A title loan is a loan against your car’s equity, so you’ll always need a car to qualify for a title loan. However, you may not need a physical inspection of the vehicle to qualify. You may be able to upload pictures and information about your car to get the funds faster.
Even without an in-person inspection, you can borrow $500 – $50,000 on a car title loan. The amount you can borrow depends on your qualifying factors, including the vehicle’s value and your monthly income.
At Swift Title Loans, we offer a simple online application process that takes less than 30 minutes to complete. If you upload your necessary documents quickly, you may even get funds the same day without ever showing your car in person.
Why Title Loan Companies Care About Your Car’s Value
Title lenders care the most about your car’s value because it’s the collateral for the loan. This means that the title lender can repossess your vehicle if you don’t make your monthly payments. Title loan lenders don’t focus on credit scores, so they must rely on the vehicle having enough value to sell it. They only do this if they need to recoup the funds lost if you can’t make good on the loan agreement.
What Title Loan Lenders Look For in Vehicle Inspections
When applying for an online title loan, lenders rely on the information you provide to be accurate. When conducting a vehicle inspection online, they require pictures of the vehicle. Typically, a title lender will ask for pictures of the vehicle’s interior and exterior; however, in certain cases, they ask for more specific pictures, including:
- Specific engine parts
- Specific parts of the car’s interior or exterior
- The car’s odometer
- The car’s VIN
If a title loan lender can’t tell if the car is legit through pictures, they may require a store visit to see it in person to ensure it meets the necessary requirements.
Documents Needed to Get a Title Loan Without Vehicles Present
If you’re eligible for a title loan online, you need only the following documents to prove your eligibility:
- Government-issued ID: You must provide a current government-issued ID, such as a driver’s license, state ID, or passport, to prove your identity. Make sure it’s not expired.
- Proof of income: Title lenders must have proof that you can afford the monthly payments. Provide paystubs, bank statements, or award letters to prove your income.
- Proof of a lien-free title in your name: You must be the owner on the vehicle’s title, and there must not be any liens on the title, such as old auto loans.
- Photos of the vehicle: The title lender will tell you what specific pictures they require of your vehicle to approve a title loan without a vehicle inspection.
Steps to Get a Title Loan Without Bringing in the Car
To get a title loan without bringing in the car, just follow these simple steps:
1. Apply Online
Complete an online application. It takes only a few minutes to provide your personal information and information about your income and vehicle. You can complete the application 24/7 and receive an answer shortly after submitting it.
2. Review Your Options
You’ll receive some options for an auto title loan, including those with different loan amounts or interest rates. Look at the big picture and determine what you can afford, paying attention to the required monthly payments and the total interest paid on each loan option.
3. Gather and Upload the Necessary Documents
If you select one of the title loan options, you must provide the title lender with the documents proving you qualify for the loan. This includes pictures of the car for the inspection. Title loans can be approved the same day if you send your documents in early enough.
4. Receive the Funds
At Swift Title Loans, we try to get your funds to you the same day you apply or within the next business day. You can receive funds wired to your checking account, pick up a check at a local store, or receive a mailed check.
Benefits of Auto Title Loans That Don’t Require the Car
- You can receive funds fast
- Bad credit doesn’t affect approval
- You can apply 100% online
- You keep and drive your vehicle
Risks of Car Title Loans
- You could lose your car if you don’t make your payments
- The interest rates can get as high as 100% or more
- You could damage your credit if you don’t make your payments
FAQ
Are There Hidden Fees on Title Loans?
Reputable title lenders don’t hide fees on online car title loans. At Swift Title Loans, we are upfront about the fees and interest charges so you understand the full implications of the loan. This helps you determine if the loan is right for you.
Do I Need Full Insurance Coverage to Get a Title Loan?
Most lenders require that you have at least enough car insurance to meet the state’s minimum requirements. However, some lenders may require that you have full insurance coverage, as it varies by lender.
Can I Pay Off a Title Loan Early?
Yes, you can pay off a title loan before its due date. In fact, it’s recommended that you do so if you want to minimize your interest charges.
Can I Get a Title Loan if My Title Has Liens?
Most lenders require that your title has no liens on it. A lien-free vehicle means your car doesn’t have any loans on it. If you have a small balance left, you can ask your title lender if you can pay it off with the cash from the title loan, reducing the amount you receive.
Can I Get a Secured Loan Without a Car?
Other ways to get a secured loan include putting up a motorcycle or RV as collateral. The key is to have assets that you can put up as collateral that the lender can repossess and sell if you don’t make your payments.
Final Thoughts
Online title loans don’t require the car in person. You can get approved completely online by providing the necessary documentation and clear pictures of your vehicle. If the lender can determine the car’s value and validity through pictures, you can skip the in-person inspection.
At Swift Title Loans, our online title loans are fast and simple. If you provide all the necessary documentation to get approved, you can often receive funds the same day or by the next business day.
