often be accomplished in a few business days (or even a single day).

 

Narrow Down The Title Loan Places Near Me

There are likely dozens of title loan places near me if you live in a state that provides secured loans. Go online however and you’ll see that there is a lack of companies that offer car title loans online. There are instant-apply options that guarantee money in minutes or hours. You will also see the more traditional lenders with a safe and easy application process where you can even apply for a title loan that doesn’t require monthly income. Which should you use?
find a legitimate title loan company online
Before you even begin to narrow down the title lending companies near me, you may already be wondering if it is even a wise idea to seek out a car title loan near me. There are endless news stories that discuss this breach of security at many lending services and retail companies. It can start to make it seem foolhardy to apply for anything online, let alone to work with a company that offers car title loans.

The long and short of it is this is simple. As you would apply for any variety of financial services online (a credit card, personal loan, and even a mortgage), it is entirely safe if you work with a legitimate lender that offers a title loan near me as well as online.

 

Find Legitimate Car Title Loan Places Near Me

That takes us to the next step in answering the question posed in the title above. Whether it is safe to apply for a car title loan online or with a lender near me. That step is to determine what it means to describe a car title lender as legitimate.

There are few ways you can protect yourself and avoid getting “ripped off”. Here are some tips on what to avoid so you can get on the right financial path:

  • The title loan company near you asks for a payment in advance of granting the loan. This is a big red flag and a clear indicator that you’ll want to work with a different lender.
  • They do not appear anywhere in your state’s required agencies. Contact your state’s attorney general or a financial registration agency (sometimes called a banking oversight agency). If that lender is not registered with ANY state agencies, they are not legitimate and working, technically, outside the law.
  • They don’t provide a loan contract for your review. If your title loan company near m is of the “sign it now,” variety and does not allow you any time to review a loan contract (or take it for review by a lawyer), it is best to steer away from them. They may be legit, but the use of high-pressure methods that force you into signing immediately are often signs of trouble.
  • Be aware of copycats and fly-by-night companies. Does a lender’s website share a distinct resemblance to that of a familiar financial entity? It is not unusual for scammers to take names and build websites that seem legitimate. Customers can associate them with the lender whose branding and language they’ve copied.
  • Be aware of the “overly slick” sites and sales pitches. A very professional website full of informational articles, blogs, and other features can make even the most dubious lender look good. Don’t judge a book from its cover. Take the time to perform a bit of due diligence before you apply for a car title loan online.
  • They use a PO Box. This, initially, seems irrelevant and may not be a huge deal. But if there is no street address listed for a lending company, it has to be seen as a warning sign of larger potential problems.
  • The BBB has bad things or nothing to say. The Better Business Bureau is a free and easy resource in your quest to find a reliable company with which to apply for a car title loan online. If the company has negative issues assigned to it, or there is no information, avoid the lender.

Besides these issues, it is a good idea to call the phone numbers provided to test out their customer service and the legitimacy of the company. Look for an email address with a corporate connection for any title loan or title pawn company you work with. For example, if the email address is not a traditional service, think Hotmail or Gmail, it is one to avoid. You can also go to consumer affairs sites like RipOffReport and ConsumerAffairs to see what they have to say about the different auto title loan companies.

 

How To Choose The Best Title Loan Places Near Me Or Online

You can apply for title loans near me or online. Either option works as long as you know the company is legitimate. Trust your instincts, but also use the different tactics above. That old adage still applies – if it looks too good to be true, it most likely is. It can be easy to fall for a slick website and well-written sales pitch. Ignore the gloss and do the investigating. You never want a scammer to obtain information like a social security number, VIN, and financial information.

Once you find a reputable title loan company like HyperLend Title Loans, see who makes the best offers (rates, turnaround times, and so on). That way you can take advantage of one of the easiest approaches to obtaining financing – a car title loan you applied for online.

 

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Get A Title Loan Without A Clear Or Valid Title

A clear title means that you have complete ownership over your car. But times, you might find you’ve committed your car title for speedy cash from a lender who lets you drive it but still you don’t own it. So, one of the most common questions people ask is if they can get a car title loan without a clear title.

This a very complicated process and most title loan lenders will give you an astounding “No.” The good news is that at HyperLend, we’re always ready to match you with the right title loan offer that will address your borrowing needs. Read on to know more about how to get a title loan without a clear title.

