Completely Online Title Loans
It’s easier than you think to get a title loan online. Find out how to apply in minutes and get a quick funding notification from Sunshine Title Lending!
Financial emergencies and unexpected situations can cause problems in your financial life but they don’t need to define your future. A title loan can provide quick cash by using your vehicle as collateral. Online Title loans can be obtained using the vehicle title (car, boat, RV, or motorcycle). Two main reasons why title loans are popular are: While credit ratings are not considered when determining eligibility, lenders usually consider only the vehicle’s worth and condition to determine the loan’s affordability. Second, title loans can be approved quickly and for amounts as low $100 thanks to the looser requirements.
A car title loan is most commonly used as a form of a loan. Car title loans may also be known as “titlepawns”, ‘title pledges’, or “pinkslip loans”. Pink slip is a term that refers to the pink paper on which car titles in California were printed once upon. In this instance, the potential borrower must be able to drive a car and give the title to an auto loan title agency. The loan company will lend you $100 to $5500. This is usually 25% to 50% of your vehicle’s value. If you default, the title of your car is kept as collateral.
A typical amount for a car title loan is $1,000. However, it can be higher. The average loan term is between 15-30 days but may be extended. Borrowers may repay the car title loans in one payment, which is usually within one month. Or, they can pay it over several years. The title company can immediately take possession of the car if the borrower fails repay the loan. The loan company may also offer to let borrowers in default make interest-only payments for one month, effectively rolling the loan amount over indefinitely until they are repaid fully.
The lien on the title loan is removed once the loan has been paid off and the car’s title is returned to the original owner. The lender can repossess the vehicle to pay the outstanding debt if the borrower defaults.
How Does An Online Title Loan Work?
This is what you need to know before you apply for online title loans.
A title loan lets borrowers use their vehicle to secure a loan. Your car is the collateral for the loan repayment. The lender may take possession of your vehicle if you fail to repay the loan on the due date. The title of your vehicle is required to be given to the lender in order for them to issue a title loan. This could include your car, truck, or motorcycle. To borrow the money you must also pay the lender a fee. Title loans are typically short-term high-interest loans, with low requirements. If you have poor credit you will still be eligible. Sometimes credit scores and history are not taken into consideration.
If you are the owner of your vehicle and have no lien on it, you can apply for a loan title through a lender. You will need to provide proof of ownership (your vehicle title) and your driver’s license for your lender to approve your application.
The lender will evaluate your ability to pay the loan and the value your vehicle. They will then give you a loan based upon your ability to repay and your vehicle’s value.
If you are approved, your car will be given to the lender in return for the loan. Title loans have terms that are similar to payday loans, but the terms of these loans are usually 30 days. This means you’ll pay one lump-sum amount at the end your loan term. You are required to pay the loan amount plus any interest and other fees. Lenders charge a monthly fee equal to 25% of the loan amount. This translates into an annual percentage rate (APR), of at least 300%.
The lender will make the payments until the loan is paid off. You are permitted to drive your vehicle during this period. After all payments are paid, your title is returned to you.
Benefits Of An Online Title Loan
The process of getting cash with title loans online takes only a few minutes and is fast and simple.
Car title loans may be easier to get approved for versus other types of loans. This is because your car is used as security, so you can drive the car while you pay back the loan.
Most online title loans can easily be obtained in less than 15 minutes, with loan amounts as low as $100. Because these loans are not financially profitable or too risky, many financial institutions won’t loan less than $1,000 to anyone without credit. Most lenders verify that the borrower is employed and has a source of regular income. The lender does not typically consider the borrower’s credit score.
Alternative title lending can be found in many states and come with low rates. The payoff terms are fair and quick. A car title pawn is similar to a traditional car loan. The borrower uses the car’s title and vehicle which is used as security by the lender as collateral. There are the same risk and concerns involved, but the borrower will typically receive more cash because the lender has the vehicle and car’s title.
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Online Title Loans Frequently Asked Questions
How do title loans work?
Title loans allow you to access cash by using a paid off car as collateral for a loan. These secured loans are often issued to people with bad credit and you can expect a loan payoff term of a few months to 3 years. Lenders offer them as a way for borrowers who are an in a financial bind and need quick cash.
What is the downside to a title loan?
