What Are Instant Title Loans?
Instant title loans are secured loans where the boat, RV, car or motorcycle’s title loans are used as collateral when obtaining the loan. Car title loans are the most common type of title loans. They are a popular loan option advertised to bad credit borrowers as a good alternative to bad credit loans.
Depending on the lender, the interest rates may be lower than many payday, same day and bad credit loans. Lenders generally trust borrowers with collateral more than those without one. This translates to lower interest rates.
Your credit score is also irrelevant as far as applying for car title loans. You only need to be able to prove the loan is one you can afford. In some states, car title loans are known as car title pawns.
Advantages of Instant Online Fast Title Loans
Instant online fast title loans are quite a popular loan option among many loan applicants for obvious reasons. Here are some of those reasons:
Instant title loans are processed really quickly, sometimes within the same day after approval. Other times, you may get it the following day.
Bad credit is allowed
Bad credit borrowers can qualify for fast title loans. Good credit isn’t a requirement to qualify for many secured loans like car title loans. You’re good to go once you earn at least $800 a month and can present a pay slip to prove this.
Fast and easy application process
The application process is quite simple and easy compared to loans from banks and other traditional financial institutions. The entire process is done online and paperless.
Vehicle requisition is not required
You can keep your car as long as you keep to the terms of the lender. Unlike with other secured loans, you do not surrender the collateral to the lender when obtaining the loan. Only its title is handed out and kept by the lender through the life of the loan.
Easy to qualify for
Title loans are pretty easy to qualify for. There are not so many eligibility requirements to satisfy. Usually, you should stand a good chance at landing one once you meet the general and the lender’s few specific requirements, if any.
Payment options are flexible
You can get a fast title loan to settle your bills between paydays or use it to finance large purchases and repay in fixed, small installments over a longer time.
Zero prepayment penalties
Some car title loan lenders do not charge any prepayment fees or penalize the borrower for paying ahead of the payment deadline. So, you can pay off your debt as soon as it is convenient to do so.
Cheaper than unsecured loans
Instant title loans are cheaper than most unsecured loans. Turning in collateral gives you more leverage to negotiate lower interest rates and more favorable loan terms.
Eligibility Criteria for Fast Title Loans Online
Virtually anyone can apply for a fast title loan. Some eligibility criteria include that the borrower;
- Is at least 18 years old;
- Has a government-issued ID;
- Has a steady income of at least $800 and can show proof;
- Must be able to prove full coverage insurance;
- Is the legal and only owner of the vehicle.
Some lenders may require the applicant to submit some paperwork, like current vehicle registration, vehicle keys, utility bill or proof of residency matching the name on the vehicle title, original vehicle title, the contact information of at least two valid references, and their recent payslips or bank statements.
It is also commonplace to see certain lenders attach GPS devices to the vehicle. Depending on the device’s design, the lender may be able to disable the car remotely should the borrower default on payment.
Can I Apply for an Instant Car Title Loan With No Credit Check?
Yes, you can. Since your credit score plays a minimal role in the approval or otherwise of your application, credit checks are usually not needed. However, credit background checks are mandatory as per US financial regulatory laws.
Some lenders run soft credit checks only on their customers so they do not damage their credit scores. Soft credit checks do not reflect in your credit report and are thus as good as no credit checks.
How to Apply for a Fast Car Title Loan Online?
Before getting started, ensure you have ready your vehicle title and all necessary documentation like utility bills and bank statements. Then, apply this way:
- Fill out the short, simple loan request form on CocoLoan with your basic personal and contact information. You may also need to indicate the vehicle's make, model and year to be used to secure the loan.
- Submit the form, and you will be connected to lenders who can provide you with the requested sum. The lender reviews your submission, assesses your ability to pay back the loan in time and approves you for a loan if you pass these evaluations.
- If approved, you will be sent a quote containing the approved loan amount and the terms and conditions of the loan. Read through the contents of the quote and sign it.
- The lender should process the approved loan sum soon after. Typically, you should get your car title loan as soon as the same day after approval or the following business day.
Note that some lenders may request an appraisal in person. If necessary, the lenders may request to come to your garage or accompany you to where the car is parked. The lender also keeps the car’s title throughout the life of the loan.
How Does CocoLoan Compare
|Why Trust CocoLoan?|
|How much can you get?||$50 to $35,000||Zero upfront charges|
|What are the loan terms?||1 - 36 months||Easy repayment|
|Are credit checks needed?||Yes||Mostly soft pulls|
|Are bad credit accepted?||Yes||All credit considered|
|How to apply?||Totally online||Simple and straightforward|
How to Increase My Chances for Fast Title Loan Approval?
To increase your chances of getting approved, ensure the following are in check.
State of residence: Note that fast title loans are not permissible in all states. They are available in some states like Idaho, Illinois, Nevada, Texas, and Alabama and not available in others like Oregon, Colorado, and South Dakota. You may call your lender or visit a lending store to ask questions about requirements and restrictions in your state.
Estimate your car value: Since it is widely known that title loans are 25-50% of your car’s value, it’d help to know in advance what your car’s worth in the market. This will help you know if it’s the best option for you at the time or if there are other alternatives you should be exploring instead.
Have a steady source of income: Lenders need to be sure you earn enough to repay the debt. So it’d helps if your paycheck shows this.
How Can I Find Fast Title Loans Near Me?
Simple. A simple web search can help you get a few names to work with. But verifying these lenders and how reliable they are can be a tough one to do. This is where loan brokers like CocoLoan come in. CocoLoan can help you find reliable, nearby title loan lenders who process funding quickly and are not biased against bad credit borrowers.
What Are Other Types of Title Loans?
Some of the most common title loans are car, recreational vehicle (RV), and motorcycle title loans. These loans are backed up or secured by the applicant’s car, motorcycle, boat or RV titles. In general, you get more cash with RV and boat titles than with the others since they are valued higher than the others.
How Much Can I Get?
Usually, you can get anything between $100 and $35000. Most lenders allow applicants to borrow sums between 25%-50% of the car’s value. Determinants of the car’s value include make, mileage, model, year, and if the vehicle is paid off or not. You can determine how much you can get by multiplying the title value by the percentage.