You are here: Home » Information » What are the Requirements for a Title Loan?

If a costly bill has disrupted your life, you may be considering getting a title loan. But what are the requirements for a title loan? Keep reading to learn more about the approval process and how you could qualify for one. 

What are the Qualification Requirements for a Title Loan? 

Title loans, also called pink slip loans, are one of the most popular quick cash solutions. Unlike the process to get bank loans, the title loan approval process is conveniently speedy. Simple qualification requirements for a title loan are one of the main reasons eligible borrowers choose this loan option. Take a look at the three key items you need to qualify: 

  • A qualifying car with positive equity 
  • A car title in your name 
  • A dependable source of income 

Just about any car could qualify for a title loan serviced by LoanMart, but it must have positive equity.1  Essentially, the resale value of the vehicle must be worth more than what you still owe on it. If you own your car outright, then the car must simply have enough market value. You can quickly find out how much your car is worth by using the free car title loan estimate calculator. 3 Aside from the car, your income is the second most important factor with car title loan eligibility. Title loans serviced by LoanMart generally accept alternative income documents as proof, so you could qualify despite being retired or unemployed.1 As long as you can show the ability to repay your loan on time, you may be deemed eligible.1

 What are the Credit Score Requirements for a Title Loan? 

Loan eligibility is traditionally based on credit. An individual has good credit if their score is higher than 670. Anything lower than that may disqualify you from most loan options. But while most loans require good credit for qualification, the credit requirements for a title loan are flexible!1 Having bad credit may not automatically disqualify you from getting a title loan serviced by LoanMart.Life can be anything but predictable, so why should you be punished for past financial mishaps? Car title loans were designed to help people with bad credit get the funding they need right when they need it. Most people have a car in their name, and that valuable asset can be used as leverage to obtain emergency cash with bad credit.1

Call Our Team

Take the first step and call our toll-free hotline to speak with a specialist.

What are the Document Requirements for a Title Loan?

 The document requirements for a title loan are minimal, and with an online title loan, you could conveniently upload them all online. Simply scan the documents onto a computer or take pictures using a smartphone! These are the general documents you may be asked to provide for title loans if your car is not paid off:

Car Title

If your car is still being financed, this may not disqualify you from title loan funding. However, the car title must be in your name for approval. If the car title is not currently in your name, you must request a title transfer at your local Department of Motor Vehicles.

Photo Identification

A car title loan agent will ask that you provide a government-issued photo ID to prove your identity. For example, you could use a passport, driver’s license, or state ID.

Proof of Your Address

To demonstrate that you currently reside in the state you are trying to get a title loan in, you could provide recent utility bills, a rental agreement, a house deed, insurance statements, etc.

Proof of Income

Aside from the car, your income is one of the main qualifying factors for a title loan if your car is not yet paid off. To prove your ability to repay the loan on time, you could provide paycheck stubs, bank statements, government award letters, official invoice documentation, etc.

Photos of the Car

One of the requirements for a title loan is to complete a car inspection. With title loans serviced by LoanMart, you can complete one without traveling to a store location. Simply take clear photos of your car and upload them online for review.

References

If you’re attempting to get an auto equity loan, you may be asked to provide professional or personal references. If you want, you may even submit a mix of both. 

What are the Approval Requirements for a Title Loan? 

Title loans serviced by LoanMart come with numerous benefits that qualified borrowers can enjoy as soon as they are approved. The requirements for a title loan are flexible, allowing more people to qualify for fast cash. Best of all, you could avoid the hassle of a vehicle inspection! Inquiring for a title loan serviced by LoanMart is straightforward and easy, requiring only three steps and a few minutes of your time. 

  1. Start an Inquiry: To start the approval process for a title loan, you can call (855) 422-7412 to speak with a title loan agent. Or if you prefer, you could just complete a title loan inquiry form online. If you are deemed eligible for emergency funding without vehicle inspections, a loan agent will provide you with a preapproved title loan estimate.
  2. Submit Your Paperwork: The documents required for a title loan serviced by LoanMart are easy to come by and could be uploaded online. Save yourself the hassle of turning in your paperwork in person by scanning the documents or taking pictures with your phone.
  3. Get Approved: Once your information checks out, you could be fully approved for an affordable title loan serviced by LoanMart! A title loan agent will give you the option of choosing how you would like to retrieve your money! Title loans serviced by LoanMart could help eligible borrowers get the fast cash they need for unexpected financial emergencies.1
What did you think?
1 = Very Bad
5 = Very Good