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 vehicle inspected in person. Find out what the current requirements are and how fast you can get cash when applying entirely online.
An online title loan with no inspection works by using your car as collateral for a loan. The equity in your vehicle is based on the car’s resale value and lenders will often let you borrow 40-70% of the vehicles worth and the amount can sometimes be higher if the car is in excellent condition. If you do not repay the loan, the lender can take your car and sell it to get their money back. You can borrow up to $20,000 without having to always go through a vehicle inspection, but keep in mind that there are still some requirements that you must meet in order to qualify.
The requirements for an online title loan with no inspection 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 car title that’s in your name is the most important requirement for a title loan in Texas and everything else is secondary. Borrowers need to provide the actual car title to the lender in order to secure the loan.
The speed at which you can get the cash for your online title loan with no inspection varies depending on the lender you choose. However, most lenders will fund your loan within 24 hours of approval and sometimes quicker if you can bypass an inspection altogether. This means that you can have the money you need in your bank account as soon as tomorrow. Keep in mind that you will still need to go through a brief underwriting process before you are approved for the loan.
If you’re looking for a way to get cash quickly without having to go through a vehicle inspection, an online title loan with no inspection may be the right option for you as you don’t have to wait around for an unnecessary in person inspection.
Pros And Cons Of Online Title Loans With No Inspection
Like any other type of loan, online title loans with no inspection have their benefits and drawbacks. The Pros include:
-You can borrow up to $20,000 without having to go through a vehicle inspection.
-Lenders will often let you borrow 40-70% of the vehicles worth.
-The speed at which you can get the cash for your online title loan with no inspection varies depending on the lender you choose. But ultimately, it’s going to be a quick process
-You don’t always have to wait around for an unnecessary and lengthy in person inspection.
The Cons include:
-If you do not repay the loan, the lender can take your car and sell it to get their money back. This is especially true here in Texas where lender’s can repossess your vehicle after a few missed payments
-Borrowers need to provide the actual car title as collateral for the amount borrowed. If you don’t have the pink slip you won’t get cash.
Sometimes there’s just no way you can around the requirement of having your vehicle inspected for a title loan. Some companies will insist on it and it makes good business sense for them as they want to see your car to make sure it exists and looks and runs as described.
Another thing to know is that while you may not be required to go through an in person inspection you may have to send pictures or videos of your car to the lender. This can be a substitute to having to drive around and meet 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 which shows the car’s condition and proof that it is as described.
If you’re looking for a loan that doesn’t require an inspection, online title loans with no inspection may be the right fit for you. You can borrow up to $20,000 without ever having to go through the hours it takes for a physical car inspection and get your money as quickly as tomorrow in some cases. Just make sure you meet the basic requirements listed above and that you have a valid car title in your name.