The title of your car often guarantees title loans. Title loans have been used for many years in the United States and are becoming increasingly more popular due to their convenience. You can access the title loan without a job quickly, which is a contrasting benefit to what is required with a bank or other credit company. Title loans are often due to your secondary source of income and do not have credit requirements.
A title loan is a loan that requires the borrower to take the title of their vehicle as collateral. The borrower would use the title to secure the loan. In legal terms, the borrower “deeds” their title to the lender until they pay off the loan amount to release their title. Since it is considered a secured loan, you’re probably aware that you will have to pay interest on it.
The interest rate will vary depending on which state you live in and where your lender operates. You will be charged an origination fee (the amount of money you must put up to get the loan) in addition to other fees such as document preparation fee, application fee, and a processing fee. If you don’t make your loan payments within the specified time frame, the lender is allowed to repossess your vehicle if it’s still titled under your name. If you’ve previously had a repo, your ability to obtain a title loan may be affected and is dependent upon your history with previous lenders.
No matter what your credit history is or your current financial situation, we have borrowers who have financed loans with the help of our service! After browsing our website, feel free to fill out the application to apply for a title loan with no job!
Do you have to be employed to get a title loan?
You can get a title loan with assets that you own like homes, cars, trucks, motorcycles. You must have at least 30% equity in your vehicle or house, though, for the most favorable deal on the interest rate. The interest rate is determined by your credit rating and how much money you need to borrow.
Can I get a title loan with no income?
You can get a title loan even with no income. If you are employed but do not earn a great deal of money, you can still qualify for a title loan in some cases. There are limits on how much you qualify to borrow until you get your credit report from the credit reporting agency, which is free. What makes people think they cannot get a title loan is their lack of knowledge or their current financial status.
With that said, if your credit scores and your income make you eligible for a title loan, then you surely will qualify to get one. The better your credit score, the lower your interest rate since it will go through a major credit rating agency. Your credit score is determined by how much you owe, who you owe it to, and when you paid it off.
If you have been late on payments or have had any collection accounts, it will also affect how the lender will see you as an applicant.
How can I get a title loan with no job?
Good question. It is possible to get a title loan with no job or income. To qualify, you will have to come up with some other assets valued by the lender. You can do this by having real estate properties, cash savings or investments, retirement products.
The lender will run a credit report and criminal background checks on you just like any other loan. If your credit is pretty decent and your employment status is temporarily not the best, the lender may be willing to give you the loan. Make sure that you ask plenty of questions to get all of the information you need before decision time.
If your credit is not the greatest and you cannot find a lender, there are still lenders who provide title loans for the unemployed, but the rates you will get at these lenders will be relatively higher than what you can get at a title loan provider. You are paying a high-interest rate because your credit is usually not approved to receive a loan at a traditional bank or another type of financial institution.
What are the requirements to apply for a title loan with no job?
Credit score and a little bit of equity, which depends on your current situation. You would need a minimum credit score of 600, at the very least, to get the best rate and terms from the lender. Since you do not have a job, you would have to develop some assets that the lender valued. You can do this by having real estate properties, cash savings or investments, retirement products. Requirements for Low-Income Car LoansЖ
- identification of car, type, and features
- the amount that you will be financing
- term of loan
- down payment
- down payment percentage
- extra allowances
- installment payments
- method of loan