Table of Contents
- What is an Auto Title Loan?
- How Auto Title Loans without a Bank Account Work
- Proof of Income for Auto Title Loans without a Bank Account
- No Bank Account Required Later for Auto Title Loans
- The Benefits of Auto Title Loans without a Bank Account
- How to Apply for Auto Title Loans without a Bank Account
- A Brighter Financial Future with a Bank Account
- Easy Tips for Saving Money with a Bank Account
There are a lot of reasons you may not have a bank account. When you need a loan, this can be a problem to many lenders, especially because many of them are banks. But it’s possible to get auto title loans without a bank account.
What is an Auto Title Loan?
If you are going to get an auto title loan instead of a cash loan, you need to know what an auto title loan is. First off, auto title loans go by many different names. It’s important to familiarize yourself with them if you are going to be working with an auto title loan.
An auto title loan can also be referred to as:
- Pink slip loan
- Car title loan
- Title loan
- Auto equity loan
- Automobile title loan
- Car equity loan
- Cash for car title loan
- Auto collateral loan
An auto title loan is a way to use your qualifying vehicle title as collateral in order to borrow funds. When you get an auto title loan, we won’t take away your car like some other lenders might. Instead, we sign onto your car title as a lienholder, so your car can stay with you for you to drive around every day like you normally do. All you have to do is consistently pay your monthly payments.
How Auto Title Loans without a Bank Account Work
When you’re trying to get a loan to pay for a financial burden, banks can ask you for all these requirements that you may not be able to fulfill. You may be wondering do you need a bank statement to get a loan? When you get a car title loan, you don’t need a bank statement in order to be approved for a car title loan.
In fact, with a car title loan, you only need two things to qualify for a loan:
- Car title in your name
- Proof of income
We only need account information if you don’t have another way to show us proof of your monthly income, like if you are self-employed or have some other non-traditional form of income. So, if you have paycheck stubs or other income verification, you don’t need to share account information with us for the application and approval whether you have a bank account or not.
Proof of Income for Auto Title Loans without a Bank Account
As part of the qualifying information needed to receive a loan, you need to provide proof of income. We don’t want to burden you with a future monthly loan payment that you cannot pay for without a monthly income. We want to ensure the loan will help you and not make things worse.
Providing your proof of income does not require a bank statement. There are many types of qualifying income, as well as many different ways that you can provide it.
Some of the sources of income include:
- A job
- Pension plan/social security
- Annuity/Court appointed payments
- Workers compensation
Different documentation you can provide other than a bank statement includes:
- Earnings statement
- Pension plan statement
- Letter from employer
Paystub or Paycheck
A traditional way to provide your proof of monthly income is a paycheck or paystub from the company you’re working for. You definitely receive one of these if you do not have direct deposit, and you still may be receiving a “void” paycheck if you do have direct deposit.
Whether you’re receiving a yearly income, or you have another source of income every month (workers compensation, etc.), you can request an earnings statement from your source of income to provide a breakdown of your monthly/yearly income.
Pension Plan Statement
If you’re retired and receive social security or had a pension planned prepared during your working years, your statement for your monthly pension income qualifies as a source of income. Regardless if you have the money sent as a check or directly deposited into your account, the pension statement is proof of income.
Letter from Employment
If you have a job that pays you in a different way than other employers or you receive money from someone in the form of cash, you can have your employer write a letter as proof of employment. It should include:
- Your name
- The date
- The amount you are paid and the frequency
- The services you provide
- A signature and contact number for employer
No Bank Account Required Later for Auto Title Loans
You don’t need to use a bank account to receive your funds; nor to repay your loan. If you don’t have a bank account or simply do not wish to share your account information with us, there are many other payment methods available to you after you’re approved.
To get your funds from your auto title loan, you can choose from a number of options that don’t require a bank account. We can send your funds through a check and sometimes with MoneyGram.
To make your monthly payments, you can choose from these ways to repay your loan without using a bank account:
The Benefits of Auto Title Loans without a Bank Account
We offer enough money that covers your needs when you have unexpected expenses.
- We provide a safe and effective auto title loan to all eligible customers.
- Our services are convenient and easy to access.
- We don’t charge fees for the application of any loan.
- It easier to qualify for auto title loans based on your vehicle rather than with other factors.