Can you get a Car Title Loan if you don’t have a Clear Title?

As we’ve mentioned earlier, it’s almost impossible to qualify for an online title loan without a paid-off pink slip. If you’ve to use your car as collateral, you must be able to prove to the lenders in question that it’s free of liens. The car should be free of debts. If it’s jointly owned, the lender will need to know that all the parties listed as owners have agreed to use the car as collateral.

I want a Title Loan but can’t remove any liens or other obligations from my Title?

When owning a car with a lien against it, it’s imperative you get to the bottom of the issue causing this scenario. And in the US, a lien can only be gotten rid of by the party that created it. So, what do you do if you want to remove any liens from your title?

  • Clear your Debt

If you are dealing with legitimate lien holders, the easiest way is to pay off your debts.make sure your vehicle qualifies for financing and is owned free and clear. Credible lien holders relinquish their hold on your car immediately after you clear the debts that you owe them. Even if they won’t do so, you can always take legal action against them. Consider that this is the same situation as if you’re late on a title loan payment and facing repossession.

  • Negotiate a better payoff

Sometimes you may not have enough money to pay off your debt completely. The good news is that many lenders are always ready to negotiate. They would prefer to give you a discount on your debt so as you can pay immediately, rather than pursuing the costly process of repossession.

  • Correct any mistake

No human is perfect and at times lien holders and even title service companies will make mistakes. You may have settled your debt but still haven’t received the clear vehicle title. Make contact with the lien holder and let them understand you’ve honored your contract, but still haven’t received your end of the deal.

Even in some instances, you might be the holder of a vehicle whose previous owner didn’t honor the deal with the lien holder. Let them understand you’re the new owner and they will probably rectify the mistake.

  • Dispute It

Sometimes you may not come to an understanding with the lienholder. More importantly, some liens are tailored to expire after some years. Conduct conclusive research and understand the terms of your contract with the lienholder. If the lienholder has violated the contract, pursue legal measures to dispute it.

What can I do if I have Lost my Vehicle’s Pink Slip?

Losing stuff happens all the time and it’s understandable. But what happens when you lose your title’s pink slip? If the car is already titled to you, it’s quite a simple process of filling out a couple of paperwork with the DMV.

But if there are lienholders involved, the process becomes a bit complicated. If you have a car that a third party showed you bought but still don’t own the title, the easy way to resolve the problem is by contacting the lienholder and asking them to request a replacement. The condition with the aforementioned scenario is that you should be dealing with a credible seller. Always remember, most standard state-issued auto titles don’t identify you as the owner of the vehicle.

The other way you may consider is getting a court order. The process involves providing information on the car’s identification number and the model of the car. This should not be the first step of action as it is costly and involves many other processes. Another method is by posting a surety bond, especially when you’ve got a late car model that has some value. The surety bond can be obtained from a bonding or insurance company and comes with twice the fair market value.

By doing so, the state is obliged to offer you a certificate of title. They also look out for your interest in case someone claims their ownership of the car, and you know you’re protected. For more information on how to get an online car title loan without a clear title, contact us at 1-800-971-3022.

You don't always need a paid off pink slip to get an auto title loan

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Title Loans With No Proof Of Income Or Employment

At Hyperlend, we’re proud to work with customers who may not meet the typical income requirements for a title loan.  This means that even if you don’t have constant income, you can still qualify for a title loan if your car is paid off, with no lien against your vehicle   Most car title loans are suited for people with poor or negative credit scores. Instead of looking at your payment history a lender mostly wants to make sure the car is worth money and owned outright. It’s important that you show some income as that means you can make future payments. But lenders understand that all situations are different, and you can still qualify for a title loan with uncommon income arrangements.

 

Title Loan Options Without Verified Proof of Income

Is it possible to get a car title loan with no proof of income? Yes, a lender still has the equity in your vehicle if you can’t make the monthly payments.A direct lender may not require you to have full time employment that can be verified. One strategy lenders may utilize when lending to borrowers of this type of loan is to use the equity you have in your vehicle as collateral to secure the loan. Once the loan is approved and you have paid off your vehicle, the lender will own your vehicle because you are required to have the title to the vehicle. Since you have no other source of repayment most lenders who offer this kind of loan will require you to pay the full balance before the vehicle is returned to them. They get a lump sum payment from the loan and extended all the loan terms for you. You need some type of repayment vehicle, such as a car title loan to avoid this situation.

