Whether you need to catch up on utility bills, pay for an unexpected doctor visit, or just need some extra cash to get you through until your next payday, a title loan is an option to get fast funds. But if you want the convenience of getting a loan from the comfort of your home, you may be curious if there’s any way to qualify for a title loan online. Here’s what you need to know about car title loans today.
What Is A Title Loan?
A title loan is a type of secured loan where you provide the title of your car as collateral. Title loans have several benefits, including quick access to cash and the fact that you can continue to drive your car as you pay back the loan.
You may be able to get a title loan with a below-average credit score. That’s because providing your car’s title as collateral means lenders are more willing to extend you a loan, even as you’re working to improve your credit. Just remember that if you fail to repay the loan, the lender can repossess your vehicle and sell it to recoup the loss of the loan.
Is It Possible To Get An Online Title Loan?
With many reputable title loan lenders, you can fill out a title loan application online from the comfort of your home. But depending on the lender, you may have to get your vehicle appraised in person. Some lenders require a physical inspection of the vehicle to provide an appropriate loan amount based on your vehicle’s condition. Others may conduct an appraisal over the phone.
Some lenders may also put a tracking device on your car. This helps them know where the car is if they need to repossess it later. To have the device installed, someone may need to come to your home, or you can go to a store location.
How To Apply For An Online Title Loan
1. Research Lenders
Many lenders are willing to work with you to provide quick cash at competitive rates. Compare interest rates, loan repayment terms, and credit qualifications to ensure you’re getting a great deal before applying.
2. Fill Out An Online Application
In addition to filling out your personal information, you may also be required to submit photos of required documentation. That means you’ll need to be sure you have your car’s title, photo identification, proof of income, and proof of address.
3. Get Your Car Appraised
To decide if you’re eligible for a title loan, lenders may conduct an appraisal over the phone, send someone to your home, or require you to visit a brick and mortar location.
4. Sign A Contract
Once approved, you can sign your loan contract online or in person to initiate the funds transfer. If you’ve provided bank account information, the lender can quickly transfer money directly into your account.
5. Receive Your Loan And Continue Driving Your Vehicle
Once you receive the cash payment for your online title loan, you can use it for whatever expense necessary. Better yet, you can continue to drive your car while you repay the loan.
The Bottom Line On Top Title Loans
Online title loans are a great way to get funds quickly. Just remember that while it’s possible to begin the title loan process online (and it’s a great place to research lenders), you may not be able to complete the entire process there, depending on the lender. Keep in mind there are several benefits to visiting a title loan lender in person. In a storefront, you’ll be able to confirm loan terms, make sure you’re getting a great value for your car’s title, and ask the lender any additional questions you may have.
