Automobile Title Loans – Q&A

What are Automobile Title Loans?

Automobile Title Loans are simply loans where the title of your car is used as collateral to secure the loan. These are also known as Pink Slip Loans, Car Title Loans, Title Loans, Auto Title Loans and Auto Pawn Loans.

How much can I borrow?

Loans are anywhere from $500 to over $25,000 depending on the value of the car and the lenders policies. Typically, lenders will offer up to half of the appraised resale value of your car.

How much does my car have to be worth to get a title loan?

Depends on the lender. Some like to see a minimum value of $4,000.

How long does it take to get my money?

Most lenders can give you your money the same day. In fact many lenders can give you money in under an hour. You have the choice of either getting your money as a check or have it transferred to your checking account.

How do I qualify?

Usually the lender will require the following:

  1. Proof of residency
  2. You must have clear title to the car
  3. You need to have a regular source of income. This can be either form your job or retirement or disability payments.

Can I apply for an auto title loan online?

Yes! It is convenient for you to apply online with as less paperwork as possible.

Are there any charges to apply for a loan?

NO. A reputable lender will not charge you a fee to apply or a fee if you are turned down. Though there may be additional fees charged upon acceptance of the loan.

I have bad credit; can I still get a loan?

Yes. As long as you are entitled to your auto, this kind of short-term loan are perfect for those with less than perfect credit score. No credit check is necessary as the only consideration for the loan is the value and condition of the vehicle.

What documents to you need when I apply of an auto title loan?

  1. A copy of a valid driver’s license.
  2. The title of your car.
  3. A copy of your car’s registration.
  4. Proof of insurance on your car (comprehensive, collision, and liability).
  5. Proof of your residence. You can use a utility bill like your electric bill or gas bill
  6. Proof of income you specified in your application.

I’m retired or collecting disability. Do I still qualify?

Yes as long as you have proof of income from other sources, sufficient for the payments, you should be able to qualify.

Remember, automobile title loans should be used for short-term financial needs only, not as a long-term financial solution.