Title loans are available for borrowers who don’t have the time or luxury to meet with a local lender near them. These types of loans enable you to use your car as collateral for a loan, and you can borrow up to $20,000 without ever having to go through a vehicle inspection. You can still be approved for funding even if you have bad credit, and there are some scenarios where you don’t need your visit a lending store to have the vehicle checked out. Find out the current requirements and how quickly you can get cash from online title loans without a store visit!
An online title loan with no inspection works by using your car as collateral for a loan. The vehicle’s equity determines your loan amount and expected monthly payments, with most lenders, allowing you to borrow up to 65% of the vehicle’s value.
The requirements for an online title loan with no store visit vary depending on the lender you choose. However, most lenders will require that you be at least 18 years old, have a valid driver’s license, and be the owner of the vehicle you are using as collateral. A valid pink slip in your name is an essential requirement for a title loan online in Texas and everything else is secondary. Borrowers must provide the lender the actual car title to secure the loan.
The speed at which you can get the cash for your online title loan with no inspection varies depending on your lender. But their general funding timeframe is around 24 hours in Texas, with some storefront companies offering cash in one hour or less. The funds will be sent to your checking account, or you can request payment through a money order or have the funds wired to a debit card.
If you’re looking for a way to get cash quickly without meeting someone in person, an online title loan with no inspection may be the right option. You won’t have to wait around and waste time for someone to check out your vehicle and you can save a lot of time and hassle by getting everything done online!
Pros And Cons Of Online Title Loans With No No Store Visit
Like any other type of loan, online title loans with no store visit have benefits and drawbacks. The Pros include:
-You can borrow up to $20,000 with a completely online loan.
-Lenders often let you borrow 40-70% of the vehicle’s worth.
-The speed at which you can get the cash for your online title loan with no inspection varies depending on your chosen lender. But ultimately, it’s going to be a quick process
-You don’t always have to wait for an unnecessary vehicle checkup.
The Cons include:
-A possible repossession if you default on the payments. Even one missed payment will start the clock on how much time a lender has to repossess your car.
-Borrowers must provide the actual car title as collateral for the borrowed amount. If you don’t have the pink slip you won’t get cash.
Sometimes there’s just no way around the requirement of having to visit a store after applying online. Some companies will always want to inspect the vehicle and have you meet with them face to face to ensure the car exists.
Even if you don’t have to go through a detailed inspection, you may be fine sending pictures or video proof of the car instead of a in person inspection. This can be a substitute for driving around and meeting for a time-consuming inspection. In this scenario, you can send the lender multiple pictures of your vehicle that show the interior and exterior and still qualify for a bad credit title loan. Or you may be able to send in a full length video that shows the car’s condition and proof that it is as described.
If you’re looking for a loan that doesn’t require a store visit, online title loans with no inspection may be the right fit. You can borrow up to $20,000 without ever having to go through the hours it takes for a physical checkup and get your money as quickly as tomorrow in some cases. Ensure you meet the basic requirements and have valid vehicle paperwork.