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5 Things You Need To Get A Car Title Loan

11 March 2020

Mathéo Gerard

There are several ways to get cash fast if you need it, and one option is to seek out a car title loan. Getting a car title loan is not hard to do, but it requires several things. If you are wondering what you will need to qualify for one, here are the five things you may need.

A Car

The first thing needed for a car title loan is a vehicle. There are no major requirements when it comes to the type of car you need. You just need a vehicle that you are willing to borrow money against.

The Title to the Car

The only main requirement related to the car you use for the loan is that you have the title. The car title shows possession of the vehicle. If you want a loan against your car, you must have the title, and the title must be in your name. You cannot borrow money against an automobile that does not belong to you.

If you do not have the title to it because you have a loan on it, you might still qualify for a car title loan. You can ask a lender to find out. Typically, you can be eligible if there is enough equity in the car and if the lender allows this. Every lender has different rules for eligibility.

Your Identification and Proof of Address

Next, you will need some proof that you are who you claim to be. To prove this, you will need your state ID card. The lender may also ask you for proof of address. You can confirm where you live by showing documents mailed to you that state your current residence.

References

It is also common for car title lenders to ask for references. References are people who you know well but that live in a house other than yours. You may need to list just one reference or several.

Consent for a GPS Installation in Your Car

Finally, you may need to content to the installation of a GPS in your vehicle. A GPS tracks the location of your car, and a lender would only need to utilize your location if you default on your car title loan. The lender could locate your car to repossess it if this happens.

If you have these things and need cash, you can apply for a car title loan online over the phone or in-person by contacting a lender that offers them.

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