Nowadays, more and more people are seeking alternatives to traditional loans, especially when they are having low credit score or are in need of fast cash advance. Such fast loans are required to fulfill many unexpected financial obligations such as medical emergency or home repairs. These expenses are such that they cannot be delayed at any cost due to which people have no option but to look for fast loan options. Due to tough economic conditions, traditional lenders such as banks are increasingly rejecting loan applications, which justify why so many folks prefer using the equity of their vehicle for obtaining fast cash loans.
A title loan is a quick cash advance whose amount is based on your car’s value and is typically given without a credit check. Irrespective of the location and amount requested, borrowers can obtain title loan cash in just an hour due to least paperwork as well as interrogation involved. This is perhaps one of the most tempting reasons why folks prefer auto title loans for getting quick cash. However, there are a few criteria that make you eligible for applying for these types of loans at any point of time. For example, if you are in San Antonio, you will surely like to know about the requirements for San Antonio title loans so that your title loan application does not get rejected. Discussed below is what you will need or require for applying for title loans successfully.
Vehicle’s Ownership and Clear Title
An auto title loan is offered only on collateral that can be your car, truck, or motorcycle. Just having any one of them is not enough to qualify for such a fast cash advance. You actually need to own the vehicle without any lien or amount pending towards its purchase. This means that the vehicle must be titled in your name. As a fact, a title loan company or lender will accept the vehicle as collateral only when it is cleared of all liens. Further, most lenders can ask for a spare key for the vehicle although you are allowed to drive the vehicle during the loan period.
Clean Vehicle for Inspection
Because the lender will need your vehicle as collateral, he will surely come to inspect the vehicle so that he can determine its condition as well as the overall worth. Therefore, you must ensure that your vehicle is in good condition at the time of inspection so that the lender is convinced of good collateral, which is another factor required for making you eligible for loan and giving you a bigger amount. In case of old or heavily used vehicles, a majority of the lenders will not have any problem, provided it is in a smooth running condition.
Identification
While applying for an auto title loan, a majority of the lenders will require you to provide with a valid driving license. Some lenders will also accept state identification card for verifying your identity although most accept only the driving license. In short, you must have an identity proof at the time of application.
Income Proof
Many auto title loan lenders nowadays require proof of income and employment for verification purposes. This is basically to convince that the borrowers are in a position to repay their loans. A few lenders will have a minimum income requirement of approximately $1,000 monthly.
Insurance
This requirement is not mandatory in most cases. However, in case of costly loans, the lender can ask for some insurance information such as insured sum, insurance provider, and premium.
These are the basic requirements for applying for auto title loans. That said; note that you should not be charged with any fees at the time of application.