Requirements for a Car Title Loan
You need cash now but have no way of getting a loan. Do you have a car with a title? If so, you are in luck. You can borrow money through the car's title by taking out a car title loan. If this sounds good to you, here are the main requirements you must meet to be eligible for one.
You Must Have a Car
The first requirement is to own a car. If you have a vehicle that you do not owe any money on, you meet the first and main condition for getting approved for a car title loan. It does not matter what type of car it is or the year or make. The vehicle must be operational, though.
You Need the Title to the Car
Next, you need the title to the car. If you own the car outright, you should have the title. If you misplaced the title, you need to find it or order a new one before you can apply for a car title loan. You cannot get approved without having the physical title to the vehicle.
The Title Must State Your Name
Another requirement is that the title of the car must be in your name. You cannot borrow money through an auto title loan with someone else's car title. The title must be in your name, as this shows that you own the vehicle.
You Must Have a Driver's License or ID Card
You must also prove who you are by showing the lender your driver's license. If you do not have a driver's license, you can prove your identity through a state-issued photo ID card.
You Must Have Proof of Insurance and Registration
Auto title lenders also require proof of insurance and registration. The registration to the vehicle proves that you have current license plates on the car. Your insurance card shows that you have current insurance coverage on it.
You Need Paystubs
A car title loan is a loan, so you must have evidence that you can repay the money that you borrow. You can prove this by showing the lender your current paystubs.
You Need Proof of Address
Finally, you must bring a utility bill or something similar to show the lender, as this proves where you live.
If you have these things, you can get approved for a car title loan. To apply or learn more, talk to an auto title loan lender today.