These loans are hard to pay off because most borrowers who apply for a loan have bad credit and lender's have terms that are difficult to pay down. At first the interest rate is low, but every month you need extended, the interest rates rise to high levels. When you are borrowing a high amount, it may be tough to pay it back in the short period of time.
Do I need proof of income for a title loan?
As with any type of loan you will need to show some type of money coming in each month. That way your lender knows you can make the future monthly payments for whatever amount you borrow. Most lenders will accept part time work and monthly annuity payments in the place of full time employment.
Do title loans hurt your credit?
Most borrowers who apply for title loans already have a credit score that can be classified as poor. But did you know you may be able to improve your credit rating with a title loan? Some larger title loan companies actually report on time monthly payments to the credit bureaus and that can improve your overall credit score.
Are car title loans worth it?
As long as you can show that you have a reliable source of income, and a car worth more than the loan you are requesting, typically the title loan provider can approve your loan application. Car title loans are also an excellent option if you need money immediately.
How much is my car worth for a title loan?
People often want to know how much they can access with a paid off title loan. You can access 40-65% of the vehicle's equity when you get a title loan. The average loan amount is $100 to $5,500 for most secured loan, but some lenders will let you take out up to $10,000, and even more. Once you're approved for a loan, you'll give the lender the title to your car.
Can I access cash from a title loan on a car I just bought?
I just bought my car and haven't had the title transferred. Is it possible for me to borrow money using my car as collateral? Yes, unless we are prohibited by laws in your state.
Can you get cash from title loans online?
Title loans let you get cash and use your car as collateral to secure the money borrowed. These are a great option for someone with bad credit and the process is made even easier if you want to apply for financing online. Simply take a few minutes to fill out an application for a title loan online and you can get a pre-approval in less than 20 minutes.
Is getting a title loan a good idea?
A car title loan an option for someone who needs cash quickly. But is it the best way to get cash? That depends on your financial situation. If you really need the money and can't qualify for other funding options like a personal loan or bank loan that it may be the best alternative. As always, do you due diligence and compare lending terms and rates for any company you work with.
How much will I pay and what are the fees with car title loans?
The interest rate and other fees that come with a title loan are really high and you can end up paying more in fees and interest than you initially took out with a title loan! The exact cost of a loan ultimately comes down to what rate and payoff term you agree to. But some companies may have interest rates that are well over 100% for a title loan.
Can a borrower take out a registration loan if they already have a title loan?
Registration loans are only offered in a few select states, but they offer the possibility of using your vehicle's registration as security for a loan. Compare that to a title loan which uses the vehicle's equity as collateral and there may be a chance to get cash from both title loans and registration loans if you can qualify.
Is it possible to get a title loan online without my car's pink slip?
The majority of title loan lenders will require proof that you have paid off the vehicle and that you can provide the actual car's title as collateral for the funding amount. You don't need to hand over the vehicle, but it will be nearly impossible to tap into the vehicle's equity without proof that's in yours and owned outright.
Can you use a bill of sale to get an online title loan?
Some title loan companies will be ok with the use a bill of sale for a loan, but that's really secondary. Any legitimate lender will also require a paid off car title or pink slip as collateral.
Does the title have to be in your name to pawn it?
Similar to if you wanted to apply for a title loan with a pink slip that's not in your name you can't get a title pawn with that scenario either. A title pawn company will hold the vehicle itself as collateral for the cash borrowed, but the lender will still want to know that you're the only owner on the pink slip.
Can you pawn a title that's not in your name?
The only way this may work is if the person who's name is actually on the car title let's you apply for a loan and use them as a cosigner. Most other scenarios will not be acceptable because the only way yo can borrow cash with a title loan is to actually have a pink slip that's in your name.
How can I borrow money against my car?
To be approved for a typical title loan you have to have enough equity in your vehicle. The amount of collateral required to be approved varies depending on the amount you're looking for and the car's make and model. But if you have a newer car with low miles then it's likely you can borrow cash by using the car as collateral.
Can I get a loan on my car if I still owe on it?
Yes! Even if you still owe on the car, you could qualify for fast financial support through title loans!
What's the difference between a title loan and a title pawn?
These two types of secured loans may be the same when talking about vehicle equity loans, but they have a few differences. With online car title loans, you are using your car title as collateral for a loan but the lender allows you to keep driving the car while you make payments. Title pawns also let you get cash for a paid off vehicle title, but the auto pawn lender will keep the car as collateral for the loan.
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