What are the requirements for obtaining a car title loan?

Securing a car title loan requires meeting specific requirements set by lenders to ensure the borrower’s ability to repay. Car title loans fall under the category of secured loans, with the borrower’s vehicle title serving as collateral. While slight variations might exist among different lenders, there are common requirements that prospective borrowers must satisfy to be eligible for a car title loan.

How Do I Qualify for a Car Title Loan?

Loan requirements can vary from lender to lender. However, in most cases, lenders require the following:

Ownership and Unencumbered Title

When applying for a car title loan, you must prove your ownership of the vehicle and possess a clear title, signifying that there are no unresolved liens or obligations linked to the vehicle. This verification assures the lender that they have a genuine claim on the collateral if the borrower defaults.

Verification of Identity and Age

You must provide valid government-issued identification, such as a driver’s license or passport, to establish your identity. You must also be at least 18 years old, the legal age for contractual obligations, to be eligible for a car title loan.

Income

You will need to provide evidence of a consistent income source to ensure you can repay the loan. This usually entails submitting recent pay stubs, bank statements, or related documentation that substantiates financial stability.

Thorough Vehicle Appraisal

Lenders assess the vehicle’s condition and ascertain its current market value through an inspection. The vehicle’s particulars, such as its make, model, manufacturing year, mileage, and overall state, determine the maximum loan amount attainable.

What Are the Vehicle Requirements for An Auto Title Loan?

The value and condition of the vehicle determines the loan amount¹. Lenders have specific criteria to ensure that the vehicle being used as collateral holds enough value to secure the loan. While these requirements can vary slightly depending on the lender, vehicle requirements typically needed to qualify for a car title loan, include:

Lenders prefer vehicles that are less than 10 to 15 years old. Newer vehicles tend to hold more value and are less likely to have significant wear and tear.
Lenders often consider the mileage on the vehicle. Lower mileage vehicles are usually preferred as they suggest less wear and a longer potential lifespan.
The vehicle should be in good working condition. While some wear is expected, major mechanical issues or extensive damage may affect the vehicle’s value and consequently the loan amount.
Lenders typically assess the vehicle’s value using sources like the Kelley Blue Book or similar valuation guides. The loan amount is often a percentage of the vehicle’s appraised value.
Borrowers are usually required to have comprehensive and collision insurance on the vehicle. This is to protect both the borrower and the lender in case of an accident or damage.
Some lenders may have a policy against providing loans on vehicles that already have outstanding loans. The vehicle should be owned outright by the borrower.
Lenders might request a physical inspection of the vehicle to assess its condition, including its interior, exterior, and any modifications.

Find Out if You Qualify

At Fast Money Car Title Loans, we can connect you with a local reputable lender who can provide a fair car title loan based on the value of your vehicle and other factors. We take great care in vetting the lenders in our network to ensure you work with one that offers you the loan you need, with reasonable terms and payment options.

To learn if you qualify for a car title loan, fill out the form on this page to get started. Our customer service staff will respond promptly to answer any questions and connect you with lenders that can help you secure the loan you need, as quickly as possible.

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DISCLAIMER:

The Fast Money Help website does not offer or provide loans; rather, it offers a service. This website does not endorse any lenders or partners, and it does not charge visitors any fees. The website owners do not inspect or evaluate the applications of potential lenders, and they do not approve or deny credit applications.

The Fast Money Help website gathers applicants’ personal information and transmits it to lenders or partners that are part of the site’s lending/partner network. There is no obligation to use this website, whether to initiate contact with site operators or to attempt to secure financial products or services with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders or partners to offer you a loan or any other kind of credit product or financial service. Be aware that cash transfer times can vary depending on the lender and the bank you use. Under certain circumstances, faxing information may be necessary.

All questions about loans and any concerns you may have should be directed to your lender or loan servicer. These loans are intended as short-term financial solutions to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrowers may undergo credit checks if lenders or partners choose to use any of the major credit reporting bureaus, including Equifax, Trans Union, and Experian.

They may also use other alternative sources to check credit ratings. Your request for a loan or financial product constitutes your agreement and acknowledgment that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian, and TransUnion, may be obtained and used to evaluate your reliability as a borrower.

* The locations mentioned are Fast Money Help partner locations.

Loan amounts by the lenders vary based on qualifications.
Since we do not lend money directly, we cannot offer you a solicitation for a loan or financial product/service. In all serviced states, we WILL connect you with a lender or partner based on the information you provide on this website. We will not charge you for this service, and our service is not available in all states. States that are serviced by this website may change from time to time and without notice. Personal unsecured loans are not available in all states and all areas.
Loans, such as auto title loans, typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.
All lenders and partners offering loans, financial products, and financial services are responsible for their interest rates and payment terms. Fast Money Help has no control or influence over these rates or payments. Use of the work competitively or reasonably does not mean affordable, and borrowers should use their own discretion when working directly with the lender or partner.
The number of people applying for loans, financial products, or financial services we are able to assist is not the same as the number of people who are eligible to receive them. We cannot guarantee we will find a lender who will fund you.

We also cannot guarantee that our partners will be able to help you access a financial product or service(s) offered by them. Just because you give us information on this website, in no way do we guarantee you will be approved for a car title loan or any other type of loan or financial service. Not all lenders can provide loan amounts you may see on this website because loan amounts are limited by state law and/or the lender.

Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance of an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender, and we have no control over the lender’s policy. Typically, larger loans or higher-risk loans use a GPS if they are secured by collateral.

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Loans such as Car title loans are expensive, and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short-term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm, and you may want to contact the lender directly.

Car title loan lenders and other lenders are usually licensed by the state in which you reside. You should consult directly with these regulatory agencies to ensure your lender is licensed and in compliance. These agencies are there to protect you, and we advise making sure any lender you receive money from is fully licensed.