Self-Employed Car Title Loans

Being self-employed is the dream for many workers. You can have more control over your schedule, save money on commute, choose your clients, and more! But while there are a ton of benefits for self-employed workers, there are also some disadvantages.

One of the potential downsides to being self-employed is that it may be more difficult to qualify for a loan. If you need emergency cash for an unexpected expense or to simply cover rent while business is slow, a title loan could be a good option. But where can you get a title loan while being self-employed?

Can I Get a Title Loan if Self-Employed?

So if you’re self-employed, don’t worry! You can still get a title loan as long as you can demonstrate that your income from self-employment is sufficient to make the loan payments.¹

Car title loans serviced by LoanMart have helped thousands of self-employed customers since we’ve opened our doors over two decades.

What Do Lenders Need From You For a Loan While Self-Employed?

While the document requirements vary from one lender to the next, here are a few things you can expect to be asked when applying for financing as a self-employed person or freelancer:

• Income Documentation
• Identity Documentation
• Personal Address Documentation

Although many of these are standard requirements from small loan lenders to title loan providers, income documentation can be especially difficult to provide as a self-employed individual. Instead of getting pay-stubs that you can show to the lender, you may have to show months or even years’ worth of income documentation depending on how you are paid and which lender you work with.

Paid via PayPal? Be sure to keep copies of receipts and have them organized. Paid with cash? Keep a record of your direct cash payments and cash deposits, as well as sales records if you happen to have a self-employed business.

Small loan lenders, title loan companies and even personal loan lenders may request this type of income documentation to grant you final loan approval.¹

How Can I Get a Title Loan if Self-Employed?

To find out if your car qualifies, you need to know its current equity value and how much you still owe on the car. One simple way to calculate how much your car is worth is by using a title loan calculator.

In order to get a free value estimate for your car, you need to provide the make, model, year, style, and current mileage. This information will be used to determine the value of your vehicle and whether it could be used as collateral for a loan.

The procedure of evaluating your car to determine its equity value is very fast when using a calculator. You don’t have to waste time waiting in lines. Our team is highly experienced in analyzing your vehicle. They will assess the value of your car in a few minutes, making the procedures of evaluating your loan application simple.

If your car is worth enough money, you could be approved for a title loan!¹

Can I Get A Car Title Loan With a Brand New Job?

You just got a brand-new job? That’s great! Even if you haven’t started getting paid yet, you can still get a car title loan¹. With a new job you can demonstrate a regular stream of income. Income verification is only needed to prove you can make payments.

Documentation to prove that you’re in a brand new job can include items like a letter of employment or an offer of employment on company stationery showing your rate of pay and your start date.

Why get a Title Loan for Self-Employed Customers?

We understand that last-minute expenses come up. These costs may include traveling expenses, debt payments or other unexpected bills. Sometimes meeting all these outlays at once can be an overloading burden. Car title loans can be a tool to help you cover your personal expenses.

The primary reasons why self-employed customers may want to consider a title loan include:

• Minimal credit requirements: If your income from self-employment has been inconsistent, resulting in a few missed payments and some blemishes on your credit report, the comparatively easy qualification requirements for car title loan can be an attractive feature.¹
• Flexible documentation requirements: Car title loans are known to come with flexible documentation requirements. While traditional bank loans and lines of credit may have very stringent document requirements, car title lenders are often willing to accept a wide variety of documents for verification purposes.
• Potential for higher loan amounts: Since auto title loans are secured by a car, self-employed applicants may qualify for a higher loan amount when choosing a title loan over an unsecured loan option like a personal loan.

Where Can You Get the Documents Needed for a Title Loan if Self-Employed?

The process to get a title loan is usually quick and hassle-free, requiring only a few select documents which you may find already at home or in your mailbox!

In general, you will be asked to provide the following paperwork for title loan approval:

• Car Title: The car title must be in your name.
• Photos of the Car: In lieu of an in-person vehicle inspection, you will be asked to provide photos of your car. Include all four angles and the vehicle identification number (VIN).
• Proof of Residence: Something like a utility bill, lease agreement, etc.
• References: Usually, references are required for the title loan process.

In addition to the documents listed above, a potential borrower will also need to show proof of income. Title loans are typically easier to obtain when receiving alternative income, so you could get a title loan if self-employed.¹ All you have to do is provide documentation showing that you have enough money coming in each month to pay back the title loan on time.

Take a look at some documents you can usually provide as proof of self-employment income for a title loan:

Tax Returns

Tax returns are useful as they are able to show how much you earned in previous years. The 1099 tax form is a legal document specific for self-employed individuals, perfect for proving income.

Bank Statements

Your bank statements can be used to show proof of income for a title loan. Simply provide a copy of a recent savings or checking statement to show how much you made.

Invoices and Transaction Receipts

A lot of self-employed workers receive income through online platforms like Paypal with invoices, which show a description of the work done and payment made. To obtain a title loan, you could show recent online invoices and transaction receipts as proof of your ability to pay back the title loan.

Apply Now For A Self-Employed Title Loan

Are you self-employed? Get a loan that can help you run your daily activities and affairs. Simply apply online. We are here to connect you with the cash you need.

It is no surprise that thousands of self-employed customers have chosen car title loans. The whole process is fast, simple and efficient. Our goal is to provide excellent customer service, connect you with the money you need, and let you pay the loan back in installments. Get the cash you need today!