The Fastest Way to Get a Car Title Loan

A vehicle title loan can come in handy if you need quick cash to help you meet some urgent need. All you essentially need is a vehicle in your name, a lien-free title, and income sufficient for loan repayment. You likely know that banks can take quite some time to make lending decisions, and even more time to disburse funds – IF you even qualify, that is. By contrast, the title loan approval process is significantly faster, and loans are much more accessible. With that in mind, here’s the fastest way to get a car title loan.

What’s a Vehicle Title Loan?

This is a short-term loan that’s secured by your vehicle. While this significantly improves your chances of getting one, it also means that your vehicle could be loss to seizure if you don’t repay your loan. So, be certain you can do so before taking out a loan that uses your vehicle as collateral.

Most loans are for 30 days or less, although some lenders offer installment loans with monthly payments for a year or more.

Must I Give Up My Vehicle?

Nope. And that’s a primary title loan feature. You can use your vehicle as normally during the life of the loan. The lender will merely keep your title until the loan is repaid.

Will the Lender Accept Another Type of Vehicle?

Indeed, in addition to cars and trucks, some lenders will also accept recreational vehicles, motorcycles, and boats. It never hurts to inquire.

What Do I Need to Get One?

First off, most title companies require that borrowers be at least age 18. And as we’ve mentioned, you’ll need a vehicle in your name and a clear title. Next – and this goes to the expediency of the title loan process – you’ll need to gather a few documents that you likely have readily at hand.

To apply for car title loans online, you’ll need a government-issued photo ID, proof of residence, and proof of income in the form of pay stubs or bank statements. By the way, borrowers needn’t be employed. Proof of alternative sources of income such as from worker’s compensation, self-employment, and disability may also be acceptable.

How Much Can I Get?

This varies by lender and the state in which it’s located, but you can expect to get between 25 percent and half your vehicle’s value, which is determined by the lender. Most loans range from between $100 and $10,000 or more.

Regarding repayment, some lenders will reward your consistent, on-time payments with decreases in the monthly amounts required. Try to find a lender that offers this reward.

How Do Lenders Determine the Loan Amount?

Unlike bank loans, title companies don’t focus on your credit score when deciding whether to approve you or when determining how much to lend you. That is based on the equity you have in your vehicle (in addition to your ability to repay the loan).

Specifically, the lender will consider your vehicle’s make, model, trim level, age, mileage, and overall condition. This requires you to provide recent, quality photos of your vehicle from all angles, and including the interior. You’ll need to get a clear shot of the odometer and your vehicle identification number (VIN).

How Soon Can I Get a Loan?

Initial approval can come within minutes. Once all necessary documents are submitted, you can often have funds in hand by the next business day. Many lenders will make your funds available via direct deposit, so you may want to make sure your bank account accepts ACH transfers before you apply.

Having direct deposit, plus all required documents, is the fastest way to get a car title loan.