If you are interested in taking out a car title loan with no inspection, chances are good that you are already facing a pretty serious financial crisis. Some loans can be done completely online without the need for phone calls. Whether you owe money on a loan, need money to pay for a medical emergency, or need the money to improve your business but do not have the credit score to take out a more traditional loan, there is one thing you probably don’t have the time to do: take your car to a car title lender’s brick and mortar establishment and wait while they inspect your car.
So, is there a way for you to get a car title loan without showing your car? The answer is yes.
Before we go into how you can get a car title loan without showing your car, let’s go over what role your car plays in a title loan.
As the name of the type of loan suggests, your car plays a fairly pivotal role. In fact, it might be the most important thing. That’s because a car title loan is a type of loan called a secured loan. That means that the money you receive is based off of something that you already own that is used as collateral. More popular secured loans deal with the housing market and those include traditional mortgages on your home, and a home equity line of credit or HELOC. The major difference between those types of loans and a car title loan is that while mortgages and HELOCs are typically very long-term loans, car title loans can be incredibly short term.
Online Title Loan with No Inspection Required
In order to apply for a car title loan, you must have a car that you (ideally) own outright. When the lender evaluates the value of your car (this is where showing your car comes into play), they will give you a loan amount. The amount of your loan is based off of the value of your car, but it is not the same as the value of your car. In fact, most title loans equal about 25 percent to 50 percent of the total value of the vehicle that is being used as collateral. That’s because if end up defaulting on your loan, meaning you are unable to pay it back, your lender will repossess your car and sell it so that they can recoup their losses. When they look to sell the car, they do not want to spend time looking for a buyer who is willing to pay its full value. They want to get it sold as quickly and as easily as possible. There are several downsides to this fact. The first one is quite obviously that you have now lost your car to repossession. The major downside, however, is that because the car is being sold below value, if you have accrued interest and fees that out-value the amount of your loan, you will still be on the hook to pay back what you owe.
Car title loans can be quite dangerous due to the fact that they are collateral loans, but if you are committed to taking one out, it is important to get all the facts.
That’s where showing your car comes in. So, let’s say you want a car title loan, but you simply do not have the time to take off work, head to a car title lender, and have your car evaluated. Many lenders understand that this is a use of time that you simply cannot afford.
Same Day Online Pink Slip Loan no Phone Calls
For many title lenders, depending on what kind of car you drive, you may be able to simply take pictures or take a video of your car with your cellphone while it sits in your parking lot. Lenders don’t want to waste your time or your money on gas to make you drive out to a storefront location to show them.
The most flexible lenders will only ask you to take a few pictures of your car. Some of the outside is typically all you need.
Car title loans are one of the kinds of loans that has benefited immensely from being able to operate online. If you don’t want to spend your time driving to a store-front location, you are in luck. Some of the best and most reputable car title lenders in the country operate either partially or entirely online. It can be somewhat uncomfortable and uneasy at first to share your information online, but online title lenders are focused on just one thing: safely and easily getting you the money you need when you need it.
Finding Online Only Lenders
So, if you are considering taking out a car title loan and either cannot or don’t want to drive to brick and mortar location to have your car evaluated, simply start looking for some of the best online lenders in your state. It should take no more than a quick online search. Just remember that there are a few things to keep your eyes out for:
- How long they’ve been in business. It’s not always a guarantee, but there is something to be said about working with a company that has years of experience. First off, you’ll know that you’re in good hands in terms of knowing the business. Secondly, it’s hard to argue against the fact that the best businesses with the best practices are the ones that stay in business the longest.
- Interest rates. This is important no matter what kind of loan you are considering taking out. Interest rates will play a huge role in deciding how much you have to pay for actually taking out the loan. Interest rates for car title loans are typically quite high compared to rates attached to other types of loans, but that does not mean that there isn’t variation within the market.
- Customer testimonials. This is a great way to get the inside scoop on a given company. Do some searching and see what past customers have to say about a company you are considering working with before you take the final plunge.