It can be incredibly stressful to be suddenly faced with a bill you weren’t expecting and don’t know if you could afford. When borrowing from friends or family isn’t an option, you may consider contacting a financial institution. This may leave you wondering if you need to have good credit to get a loan. To find out, keep reading. You could also find answers to some other common car title loan questions. And if you have a question that isn’t answered, the friendly staff at Max Cash Title Loans may be able to help you.
Can I Get a Car Title Loan with Bad Credit?
Traditional lenders place a lot of weight on a borrower’s credit score. They give the best rates to people with good credit, and often reject people with poor credit. And don’t even consider people with no credit history! Car title loan lenders are nothing like this. They are much more interested in things like your ability to pay your loan back and the equity in your car. Even if you have bad credit or no credit, you could still potentially get a car title loan.5 They will need to ensure that you aren’t currently in bankruptcy. If you are, you may need to ask the courts if you’re able to take out a loan.
What Do I Need to Get a Car Title Loan?
Now that you know that good credit isn’t a requirement for a car title loan, you’re probably wondering what is. You’ll need things like:
- Qualifying title for the vehicle
- Proof of income
- Photos of the front, back, and sides of vehicle
- Proof of residence (certain pieces of mail)
- Government-issued I.D. (driver’s license, state I.D., passport, etc.)
Depending on the lender you approach, they may not actually require you to submit photos of your car. Instead, they may ask you to bring your car down to their brick and mortar location to inspect it in person.
Are There Hidden Fees with Car Title Loans?
People researching car title loans are often worried when they hear horror stories about things like hidden fees. Reputable lenders never include hidden fees in their car title loan agreements. Instead, they do their best to produce car title loan agreements that are both clear and easy to understand. You’ll won’t be saddled with things like prepayment penalties; you shouldn’t be punished for trying to pay your loan back as quickly as possible.3
Borrowers will also avoid balloon payments when working with reputable lenders. They won’t hit you with an enormous payment at the end of the life of your loan. Always read your entire loan agreement and ensure that you understand it. If you have questions, be sure you ask your lender.
Can I Get a Car Title Loan if I Don’t Have My Car’s Title?
You will need a copy of your car title in your name to get a car title loan. If you don’t have one, you’ll need to get a new copy issued from the DMV. Some DMV locations may even be able to provide you with an expedited copy of your new title. If you aren’t sure where to begin, you could reach out to the helpful staff at Max Cash Title Loans. We may be able to point you towards the nearest DMV capable of giving you an expedited title. In some instances, we may even be able to assist you directly with your new car title.
What Can I Use as Proof of Income for a Car Title Loan?
Many people think the only thing you’re allowed to use for a car title loan is a recent pay stub. They couldn’t be more wrong! While many people do use a pay stub for proof of income, there are actually a number of documents you could use to demonstrate your ability to pay your loan back. For example:
- Annuity
- Settlement/Court-Ordered Award
- Social Security
- Inheritance
- Workers’ Compensation
How Much Money Could I Receive with a Car Title Loan?
The amount of money you could get with a car title loan depends on a few things. The most important factors include the equity in your car and your ability to pay your loan back. That’s why lenders perform an inspection of your car and ask you for proof of income.
If you’re staring down at an unexpected bill, wondering how you’ll pay for it, you may be worried that you need good credit to obtain any kind of loan. However, having bad credit, or even no credit, may not necessarily prevent you from getting a car title loan.5
If you’re not sure where to begin, or how to find a lender, the customer service representatives at Max Cash Title Loans are standing by to help you get started.