 

How To Qualify For A Title Loan With Other Sources of Income

Because the loan or title loan is secured by a vehicle the risk is lower there are lenders who are willing to loaning you the money. In the place of typical income from monthly employment or a full-time job, a title loan company can look at other options. Do you have money coming in from a government pension or even social security? How about a monthly annuity payout or legal settlement with future payouts? Just because you don’t have a 9-5 job doesn’t mean you can’t make your monthly payments. This is especially true now that we see more people working gig jobs that don’t show typical weekly or monthly payments. Assuming you can provide some type of evidence or proof that you have money coming in you should have no problem getting a title loan without proof of income.

 

Find a Lender Near Me That Offers Title Loans Without A Job Or Proof Of Income

Is it possible to get a car title loan online with no proof of income? Of course, it’s possible. As we explained above there are many companies ready to provide you quick cash for the equity in your vehicle even if you have different forms of income. But now how do you find a lender near you that provides these types of loans. The truth is that many of the larger nationwide companies are going to stick to corporate restrictions and have a hard requirement for proof of income. Some may say that have room to work with when underwriting your loan, but why waste time applying with multiple companies.  Instead, find a lender that’s near you who tells you upfront exactly what’s required. This can be a company that provides online title loans only or a direct lender that has an office in your neighborhood. Some states have more flexibility and options when it comes to providing lending services. As an example, Texas and Florida have many title loan companies near you that offer loans with no proof of income. We can think of literally dozens that offer secured loans both online and in person.

 

Interest Rates And Fees To Expect For A Title Loan With No Job Or Income

Just like mortgage loans have varying interest rates and payment policies, a borrower must be willing to accept these loan terms for a car title loan. A clear vehicle title is a must for this type of loan. You must also remember to make extra payments if you can afford them. When it comes time to pay the loan off the excess fees you were charged along with the loan principal can inflate the loan balance significantly. In situations where you have a high interest rate you also run the risk of vehicle repossession if you can’t make the money payments. So you need to keep away from charging up your credit cards again and stay on track with your lender. Also, some online title loan companies may increase the rate significantly if you can’t show valid proof of income. By doing this they are mitigating the risk of offering a title loan without proof of income or a job and ultimately you will pay more in finance charges.
You don't always need to show proof of income to get an auto title loan.

Categories

How To Get A Car Title Loan Without The Vehicle

 

Wondering how you can get a title loan without the car? Well, here’s all you need to know. A car title loan is a loan that offers you quick cash secured by a vehicle you own free and clear. Being so, you do need to own a vehicle and have the title. Further, the title typically can’t have any debt obligations or liens against it. However, there are some cases in which you don’t actually have to bring the vehicle into a location for an inspection. This can be helpful if you own a car but don’t have convenient access to it at the moment. Read on to learn more about how to get a title loan without a car.

 

Getting A Title Loan Without An Inspection

Getting a car title loan from Hyperlend without physically bringing the vehicle into a location for an inspection is becoming more and more common. As online title loans become more prevalent, companies are finding ways to work around the physical inspection requirement. But how do they verify the car instead?

Some companies will allow you to send in pictures and/or videos of your vehicle instead of an inspection. They may request to see the vehicle from all angles, to view the interior, and to hear it running in a video. The process of taking pictures to show vehicle wear and damage is not uniform amongst the many different title loan companies. It’s actually a bit similar to what you see from an insurance company that accepts pictures for proof of damage. Documenting the car in this way can enable some lenders to adequately assess your vehicle’s value. As a result, they can grant you a loan even if you don’t physically have the car on a specific day and don’t bring it in.

 

Why do you need a title loan without a car or vehicle inspection?

An important note on this topic is why you need a title loan without the car.

In some cases, a 100% online auto title loan is just more convenient especially when you don’t need a vehicle inspection. You may not be near a physical branch of the lender that offers you the best deal, or you may just prefer not to leave your house and go to the store. Since the pandemic hit, the less you need to go into public the better.

