How to Get an Online Car Title Loan
A car title loan lets you borrow $1,000, $2500 or more, using your car's title as security. You can apply online, receive the money deposited to your bank account by the next day, and continue to drive your car during the loan. Even if you have bad credit, you will usually be approved for an online car title loan, as long as your car is paid off and you have a source of income. Typically, you can borrow the money for thirty days, and then either pay the interest and continue the loan for another thirty days, or pay the loan off and receive your car's title back. As long as you pay the interest or principal as required by the terms of the loan, you can keep your car and continue to drive it.
Loans are also available for similar property, such as boats, motorcycles, trucks or jet skis, as long as you have a title in your name.
The amount you can borrow varies, depending on the value of your car and your ability to repay the loan. Requirements and fees for car title loans vary also, so it pays to compare several companies before choosing one.
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Instructions
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Search for online car title loan companies. If you want to do the entire process online, search for "car title loan" and "completely online." Otherwise, search for car title loans in your city or nearby in your state, and you can start the application online and finish it in person.
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Check the requirements of various companies and see if you meet them. Most will require that you have a clear title to your car, though some will accept a title with another lien on it. Title loan companies usually have a minimum blue book value that your car must be worth. They also generally require ID, proof that your car is insured, and proof of regular income such as a paycheck stub or copy of a retirement check. You'll need to be over 18. Some online car title companies won't do a credit check, while others will, but most will give a loan even if you have poor credit or a past bankruptcy (not an open bankruptcy). However, if you don't meet all those requirements, check around; not all online title loan companies require all of them.
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Check the reputation of the companies online, to see if any complaints have been registered, by searching the company name and "scam" or "ripoff." When you've chosen a company, read the instructions on the website. You may be able to get the money from your car title loan in an hour, if you visit the office to drop off your title in person. If you apply entirely online and are approved, you should get your money deposited electronically in your bank account the next day. There is no cost for applying, but if you accept the loan, you'll pay fees upfront as well as interest. Both the fees and interest will vary from one company to another, so you can compare costs from several car title loan companies and choose the cheapest.
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