Need to Know Facts About Auto Title Loan Requirements
You’ve tried in vain to get your hands on necessary cash, but nothing’s worked. If you don’t pay this bill on time, you could face serious penalties. A title loan can help, but you do need to know auto title loan requirements before you sign the paperwork.
A Clean Title is Best
You do need a clean title in order to qualify for an auto title loan. That said, if you have a previous auto title loan, the title loan company may be willing to pay off the existing title loan in order to qualify you for an auto title loan with their company.
Have a Valid ID With You
You will not get an auto title loan without a valid government-issued photo ID. This could be your driver’s license, passport, or passport card. You must be able to prove you are who you say you are.
Be Ready to Prove Your Income
Be prepared to show a current paycheck stub. If you receive social security, pension payments, or unemployment income, have a recent bank statement or benefit statement with you. If you don’t have a bank account, that’s okay. Title loan companies often work with customers who prefer to have a prepaid credit card instead.
Once you meet the auto title loan requirements, apply online or visit a local title loan lender. No matter which option you choose, you still must bring your car to the lender’s physical office in order to have them appraise the value of your car. Online title loan applications save a bit of time when it comes to paperwork.
You do not need a good credit score to get a car title loan. The title loan company works with you to ensure you get the money you need as quickly as possible. In many cases, you’ll have cash in hand before you leave the office. Note the loan’s due date. When you return to the office and pay in full before this day, you get your title back.