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Stuck in a financial emergency with no cash to back you up? If you have a vehicle title in your name, you may be able to use it to get the funds you need. While your first action may be to search for “cash for a title near me” online, there are easier ways to apply for cash to get back on your feet.
It’s possible to trade cash for a title without even leaving your house. With title loans serviced by LoanMart, future borrowers can get started on a loan from the comfort of their couch. With a vehicle title in your name and an income to support a loan payment, you’ve already met the initial qualifications for a title loan.1
How Can I Get Cash for a Title Near Me?
With a paid-off or close-to-paid- off vehicle in your name, you may be able to get the cash you need. Title loans are a unique type of alternative loan option designed to help borrowers in a financial emergency. They can allow you to use your vehicle’s title instead of your credit history to obtain fast cash. Through title loans serviced by LoanMart, qualified borrowers may be able to get their cash in as little as one business day!1, 3
With a title loan, you are using your vehicle’s title as collateral for the loan, essentially trading cash for a title temporarily. The use of collateral for a loan can make the loan secured and will help make the approval process flexible. Borrowers that are not confident with their credit or cannot meet the criteria for a traditional loan may be able to take advantage of this flexibility!1
What Documents Do I Need to Get Cash for a Title Near Me?
Title loans may be one of the most flexible alternative loan options, but there are some documents needed during the approval process. These documents can help verify your information and streamline the process to get cash for a title!
During the approval process, you can expect to need:
- Proof of Income: While many future borrowers use their bank statements and pay stubs to prove their income, alternative forms of income can be accepted. Alternative income can include self-employment, or even disability income and other forms of non-traditional income.
- Photo ID: To prove that it is you applying for the loan, a government or state-issued ID is needed. Typically, most future borrowers will use their driver’s license. military ID, or passport.
- Recent Photos of Your Car: Did you know it is possible to apply for title loans with no car inspection? With title loans serviced by LoanMart, you can skip the in-person car inspection and opt for a digital one! Simply submit a few photos of your vehicle as well as the odometer.
- Proof of Address: Many different documents may be laying around your house, and they can be used to prove your address. Recent credit card bills, voter registration, rental agreements, or even utility bills can be used to prove your address.
- Car Title: If you want to trade cash for a title, it must be in your name when you apply for a title loan.
Do I Need Perfect Credit to Apply for a Title Loan?
If your credit has made it hard to apply for traditional loan options, you may wonder how a title loan can be different. Luckily, you do not need a perfect credit history to apply for a title loan.
Your credit history may still be considered during the approval process, but these two factors will matter the most:
- Your Ability to Repay the Loan
- The Value of Your Car
Car title loans have eligibility based on your income and your vehicle’s value. Your loan amount will be based on both of these factors as well. The higher your income is and the more equity your car has, the higher your loan amount may be.1
While traditional loans use your credit history to determine if you are a risk to lend to, a title loan will focus on other factors. Using collateral to secure a title loan can help offset this risk and make the approval process flexible for borrowers with less than perfect credit.1
Will My Car Qualify for Cash for a Title Near Me?
Since your vehicle’s title is collateral for the loan, the vehicle must have a certain amount of equity to qualify. Equity is simply the difference between the market value of the vehicle and what you owe on it. The less of a difference there is, the more positive equity you may have to borrow from!
If you are like most borrowers, you may not know what the market value of your car is. Luckily, there are resources you can use to find out:
- Kelley Blue Book Online
- An Appraisal at a Local Dealership
- LoanMart’s Online Title Loan Calculator
With the online title loan calculator, potential borrowers can find out both their vehicle’s equity and get a free title loan quote at the same time! To find out your vehicle’s equity, the online title loan calculator will ask for basic information about your car, including:
- The Make, Model, and Year of the Car
- The Style of the Vehicle
- The Vin # and Odometer #
With this basic information, it is easy to obtain information about your vehicle’s equity and receive a loan estimate if you are qualified!
What are the Benefits of Title Loans?
While title loans are a beneficial loan for borrowers that do not have a strong credit history, they can offer other advantages besides flexibility! Qualified borrowers of a title loan serviced by LoanMart can take advantage of these benefits:
- Keep Your Car Keys: You are using the title of your vehicle to secure the loan, but that doesn’t mean you have to give up driving your car. As long as you make payments on time and keep your loan account in good standing, you can drive your vehicle like it is business as usual.
- Customer Service for Your Needs: With LoanMart, expert loan agents are standing by for your convenience. Loan agents are available seven days a week for extended hours. If you need help with your loan, customer service that is available outside of a 9-5 schedule can be an advantage.
- Bad Credit May Not Hold You Back: While you may not qualify for traditional loan options, your bad credit history may not make you ineligible for a title loan!
- Fast Cash: If you’re facing a financial emergency, you may not have time to wait to get the funds you need. Luckily, you may be able to trade the vehicle title for cash when you apply for a title loan! Qualified borrowers may be able to get their funds in as little as one business day.1, 3
- Optimal Loan Terms: While some alternative loan options are short term, a title loan serviced by LoanMart can offer longer loan term options. The more time to pay, the easier it may be for your wallet. There are no prepayment penalties if you have the means to pay earlier.5
Where Can I Apply for Cash for a Title Near Me?
Applying for cash with a vehicle title near you doesn’t need to be a hassle. Facing a financial emergency can be tough, but the loan approval process doesn’t have to be!
If you need financial stability and an influx of fast cash, applying for a title loan could be your best option. With title loans serviced by LoanMart, the streamlined approval process is just a few simple steps:
- Send in a Loan Inquiry: Borrowers can choose to submit a loan inquiry online or over the phone with a loan agent. Both options can take just a few minutes of your time and require you to answer a few basic questions.1
- Submit a Few Documents: Once your loan inquiry is submitted, a loan agent will reach out and ask for a few documents to help verify your information. Fortunately, these documents can be submitted online for your convenience.
- Get Approved and Get Your Cash: Borrowers that qualify through title loans serviced by LoanMart can choose between a few different ways to get their cash after they are approved! Choose between options like a check in the mail, direct deposit to your bank, or to be picked up at your local MoneyGram.