If you are in need of some quick, last-minute funding in Schertz, then you may be putting some serious time into researching the lending options that are available to you in Texas.
Maybe within your research, you have come across car title loans and think that they could be a great option for you. Car title loans can be a great funding option for so many individuals. But if you are self-employed, you may be unsure of how to show proof of income.
Title loans serviced by LoanMart specialize in car title loans. Car title loans are a secure installment loan that uses the borrower’s car as collateral for the money lent. Title loans serviced by LoanMart have high approval rates, so more people may be able to get the financial support they need1.
You could even be approved for an auto title loan regardless of your employment status1! Plus, there are tons of ways to prove your income if you are self-employed. To learn more, keep reading!
What Are the Main Qualifying Factors of Title Loans in Texas?
Since your credit is not as important in the inquiry process with title loans, there are other qualifying factors that carry far more weight1. Other important qualifying factors include the current equity of the vehicle and your ability to repay the title loan through regularly scheduled monthly payments.
Your ability to repay the loan is shown through your proof of income. And even though it is true that proof of income is usually given in the form of pay stubs from your job, that does not necessarily need to be the case for you. If you are self-employed, there are plenty of other options and ways to prove your income!
Self-Employed Proof of Income for Inquirers in Schertz, Texas
Annual Tax Returns
Getting a few years’ worth of annual tax returns is the perfect way to show proof of income for self-employed individuals like freelancers or small business owners. When you gather a few tax returns, you have proof of income for each of those years. But sometimes for self-employed individuals, title loan lenders may request a few different forms if the tax return doesn’t show income for the entire year.
Another great way to show how much cash flow you earn yearly by being self-employed is through bank statements. You can print or download a few months, or a full year’s, bank statements. This is especially useful if you have a separate business account that you can provide bank statements for.
Online Account Services
If you do a lot of your business or banking online, then you may use an online service like PayPal to track your expenses and your deposits. Some of these awesome online services also allow you to generate your own paystubs which may offer you solid proof of income.
Other Important Required Documents for Potential Borrowers in Texas
Government Issued Identification
Such as a state-issued driver’s license, state-issued identification or passport.
Proof of Residence
Such as a household utility bill, bank statement, mortgage statement, lease agreement, or a certificate of voter registration.
Title to Your Vehicle
The title of your car needs to have your name on it to prove your ownership.
Photos of Your Car
Send in pictures of the front, back, and sides of your vehicle to confirm the make, model, year, and current condition. In addition, you may be asked to provide pictures of the odometer and VIN.
The references required may be professional, personal, or both.
Awesome Benefits of Title Loans in Schertz, Texas
Here are just a few of the amazing benefits that title loans serviced by LoanMart offer eligible borrowers:
- Flexible Terms
- Superior Customer Service
- Competitive Interest Rates
- Affordable, Convenient Payments
- Funding as Fast as the Next Business Day1
If you think a title loan with title loans serviced by LoanMart is the right choice for you, then fill out the online inquiry form and start the easy inquiry process today!