Car Title Loans Without A Vehicle Inspection
People always ask, can I get a title loan without a mandatory vehicle inspection? The answer is that it depends on certain circumstances, but sometimes you can get cash without showing the lender your car in person. A title loan without an in person inspection offers convenience as you may only need to send the lender pictures online. In some cases, though, you'll only get approved for a title loan if you bring in the vehicle for an actual inspection.
How To Qualify For Title Loans That Don't Require A Car Inspection
You can qualify for a no inspection title loan, but it will require hitting all the other main underwriting requirements for a lender not to ask to see the vehicle. For instance, title loan companies want to know that you have enough equity in the car and that it's worth what you claim. They can check this info by getting your VIN and running it through the DMV first to ensure the vehicle exists and has a clean title. They can also pull that information if you have had a loan or lien on the car before.
All this data will be factored into how much you can borrow. There's always a high risk factor involved with offering a title loan without a vehicle present, and you won't qualify for as much cash as someone who has a clean title and hasn't had any issues with missing payments in the past. The same comparison goes with a lender offering a title loan without an inspection requirement. Of course, they would much rather fund a loan for someone willing to show the car in person.
What Happens When I Apply For Car Title Loans Without A Vehicle Inspection
Typically, when applying for a no inspection title loan, you will need to pass all the other underwriting requirements to avoid an in person inspection. These requirements include verifying your employment, checking your credit score, and providing information that verifies your identity. Once all this is submitted, you wait for an online title loan pre-approval through the underwriting department to see if you qualify for a loan without a vehicle inspection.
It usually takes 30 minutes to 24 hours before you receive an email or call letting you know your loan's financing terms and payoff amount. Most auto title lenders will want to send someone out to verify the vehicle exists and check on the current condition. A quick inspection at your house or place of employment can get you quickly approved if you don't want to commit to a vehicle inspection at the lender's office. Most companies have flexible appointment options. Whichever method of inspection or auto verification you choose, there will likely be limits on the amount of money lent or caps on finance charges if you're less willing to get a title loan that requires the car.
Title Loans Online With No Credit Checks Or Inspection
Another option is an online title loan that doesn't require a credit check or inspection. These loans are difficult to get approved for as there's not much the lender can verify if they don't check your credit and inspect the vehicle. The title loan company opens up for fraud or other lending errors if they offer these car title loans without inspection and credit checks.
That doesn't mean you can't get a secured loan without the lender checking out the vehicle. There are ways for legitimate online lenders to offer same day cash for title loans even if the car is not inspected and they don't run a credit check. Most often, when people take out these loans, the interest rate will be very high, with an APR over 75%. High interest rates and other unfavorable lending terms can sometimes lead to missed payments and the prospect of a title loan repossession. Hence, you should consider your options if you are considering getting a title loan that doesn't require a car. You can also count on a quick payoff time and vehicle tracking device requirement so the loan company can always know where the car is.
Other Requirements For Online Title Loans That Don't Require The Car
Online title loan companies that don't require a vehicle inspection will ask for other ways to verify the car exists. Even though they offer direct deposit title loans without seeing the car, they will still want to prove the vehicle is real and truly owned by you. Therefore, they will want to see photos or a full-length video showing your vehicle inside and out. You will also need to provide the make, model, and year of your car, which is nearly impossible to fake if there are photos or video proof that matches up to what the DMV shows with a VIN check.
A car title loan company will ask for a copy of your valid driver's license along with an active insurance policy showing proof you have full coverage auto insurance on the vehicle. A VIN may not always be necessary, but it can also be very helpful to speed up the process. With all this information submitted online or over the phone with an agent, they can quickly verify the vehicle exists before approving not only title loans but also registration loans without seeing the car in person.
Benefits of Auto Title Loans With No Inspection And How To Apply Online
The benefits of no inspection title loans are straightforward. You can get fast cash, sometimes within 24 hours or less, and you can save time without going through a lengthy vehicle inspection that can take hours. This is a huge benefit, and the loans are easier to get approved for when you know exactly what a company requires for title loans that don't need the car!
The best help you can get is to receive clear step-by-step instructions on what you need to do to fill out your vehicle title loan application that doesn't require a car inspection. You can always reference our website for specific questions and concerns regarding applying with a lender near me if necessary. Or you can take the first step and apply online for a title loan where the lender may not even require the car! Get started online or contact Highway Title Loans anytime at 877-433-5454 to get cash with no inspection title loan!