Further, in some cases, you may want an online car title loan for a vehicle that you own but don’t have access to at the moment. For example, your vehicle may be in storage or someone else may be driving it. In this case, you can get the vehicle if you need it but it is a hassle. A lender that doesn’t require the in-person vehicle inspection can come in handy.

However, there are some cases when avoiding a vehicle inspection is not a great idea. If something is wrong with the car — like it has been in an accident or is no longer running — you may be tempted to go with an online loan that will enable you to hide these problems. This can lead to big problems. If for some reason you can’t meet the payment obligations and default on your title loan, the company can take your vehicle, you may face a lawsuit if you misrepresented it during the application process.

 

Should I try to get a title loan without the inspection?

Getting a title loan without needing to bring the car in for an inspection can greatly enhance the car title loan experience. One big factor is that you can save yourself a trip and find a title loan location near me. Not only is it more convenient but it can enable you to get the cash you need in a shorter amount of time. While it’s not recommended as a way to misrepresent your vehicle, it is a great option for those who just want a quick and easy borrowing experience.

You will have a difficult time getting a title loan if you don't have a vehicle.

Categories

Tips To Stop A Title Loan Repossession

The best and simplest way to stop a car title loan repossession is to communicate and work with your title loan lender when a financial emergency comes up. It’s the same strategy you would take if there was a situation where you fell behind on any other type of conventional loan. Believe it or not, finance companies don’t want to conduct a title loan repossession. The same is true when they need to foreclose on your house or take your car if you fall behind on the monthly car payments.

If you fall behind on your car title loan payments it’s crucial to reach out to your customer service representative. That means you need to work with the lender on a daily basis to avoid a title loan repossession. Let them know you are doing all things possible to get back to current on the title loan payments.

What To Do If You Are At Risk of A Title Loan Repo

You should always make your car title loan payments directly with the lender instead of getting them automatically deducted every month by going online. If you do, you might get caught in another sharp loan scam that involves car title loan repossession laws. Online title loan lenders will never ask you to write checks unless they’ll get a signature and copy of the check. Talk with your online title loan provider to work out a payment planThey sure won’t ask for a fee or other information upfront. And it is almost unheard of for them to charge you for fees with car title loans online. You are the customer!

You can choose to provide the lender with whatever information they need to stave off a title loan repossession. If you ask for your money upfront, then they might take advantage of that. Tell them you will pay money fast to avoid late fees. You can always tell them you can finance a car payment for a while or that you want to pay it off fast in which case they might work with you. But, in the future, they can always work with you and figure out a payment program that works for you.

Tips To Prevent A Car Title Loan Repossession

When you borrow money for a title loan near me or with a lender online, you can dramatically reduce the amount of paperwork you have to file. You can try and apply online, but if you’re extremely busy you’d have problems. I recommend that you make your application in the morning and send it to your lender the same day. Of course, you have to have a direct deposit checking account with the online title loan company or a check to them from your own checking account. It’s also important to know the current title loan state regulations before contacting an attorney.

 

How to Know Your Lender Is Going To Repossess Your Vehicle

The first tip is to explain to your title loan company exactly what your financial situation is. Are you facing a foreclosure or dealing with a major financial issue? Most borrowers are surprised to find out that a lender will work with them on arranging alternative payments and payoffs to avoid defaulting on an auto title loan.

Ask them to hold on to the car for you till they can cover the debt, but you won’t be able to sit in your car and pay them for 90+ days! Besides, you’ll have to take the vehicle to a safe and secure location and leave it for repossession. Needless to say, you need the money to get to work. You’ll lose your mind with the number of incredible fees they charge to do these things and the mistake (which is common) you can make by not reading the fine print they slip into the loan papers.

 

Don’t Wait For A Title Loan Repo

Don’t wait until you have no alternatives but to send them money because, in all probability, it will cost you more money and add a load of paperwork that you must fill out and sign. Check with your state repossession laws and find out what legal protections you have. In the long run, it will cost you more money, in time and trouble. Go get your money from the bank! But if you must, do it online and contact your lender to avoid a title loan repossession!

Vehicles ready to be sold in line with title loan reposession laws

 

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I’m Approved For A Car Title Loan – When Can I Get My Cash?

 

The entire process of applying for a car title loan can be completed in between 15 and 30 minutes. But it can take anywhere from a day to a week to actually get your money when you put a vehicle up as collateral. It often depends on how fast you can do your part and the underwriting of the company you’re working with. Some companies will need extra information from your employer or recent vehicle history.

