What are Car Title Loans with No Income Verification?
Car title loans with no income verification are short-term, high-interest loans secured with the title to the borrowers' car or any vehicle, as some lenders even provide motorcycle title loan services. They offer a swift and easy way to get funds in an emergency, especially if you don't hold a regular job or have a terrible credit history. Since they don't require hard credit checks or strict income verifications, the car title loaning process is fast and easy to get; also, lenders typically send the funds to your account within the same day of approval.
When you apply for title loans, the amount you qualify for is a function of the value of your title. In the case of a car title loan, depending on the specific lender, you can get loan offers of 25% to 50% of your car's market value.
How to Apply for a Car Title Loan?
If it's your first time, you may think getting a car title loan with no income verification will be difficult. Here at US Installment Loans, we work hard to improve the loaning experience for our customers, and we are trying our best to make getting a title loan as easy as possible. You only need the following four simple steps to get an easy and reliable car title loan from our network of trustable lenders:
Submit Your Details Online
Submit the required details— vehicle makes, year, model, mileage, style, etc.- with your personal data via our secure online form. Lenders will also require a copy of the clear vehicle title and your contact details.
Upload Pictures for Inspection
Most title loan lenders nowadays accept online vehicle inspection, so there is no need to visit a workshop in person! Just upload pictures of your vehicle online for the lender to inspect the condition. These inspections may include a clear picture of the mileage gauge and a few pictures of different angles of the exterior and interior of the vehicle.
Once your lender receives all the information they need, you'll get approved quickly if you are eligible. The lender will contact you regarding the loan terms and conditions. Sign the agreement after a thorough review.
After you sign the loan agreement, you'll receive the cash directly to your bank account.
How Much Do You Want?
Can I Get a Title Loan without Proof of Income?
Yes. You can get a car title loan without proof of formal income. While it's a requirement for most types of loans, evidence of formal income is not necessary to obtain a car title loan. Car title lenders accept alternative sources of income outside of a regular job.
So, you are looking for car title loans and are unemployed? You can show that you have repayment means from other sources such as cash settlements, annuities, social security benefits, inheritance, worker's compensation, cash payments for under-the-table jobs, etc. You may also provide bank statements showing your savings over a period.
As one of the most important aspects when lenders consider your eligibility, if you can prove your repayment ability by valid sources of income, lenders will be happy to approve your title loan requests, even without a regular job.
Am I Eligible to Apply for a Title Loan?
If you own a fully paid-off vehicle free of liens, you qualify for a car title loan. Like any other loan, you must be 18 years of age or older and be a US resident to apply for any type of financial assistance. Additional eligibility requirements include:
- Original vehicle title showing full ownership
- Valid vehicle registration
- Valid vehicle insurance
- A government-issued ID bearing name same as those on the vehicle title
- Proof of address
- Proof of income
- Spare key of the vehicle
To further secure the vehicle used as collateral, some lenders make it mandatory that they track the car with an installed GPS device along with possible GPS charges, which is to aid repossession in the event of default.
Differences Between Traditional Loans & Car Title Loans with No Income Verification
A car title loan with no income verification differs primarily from other loan types because they do not require borrowers to provide proof of income. The lenders understand that "no proof of employment" doesn't equal "no income." That is to say, they are more flexible when evaluating your ability to repay based on your income. They will accept alternative means of getting money other than a 9-5 job.
Since the loan is secured with your vehicle value, title loan creditors usually offer no credit check title loans, so they won’t conduct hard credit checks. Title loans are quite a departure from the regular lending practice whereby your loan eligibility is mainly based on your credit history.
Can I Get a Title Loan Without a Job?
With your car's value as security, car title lenders are more comfortable lending to you without a job since the loan amount is adequately covered by the market price of the collateral vehicle. The downside is that if you cannot keep up with the loan repayment terms, they will seize your car and dispose of it to realize your loan sum plus accrued interest.
In addition, you must note that the value and condition of the vehicle will determine the loan amount that would be approved for you.
Is It Possible to Get Approved Auto Title Loans Instantly?
Getting approved for a car title loan takes as soon as 15 minutes from when you supply the required details online and click the submit button. Before initiating the car title loan application, you must get the necessary information and documents. The loan application process is designed with your convenience in mind: you can quickly fill out the online form and submit it using any device with an internet connection. In other words, you can apply from anywhere.
Once you finish uploading the application and documents, lenders will start processing your requests right away, and usually, it only takes a few minutes to determine the value of the vehicle and approve your loan application!
What can I Use Title Loans For?
Title loans are helpful when you need to urgently sort out some unexpected expenses. Since the loan approval is fast and you are likely to receive the funds the same day, car title loans are ideal for emergencies such as:
Since you can borrow a relatively higher amount for a title loan compared to regular loans, you can use this advantage to cover medical bills outside your insurance coverage.
Car Emergency Repairs
A breakdown could be catastrophic if you depend on your vehicle to move around. A car title loan will help you get the car back on the road in no time till you straighten out your finances.
Some home repairs can't wait for you to save enough money to tackle them. A leaky plumbing or a faulty electrical connection often requires urgent attention.
While they may not count as unexpected expenses, a tight financial situation may find you unable to pay for electricity or water.