What Do I Need To 

Lending Requirements For A Car Title Loan

If you're considering a car title loan with Hyperlend, you might wonder what documentation you'll need to qualify. The good news is that you don't need much to qualify other than a paid off vehicle! While requirements can vary from lender to lender, there are some general items that most title loan companies will require before approving a loan.

One of the most important things lenders will look at when underwriting your application is the current status of your vehicle. They want to know that it exists and is in the condition and shape that reflects the current resale value as noted.

Proof of insurance is also required, as this protects the lender if something happens to your vehicle while it's in their possession. Another requirement is proof of registration in the state where you apply. The tags on your car need to be current and up to date, and you will need to show the lender the actual printed copy of the vehicle registration.

Lenders will also ask for income verification to verify that you qualify for a pink slip loan. Any document showing you have money coming in monthly should work, and that can include bank statements, social security docs, or employer payment stubs.

The last primary requirement for a car title loan involves getting your vehicle inspected, which is often the most time-consuming part of the process. Most lenders will want to see the vehicle in person, and during the inspection process, they'll verify the vehicle's condition and look for any major mechanical problems. The inspection should take about 30 minutes and you can sometimes sign off on the contract and collect the loan proceeds during the same visit.

Documents Required To Get A Car Title Loan

Title loan companies may require additional documentation. This is usually the case if you don't have a regular income or your vehicle isn't worth much. A few title loan companies may require a cosigner with good credit to help guarantee the loan, and others may ask for collateral in addition to your vehicle title. For example, you might need proof of a boat, RV, or commercial vehicle for a title loan on a semi truck.

Speaking of boats and RVs, there are special circumstances when an applicant is trying to use equity from something that's not a normal vehicle, including semi-trucks and motorcycles. For these non-traditional types of equity loans, a lender may ask for documents to verify the ownership and what the DMV can provide. Check with your lender anytime you're looking for a truck or SUV vehicle equity loan or those that aren't typical because there may be extra requirements.

Providing references is another requirement that's not as common today as it used to be. Some smaller regional lenders will ask for personal references for auto title loans and they can be helpful when underwriting a loan application. But for the most part, most big lenders have algorithms and underwriting systems that rely on factors to quickly determine the vehicle value and your risk as a borrower to make an instant lending decision.

Before filling out the application, get all the relevant documents to know what you will need. Besides the title documents from the DMV and vehicle paperwork, you should also gather paperwork and worksheets to understand your financial situation better and how you can best budget any future title loan payments. Try to work out a detailed budget to reflect the money you need from a car title loan and how that money will be disbursed after getting the funds.

Title Loan Qualifications From Hyperlend

Online title loan companies must adjust their requirements to comply with that state. So, car title loan requirements could vary depending on your lender and state the vehicle is registered in.

For example, some states don't allow vehicle collateral loans over a certain number of years old. In other states, companies may require comprehensive and collision insurance proof before giving you a loan.

The only way to know your state's auto title loan requirements is to call around or check online with lenders that offer vehicle equity loans online and in person at locations near you. By following these steps up front, you can know what requirements to expect and have all the proper documentation ready when needed.

Are you ready to see your estimated loan amount and repayment terms? Gather the required documents we mentioned above and call 800-971-3022 to get started. The underwriting process will take just a few minutes, and the team at Hyperlend will review your documents and give you a lending estimate during the same phone call. Apply online or call us to get started!