You can get cash with an online car title loan, and the best part is that you may not have to deal with a credit check. Highway Title Loans will not check your credit information when you first apply for a title loan, and your vehicle's resale value mainly determines your loan application. Most borrowers who apply online don't need to worry about their poor credit because the equity from your car, truck, or SUV gets you approved for a title loan, not your FICO score! We have provided access to title loans for over seven years, and getting approved is much easier without checking your credit report.
How Does A No Credit Check Title Loan Work?
When you take out an online title loan, you're using the collateral from your lien-free car to secure the amount you borrow. Unlike conventional loans, these are secured loans, and lenders evaluate an application based on the equity in your vehicle.
With no credit check title loans, a lender appraises your vehicle based on factors such as the year, make, and model. Additional factors, such as the current condition and mileage, will ultimately determine the car's market value. Loan amounts are based on this valuation and typically range between 30% and 55%. That means that even without considering your FICO score, the borrower's car is the primary asset backing the loan, and your lender keeps that security as collateral.
As long as your application for online title loans with Highway Title Loans goes smoothly, our team of professionals will be more than happy to notify you of your pre-approval. It takes less than 24 hours from when you first apply to when you can pick up the cash, and most customers can keep driving their vehicle while making the set monthly payments.
What Is Required To Get A Car Title Loan With Absolutely No Credit Check
The main requirement for a no-credit-check title loan is full ownership of your car. If you don't own the title to your car outright, don't worry—our company works with a few lenders who may allow you to get a title loan with a cosigner or other lienholder on the car's title. You need proof of income, registration, insurance, and a valid ID. One last requirement often required with a bad credit title loan involves inspecting your vehicle. While this isn't always necessary for a standard title loan, if we're not checking your credit, there will probably be a need to check your vehicle. Inspections typically take 15 to 30 minutes, and you can speed up the process by having all your documents in order and meeting with your lender at a licensed inspection location rather than at your home or place of work.
So if you are looking for no credit check loans near me, feel free to apply using our simple online application! You will also need to prove your identity and valid employment information or show that you have a constant income stream to pay off a title loan.
Apply For No Credit Check Title Loans Online Or With A Lender Near Me?
Any licensed car title loan lender will review your car's value to determine your borrowing power. They will look past a poor credit score or a past bankruptcy and check for other more important factors when underwriting an application. Once you have a firm quote for how much money you can borrow, you can apply online or at a local title loan office near you. There are benefits and drawbacks to both options. By applying with Highway Title Loans online, the entire application process is completed from home without traveling anywhere, which can be great if you cannot take time away from work.
Besides being a great option for someone with a bad credit score, title loans can be a real lifesaver for someone without an established credit history. Millions of people across the country have no credit history, and because of that, they have no chance of getting a loan unless they tap into their vehicle's equity and use that as collateral.
Another benefit of no credit check title loans is that most applicants can process their information as little as twenty minutes after submitting the required paperwork. There are fewer requirements when you don't need a credit check, and some companies will only require a vehicle titled in your name and proof of income. The drawback is that some people don't like applying for title loans entirely online because they want someone to talk with face-to-face about their financial situation.
No matter how you start your application, either online or with a lender near you, you should feel some relief in knowing our lending requirements don't require a credit check!
Using A No Credit Check Title Loan Responsibly
Let's be honest, no one wants to take out a title loan and potentially risk repossessing their vehicle if they miss any payments. There are far better options to borrow money without using a vehicle as collateral. But our customers often have no choice, especially if they can't get a personal loan because of poor credit. That's why you should approach these secured loans carefully, only borrow what you need, and commit to paying back the balance according to the loan term. Consider the impact of a title loan on your monthly budget and reach out to other lenders to see if a no credit check title loan is your best option. Responsible borrowing can help you avoid the risk of vehicle repossession and there's even a chance you'll find an unsecured lender that checks your credit and still approves you for a title loan!
Apply With Highway Title Loans
Highway Title Loans can process your application quickly and we won't check your FICO score or look up your recent payment history when you first apply for a title loan. Call us at 877-433-5454 or apply online to borrow up to $20,000 with a no credit check title loan! We'll get you a lending decision in less than 20 minutes, and you can complete the entire underwriting and approval process within one business day!
Janet Patterson is VP of Marketing Communications for Highway Title Loans and the feature editor of its Lending Blog. Janet has worked in the financial service industry for over a decade, with 7 years of experience in the car title loan industry. She previously managed a customer service team that helped and advised consumers on all their lending related questions and concerns.