Most people that apply for a title loan have possession of their vehicle and have no problem bringing it in to make sure it runs correctly and isn’t damaged. But what if you want a title loan that doesn’t require the car? This means you either don’t have the vehicle at this time or you simply don’t want to have it checked out.
The fact is that yes you may be able to get approved for a title loan without the vehicle present, but there will be some other restrictions and requirements and the loan amount offered may be lower than a normal loan where you have someone look over the car.
Get A Title Loan Without The Vehicle Present
So you don’t have a car, or you just don’t want to go through the hassle of showing your car in person? Online title loans that don’t require the vehicle are available, but there are some restrictions you should be aware of.
In most cases, title lenders will require that the title loan applicant have possession of the vehicle. This means you’ll need to have the title in your name and be able to bring the car in. If you can’t do this, or if you simply don’t want to go through the inspection process, title lenders may be able to help.
There are a limited number of title lenders that offer online title loans without an actual car. These loans work by verifying your identity and employment status without looking at the car. The main requirement as always will be the car’s title. If you don’t have the car title then there will be little to no chance of being approved for financing because this is what acts as collateral for the amount borrowed. The other typical lending requirements will stay the same. You must provide proof that you have enough money coming in each month and provide valid identification and proof of insurance.
The Process For Title Loans Without A Vehicle Present
Here’s where we see the difference for someone who doesn’t want to have their car checked out in person. In this scenario, you may find a title loan lender in California that allows you to bypass that requirement and instead send in pictures or videos of your car. This visual proof can be a full length video or a handful of photos that show your car inside and out. Some lenders may not allow pictures and will require a video that shows turning the car on and walking from hood to bumper so they can check for any damage or other issues that would affect the vehicle’s resale price.
Keep in mind that this isn’t the norm, but it is available if you want to try and get a title loan without a legitimate vehicle inspection. Title lenders will be much more likely to approve your loan if you can provide pictures or videos of the car that show it’s in good condition. Now let’s say you don’t even want to send in visual proof that your car exists. In this situation, it’s likely that you will have a difficult time getting funded for a title loan because the underwriter will question whether or not the car exists or if it’s in the condition you claim. There’s also going to be a concern that the application is fraudulent if you can’t provide proof of the car.
The maximum amount you can borrow with this option may be lower than a title loan where you go through a checkup, but it’s still a viable option for those who need some quick cash.
Advantages Of Online Title Loans Without The Car Present
The benefits of applying for online title loans with no car are obvious. The amount of time it takes to get approved and get cash is sped up and you can avoid having to go through an underwriting process. The time frame depends on each individual scenario but some companies in California can provide funding on title loans that don’t require a car within 24 hours or less.
One potential downside is that you may be offered a lower loan amount than you would receive through a title loan where you have someone look at the car. This is because the lender is taking on more risk by not verifying the condition of the car. Keep in mind that title lenders are likely to offer you a lower interest rate if you can provide evidence of a car’s good condition. This can be in the form of pictures or videos that show the car from all angles.
Negatives Online Title Loans Without The Car
The obvious negative of online title loans without the car is that you’re taking on more risk as a borrower. There’s no guarantee that the lender will actually give you money if you can’t provide evidence that your car exists and is in the condition you state. The process of getting a title loan without the car is also usually slower than going through a lender who does require a vehicle to be available.
You should also be aware that not all title lenders offer auto title loans without the car present If you live in a different state or aren’t sure if your title lender offers this service, be sure to ask before applying.
In conclusion, title loans without an actual vehicle are available but they come with more risk for the borrower. If you have a car in good condition and have time to bring it to a licensed inspection location then you should do that. It may take a bit longer to get approved, but you’ll likely get a higher loan amount and the underwriting will be an easier process.
So if you’re looking for title loans without the vehicle then start by browsing online title lenders. There are plenty of options available and most lenders will work with you to get the cash you need as quickly as you can provide the necessary documents.