What Do You Need for an Auto Title Loan in Greensboro, North Carolina?
If you have a title to a qualifying car in your name and a steady source of income, applying for online vehicle title loans in Greensboro, North Carolina, could be a breeze!1 Car title loans could be a great resource if you need quick funds to cover an unexpected expense this month.
Your inquiry may include a credit check, but the outcome may not affect your eligibility for an online title loan. Typically, title loan lenders care more about these two factors during your inquiry:
- The Amount of Equity Available in Your Vehicle
- Your Ability to Demonstrate Your Ability to Repay the Loan
If you have poor credit and need money during a financial emergency, an auto title loan may be an option for you to consider. You can begin your inquiry for an auto title loan serviced by LoanMart today by filling out this pre-approval form or calling 833-910-2140 to speak with a title loan representative.1 With LoanMart, you can apply from the comfort of your home and access your funds in as little as 24 hours if you qualify!1 3
How Do Auto Title Loans Work in Greensboro, North Carolina?
Auto title loans work by allowing a borrower to pledged their truck, car, or motorcycle as collateral for the loan. As a result, the borrower can access a portion of the vehicle’s value. If the borrower obtains approval, a title loan lender will place a lien on the car title. This lien is removed once the loan has been paid off completely. Since the car title is used as collateral for the loan, a title loan is considered a secured loan.
Typically, secured loans are easier to obtain approval for since there is less risk for the lender. If you do not have a strong credit history to back you up during the application process, you will have a tough time applying for an unsecured loan.
Your potential eligibility for a title loan depends on the amount of available equity in your car. If you are approved, the amount of equity will also influence your loan amount. Vehicle equity refers to the difference between the value of a car and the amount owed on the vehicle. If you’d like to get an estimate of your car’s equity, take a look at this helpful online title loan calculator tool. Just fill out the form and provide some information about your vehicle and yourself. Along with this estimate, LoanMart’s online calculator tool can be used to obtain a title loan quote, free of obligation!1
The great thing about a title loan serviced by LoanMart is that many alternative income sources may be accepted during the approval process.1
Below are examples of alternative forms of income you may be able to use:
- Worker’s Compensation
- Social Security Income
- Disability Benefits
- Retirement Income
- Child Support/ Alimony Payments
- Income from Self-Employment
- Pension Income
Don’t hesitate to contact a LoanMart title loan agent if you have questions about the approval process! Just call 833-910-2140 toll-free.1
Do I Need Perfect Credit to Apply for a Title Loan in Greensboro, North Carolina?
No! You don’t need perfect credit to inquire about a title loan serviced by LoanMart in Greensboro, North Carolina. While your credit history will be considered, it is not the focal point of the approval process.1
A credit score is a number that determines your creditworthiness as a consumer, and it is determined by several factors. Payment history, debt history, and recent credit inquiries are all elements of your credit report that factor into your score. A score that is below 630 is considered bad, and a score between 630-689 is considered fair.
If your credit score falls below 670, applying for traditional bank loans may be challenging. However, inquiring about a title loan in Greensboro, North Carolina, could be a different experience.
You are not alone if you are struggling with your financial situation as a resident of North Carolina. The current poverty rate in this state is 13.4%, which is higher than the national average of 11.6%. Residents of North Carolina with bad credit may need extra financial assistance to pay for their living expenses.
If you need quick funds to pay your rent or bills this month, a title loan may be an option to consider.
Can I Get a Title Loan With No Car Inspection in Greensboro, North Carolina?
A vehicle inspection is required during a car title loan inquiry to assess the vehicle’s current condition and value.
The vehicle inspection can be virtual with a title loan serviced by LoanMart in Greensboro, North Carolina. Taking clear, direct pictures of your car will speed up the inquiry process.3
During your title loan inspection, you will need to take photos of the VIN, or Vehicle Identification Number. Additionally, you will need to take photos of all sides of the vehicle, including the back and front.
Several factors are considered by lenders when determining the value of a vehicle. Here are some examples of factors that affect the value of a car:
- Make, Model, and Style of the Vehicle
- Vehicle Manufacture Year
- Current Odometer Reading
- Overall Condition of the Vehicle
During the inquiry process for a title loan, the lender will consider your vehicle’s make, model, and style. The year your car was manufactured is also a factor that is considered.
Lenders will also consider your vehicle’s current mileage during a title loan inquiry because it shows the number of miles a car has traveled since it was manufactured. This number is important because it can also indicate the amount of wear and tear a car has sustained over time. Typically, a vehicle with fewer than 100,000 miles on the odometer is considered more desirable by industry standards. The value of a car is largely affected by its overall condition, which includes the amount of mileage on the odometer.
Maintaining the condition of your vehicle is important. Make the general maintenance of your vehicle a priority! Make sure to get the oil changed, the brakes serviced, and the tires rotated regularly.
Upgrades and modifications to a vehicle can seriously impact its overall worth. Some upgrades, like premium tires on your vehicle, can positively impact its value. But, some modifications, like loud exhausts or personalizations, may negatively impact the value of your vehicle.
What’s the Lowest Amount I Can Get for a Title Loan in Greensboro, North Carolina?
Your potential title loan amount depends on:
- The Proof of Consistent Income You Provide During Your Inquiry
- The Amount of Positive Equity in Your Car, Truck, or Motorcycle
The lowest funding amount you may receive can vary, depending on the lender you end up choosing for your loan. It may depend on the factors listed above, in addition to any firm minimum loan amount specified by the lender’s current underwriting policy. If you do have questions about title loans and what you can potentially qualify for, don’t hesitate to reach out to a title loan agent.
for background: the minimum loan amount is typically set by the lender (in compliance with any applicable state law); an applicant’s income and the vehicle equity is more relevant for the Maximum vs the Minimum. That’s why I’m suggesting these edits
Call 833-910-2140 today!
Learn More About Online Title Loans in Greensboro, North Carolina
The best way to navigate your situation could be to contact a LoanMart title loan agent today. You can begin your title loan inquiry online by filling out this pre-approval form. Or, go ahead and call 833-910-2140 to speak with a LoanMart title loan representative. Don’t wait to see if your income and vehicle can help you qualify for an online title loan in Greensboro, North Carolina!1