- You get to keep your car the whole time when you make your regular monthly payments.
We offer secured loans to thousands of people without looking at their bank statements. Our goal is to get money to those who need it without any discrimination. The process of applying the auto title loan is fast. We have eliminated the complexities of paperwork, aggravation and uncertainty of a loan to make sure that your financial burden is lifted as soon as one business working day.3 We are devoted to cover you with the competitive auto title loan options.
How to Apply for Auto Title Loans without a Bank Account
If you don’t have a bank account but you do have a vehicle, getting an auto title loan might be your best loan option. Title loans let you get the funds you need quickly by using the title of your vehicle as collateral. Because we use this as a guarantee, your credit score and bank account balance don’t matter to us as much. Our loan amounts and approvals mostly depend on the value of your vehicle and your ability to repay the loan.
Here’s how you can get started:
Application for Auto Loans without a Bank Account
Fill out the form online or call us so we can know more about you and your vehicle. Give us your full name, email, phone number, your current address and the make and model of your vehicle. Once we get this, a representative will be in contact with you to tell you if you’re pre-approved and to give you a free auto title loan quote.
Documents for Auto Loans without a Bank Account
If you choose to move forward, we will ask you to send us some basic documents.
Don’t worry, your agent will tell you everything we need and how to get it to us.
As a preview, we will need:
- A copy of your driver’s license or other form of official ID
- Copy of your current auto insurance
- Proof of income (like a paycheck stub)
- A copy of your vehicle’s title in your name
You don’t have to drive your car out to show it to us in person, but we do require a couple pictures of your car, just to verify its condition. To take the best photos of your car, take them outside during the daytime so lighting wont’ be an issue. You can snap a few shots of your car straight from your mobile device and text them to us at 1-818-315-8741.
Approval for Auto Loans without a Bank Account
After we go through all of your documents, your agent can tell you if you have final approval for the loan and how much funds you can borrow. Once you agree to the loan, we can send you your funds.
A Brighter Financial Future with a Bank Account
We want our customers to have a better financial future. We also want to help you get there. If you’re dealing with a sudden financial emergency, we want to help you recover. Part of our mission is to do this through our loans, but also through the financial resources we offer other than funds.
If you’re one of the many people in the US without a bank account, we encourage you to consider why. Many people don’t trust banks after a bad experience or don’t think it’s worth the trouble. There are a lot that think they don’t have enough funds to maintain an account. Others are just young and might not know how to go about banking.
Whatever your reasoning for not having a current bank account, you might want to keep these facts in mind for the future:
- FDIC insured banks are a safe place to put your funds where it is insured and can’t be lost or stolen
- Free checking accounts do exist
- There are many banks with low minimum deposits
- Avoid check cashing fees
- Convenience of a debit card and ATM access
- You can open an account at many major banks with an ITIN and many different types of identification
- Secure way to transfer funds and make transactions
- Collect interest on your funds when using certain checking and savings accounts
This is just a short list of how a bank account can help you toward a better financial future. Read more about how to open up a bank account here.
Easy Tips for Saving Money with a Bank Account
Regardless of how much money you make each month, it’s beneficial for you to save a portion for the future. When emergencies arise, many consumers fall back on savings accounts to bail them out of tight financial situations.
We want to educate our customers on smart ways to plan for the financial future even as we offer options for those who failed to plan or didn’t have the funds to cover an emergency.
Whether you are 10 years old or 90, it’s important to set up a savings account and learn the value of saving a portion of your money. When money is tight and buying temptations hit you at every turn, it’s difficult to leave the money in your account. Below are some smart tips to help set up a savings account that grow in size.
A shocking 24% of Americans don’t have a savings account to fall back on. We encourage you to have a portion of your pay automatically deposited into your savings account so you don’t even know it is there.
- Track Spending
If you can’t account for where your money is going, it’s difficult to know where to cut back. Every dollar you spend should be accounted for, and you should budget anything left for your savings account.
- High-Yield Accounts
The top savings accounts may max out at 1% yield, but you should still shop around and make sure you are putting your money in an account that will make it work for you.
- Pay Down Debts
The best way to have more money is to pay down your existing debts. Pay higher interest credit cards off first so you can put more money in your high-yield savings account.
Savings accounts should always be accessible, involve minimal risk and provide you with a high return rate.