Title loans are a popular way of getting cash, including when you have low creditworthiness. However, lenders will definitely want to evaluate your car because it is serving as collateral for the loan amount. This is known as an inspection. But it’s not always possible to get the car you’re going to use for your title loan to the lender.
However, there is an option! Online lenders give you the opportunity to get the money you need for a title loan without having a vehicle on-site. You’ll be able to get a title loan in no time at all simply by taking pictures and filling out the application.
What are Car Title Loans Without Seeing the Car?
Car title loans can be offered by both traditional in-office lenders and modern online financial institutions. It gives you the opportunity to borrow against the equity of your car. Essentially, by transferring the title to your car, you get cash. As a borrower, you can use the money for whatever you need to.
In addition to the loan amount, you also have to pay interest. If at some point repayments are unable to be made at any point, the lender can repossess the car in order to cover the debt.
Advantages Of Title Loans That Don’t Require The Car To Be Present
- Quick Processing
The quick processing is without doubt the main advantage of title loans that don’t require the car to be present for an inspection and appraisal.
It reduces the application and loan processing time, because you do not need to look for a vehicle inspector and wait for the inspection report. It will also take you a short time to gather and provide the information your title loan lender may ask for.
Once you provide all the necessary information, your loan can be approved the same day.
- Lower interest rates than payday loans
Title loans that don’t require the car to be present enjoy lower rates because you are avoiding to take the car to the lender premises for an appraisal and inspection.
In addition, the interest on the loan will be lower than in a payday loan, where you do not provide the direct lender with any collateral.
- You can keep driving your vehicle
The title loan lender cannot take away your car keys. You may drive your vehicle until the loan is completely repaid. After all, you may have to move around, making money to pay off the loan.
How to Get a Loan without a Car?
The best way to get a secured car loan without showing your vehicle is to apply for a title loan online. At present, there are several options for online financial loans. The need to visit physical offices is eliminated because all aspects from monthly payments, credit history and lenders are available online. The quality of service can be as high as in a traditional office, and it’s a very convenient way to get a financial approval fast.
Main Requirements for Getting a Car Title Loan Without Car
Before you apply, keep these basic terms in mind:
- You must be over 18 years old.
- The car you are using as collateral must belong to you. The title must belong to you.
- Even if you can’t bring your car, you should be able to access it.
- You must show proof of income (alternative income is possible).
Just start your loan application now online and you’ll be able to get a title loan direct deposit same day.