Title Loans Online
At Full Finance, we specialize in matching people with car title loan lenders who meet their every need. Car title loans -- also called auto title loans and pink slip loans -- are loan products designed specifically for people with bad credit. Since the credit approval process is what stops these customers from getting loans with traditional lenders, title loan lenders avoid it by requiring collateral instead. The necessary collateral is, as the name suggests, the title to a car, truck, boat, motorcycle or recreational vehicle the customer owns.
Your car is one of the most valuable assets you will ever own. Putting it on the line for a loan is a step you should take very seriously. However, if you know you can afford the loan and you won't genuinely risk losing your vehicle, then using it to obtain a loan is a smart idea. Why? For two very important reasons.
- Using your car title as collateral eliminates lender risk. Think about it: why does a lender check a person's credit? To see if that person has good credit, as good credit is a strong indication that he or she will pay their debts. Therefore, good credit eliminates the lender's risk of losing money on the loan. Collateral does the same thing. When you put up collateral, you're effectively agreeing to surrender that item if you go into default. With the risk gone, the lender is free to lend you as much as you need.
- Online car title loans use your vehicle's worth to determine the loan amount. Cars are valuable possessions. Lenders who provide online car title loans often loan as much as 50% of what your car's current market value is. If your car is worth $6,000, you may be able to borrow $3,000 without ever worrying about the state of your credit!
Are Online Car Title Loans Affordable?
Getting auto title loans online may be convenient, but are they more expensive than traditional loans? It's true that interest rates for car title loans online are typically higher than bank or credit union loans, but you can easily find a lender with competitive rates if you shop thoroughly. The good news is, you can shop as long as you like because it will never affect your credit score!
To avoid getting vehicle title loans online that cost more than you want to spend, read all loan documents before signing anything. Make sure to get full disclosure not only on the interest rate you'll be paying, but on any other associated fees. Also, find out if there are any penalties for paying your loan off early. Most reputable lenders who provide title loans online won't penalize you for paying your loan off early, but some will. Always ask questions.
Are Car Title Loans Online Legal?
Whether or not title loans are legal depends entirely on the state you live in. According to the Consumer Federation of America, online car title loans are legal in 21 states, with or without restrictions. States that allow car title loan lenders to operate include South Carolina, Florida, Texas and California. States that have outlawed these loans include Maryland, Ohio, Washington and Maine.
When you're working with a reputable online car title loan service like Full Finance, you can rest assured that we will only connect you with lenders who are operating legally in their states. If you live in a state that doesn't permit online car title loans, you may be able to work with a lender in a neighboring state. Don't worry: we'll match you with a lender who is perfect for your needs.
Qualifying and Applying for Online Title Loans
The main qualification for a car title loan is owning a vehicle outright. You also must be a U.S. citizen, at least 18 and have enough money to comfortable afford your loan payments. You don't necessarily have to be employed, as long as you receive money on a regular and verifiable basis. These are some of the approved income source for vehicle title loans online:
- Child support
- Worker's compensation
- Familial support
The application process begins here, with a car title loan estimate. Simply answer the prompts on our loan estimate widget to get a quote. Our drop-down menu (seen on this web page) will prompt you to answer questions about your vehicle, including its:
- Year of manufacture
- Estimated mileage
- Body style
Our system will use this information to estimate your vehicle's value, then offer you a loan amount based on that valuation.
For the full application, you'll need to provide additional information.
- Your driver's license or other state-issued photo I.D.
- Proof of address
- Proof of income
- The original title
- The vehicle itself, so it can be inspected
- A list of personal references with phone numbers
Some lenders also require proof of registration and car insurance. Still others require a spare key to the vehicle.
For proof of address, you may bring a copy of your lease, your mortgage statement or a piece of mail addressed to you, preferably a bill. As for proof of income, bank statements or pay stubs will work.
The whole application process is usually quite quick and easy. You should be able to walk out with your money AND your car in under an hour. The lender will only hold your title, which he'll return once your loan is paid off.
Can You Really Get Title Loans Completely Online?
Depending on the lender you choose, you may be able to apply for car title loans completely online. Many lenders won't do this for the simple reason that they like to inspect your car to give you the most accurate quote. Most lenders also prefer to meet in person to discuss loan payment options, have you sign your documents and surrender the original title.
However, there are a few select lenders who are fine with providing auto title loans completely online. You can exchange much of your information over the phone. Most of the rest can either be faxed to the office or scanned and sent via email. This doesn't apply to the title, though, nor to the copy of the ignition key. Both of these will have to be mailed. This may extend the length of time it takes to obtain the loan money, as the lender will usually have to have the title in hand before he can issue the check.
But, if you aren't overly worried about time, getting a title loan online is extremely convenient. It's the least stressful way to get a loan. There are no trips to and from the office, and no lines to wait in. If you have young children, you won't have to worry about keeping them quiet while you're filling out your application. If you deal with chronic pain, you won't have to worry about being kept from the comforts of your home for an unknown amount of time.
A word about your title: if you've lost or misplaced your title, you can visit the Department of Motor Vehicles to obtain a replacement. The replacement title will work just as well as the original. It is, of course, an additional step that may take extra time to sort out, depending on whether or not your local DMV has an option for same-day service for duplicate titles.
How Car Title Loans Can Help You
You can use the money you borrow through a car title loan in any way you see fit. Many of our customers use it to:
- pay past-due bills
- afford necessary medical procedures
- take a loved pet to the vet
- pay for a costly home repair
- fund a trip to a wedding or funeral
Some of our customers simply want to take a vacation. Imagine being able to cut loose and go on a week-long cruise just because you want to!
Whatever you need the money for, we're here to make sure you get it. One word of caution: don't borrow more than you can afford to repay. That's a recipe for disaster. Even if your car qualifies you for $10,000 or more, restrain yourself to borrowing what you need and no more.
Frequently Asked Questions
- What if the title isn't in my name? We can only write a loan for the person on the title.
- What if I still owe money on my vehicle? We may be able to help if you only owe one or two payments.
- I have bad credit. Can I get a loan? Absolutely! Credit doesn't affect your eligibility at all.
- Do you just want to take my car? Repossessions are expensive and time-consuming. We'd much rather work with you to keep you on track with your loan.
- What if I don't have a job? We accept all forms of income, not just employment.
- How much can I borrow? What you can borrow is determined by your vehicle's worth. Our clients typically borrow $1,000 or more.
- How much time will I have to repay? Our lenders have a wide range of repayment options. You will likely have six months to three years to make your payments.