Most lenders that provide instant car title loans will still need to do a vehicle inspection.  It’s hard to get a consensus from title loan companies across the country. But we hear that most are still doing a full vehicle inspection. In states that don’t have travel or business restrictions, these inspections are still done in person. In other states like California and Illinois, the inspection is done over live video and you may need to show a full video view of your car.

How Long Does It Take To Get A Title Loan

As long as you own a car outright, your auto title loan is already halfway done. The moment you present your vehicle to the lender either in person or through a photograph, they will assess it to estimate its worth. If you go to a title loan lender near you, they will compare your car’s value to other local comps. Some online services will still check for comps for similar vehicles.Don't wait to pick up your money when you apply for an online car title loan. Others will get the value from a vehicle value guide or any type of valuation provider. The financial worth of your car will directly determine how much money you can qualify for the loan. The rest of the process is often easy in most times when we’re not dealing with an active pandemic. As things stand now you can expect a longer wait time to get cash. But if you’re patient you can still pawn a vehicle and hope to get your funds within one or two business days.

You may also consider a mortgage refinance or cash out which is measured in weeks or months to get available cash. A few days to complete a title loan from start to finish is still good when you factor the amount of time it takes to process an application and inspect a qualified vehicle.

Can I Get Same Day Cash With A Title Loan

In most cases, title loan companies are popular for their same-day approval services. Which means you can get your money in as little as a single business day. It all comes down to how fast you are able to contact the lender and get the process started. These are emergency loans, and it does not make sense to keep borrowers waiting for their money longer than necessary. Emergency means right this instant, not tomorrow. Borrowers often ask us, how do I physically collect my money after using a pink slip as collateral? That’s one thing people don’t think about until they get to the end of the process when applying for a title loan online.

Most lenders that fund title loans have different options available for those who are stuck at home or have limited banking options. After you have handed over your car title and the loan is approved, your online lender will hand over the money either in cash or wire it to your bank. You can also request it to be sent as a wire transfer through Western Union or Moneygram. Another option is to have it sent straight to your bank account through ACH. Some people will ask for a bank wire, but that can take days and you will often see a service fee.

The process to apply for an online title loan is short and simple. All you have to do is visit a store of your choice in your local area or get in touch with an online lender. As mentioned above, it’s not as easy as it used to be to apply for instant title loans. We can’t stress that enough. With Covid19, you are likely not going to walk into a store or meet with someone in person. It’s now more difficult to show all the documents listed above to your lender and qualify for a title loan with no proof of income. Most companies, either online or offline, offer assistance to guide you through every step of the way.

The first step to getting cash is to to apply and get a vehicle appraisal. A quick truck or car appraisal will be conducted in order to determine the amount of loan you can qualify for.Borrowers may need to wait to get their loan proceeds in certain situations. Some lenders may even ask borrowers to buy a roadside service plan or give them an extra set of keys as security in the case of a default. If the application is accepted and approved, borrowers will have to surrender the title of the vehicle as collateral. Some people will have a problem with that as it means the lender can repossess the car if the title loan falls into default status.

Once the borrower signs and agrees to the company’s agreement, they are now bound to repay the loan amount, with the possibility of paying off the full amount early. All that is true, and it’s important to make monthly loan payments on time. But consider that a few years ago most online title loan companies would often ask for the pink slip and car itself as collateral for the loan! That means you were actually pawning the car itself for cash. You would have no way to get to work or get around in your day-to-day life and that’s why this type of funding didn’t last very long!

 

How To Speed Up The Process Of Getting Cash From A Title Loan

As of 2021, most reputable title lenders will be fine with using the pink slip as collateral. Through this appraisal value, borrowers can obtain the loan they need while also drive their car as before. The lien on the vehicle will be released once the entire loan has been repaid. One thing to note, be sure to speak with your lender about their current coronavirus protocol and lending terms before wasting time applying for an online title loan. Many lenders have clearly spelled out the protocol on how to handle applications and underwriting in the current environment. Ask them what to expect during the process and if anything has changed on their end when you factor in the current state restrictions. Also, see if there are any delays that could affect the amount of time it takes to get your cash!