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Can I Get A Car Title Loan With No Job?
By Marcela De Vivo • Jun 09, 2022
Making ends meet can be difficult without a steady paycheck. If you’re unemployed, you may need extra cash to temporarily cover your monthly expenses. In times like these, it’s important to know what your options are when it comes to getting the help you need.
You may not be eligible for a traditional personal loan if you are currently unemployed. However, taking out a traditional personal loan isn’t your only option. Many people who are in this situation rely on title loans to get the fast cash they need. You might be wondering, “Can I get a car title loan with no job?” Here’s what you need to know:
What Are Title Loans?
A title loan is a type of secured loan, which means it is secured by collateral. If you want to obtain a title loan, you must be willing to use the title to your vehicle as collateral.
You won’t need to hand over the keys to your car to borrow money, though. You can continue to drive your vehicle as you normally would while you make payments on your loan. However, the
title loan company will either hold onto your title or put a lien on it until your loan has been paid off.
You will not lose possession of your vehicle unless you fail to repay your loan. In this case, the title loan company has the right to take possession of your vehicle to satisfy your debt.
What Are the Eligibility Requirements for a Title Loan?
The eligibility requirements for a title loan are not the same as the eligibility requirements for a traditional personal loan. For this reason, you may qualify for a title loan even if you don’t qualify for a traditional personal loan.
Eligibility requirements can vary depending on the title loan company, but in general, you may be eligible if you meet these conditions:
- You are at least 18 years old.
- You own or partially own a vehicle, which means your name is on the title.
- You have equity in your vehicle.
- You have a reliable source of income.
- You are willing to consent to a credit check.
As you can see, it’s much easier to qualify for a title loan than it is to qualify for a traditional personal loan.
Can I Get a Title Loan If I’m Unemployed?
You must have a reliable source of income to qualify for a title loan. However, this does not mean that you need to be employed to be eligible. You can still qualify for a title loan if you are unemployed as long as you have another reliable source of income.
For example, say you are unemployed but you receive veterans’ benefits from the government. In this case, you may still qualify for a title loan since your veterans’ benefits are a reliable source of income.
Other examples of reliable sources of income may include disability benefits, retirement benefits, workers’ compensation, rental income, or other sources of income you choose to disclose.
The bottom line is you do not need a job to qualify for a title loan. All you need is a reliable source of income that you can use to repay your loan.
What Can I Submit As Proof of Income When Applying for a Title Loan?
During the application process, the title loan company will ask you to submit proof of income so they can verify that you have a reliable source of income that you can use to repay your loan.
Proof of income can come in many different forms. If you’re employed, you simply need to submit recent pay stubs from your employer. If you’re unemployed, however, you need to submit another form of proof of income such as recent tax returns or bank statements showing deposits.
Talk to your title loan company to find out what documents you will need to submit to satisfy this requirement.
What Other Documents Will I Need to Apply for a Title Loan?
Proof of income isn’t the only thing you will need to submit to apply for a title loan. Title loan companies may ask you for a number of other documents during the application process, including:
- Your driver’s license or another form of government-issued ID
- The title to your vehicle
- Proof of residence such as your driver’s license, recent utility bills, or lease agreement
- Proof of auto insurance
Because the title to your vehicle is used as collateral, it’s one of the most important documents you will need to submit when applying for a title loan. If you can’t find your title, it’s crucial that you let your lender know right away. Your lender can help you obtain another copy from the Department of Motor Vehicles (DMV) in your state. This way, you can complete your application as quickly as possible.
Can I Add a Co-Signer to My Title Loan Application?
Remember, qualifying for a title loan is much easier than qualifying for a traditional personal loan. However, if you are not eligible for a title loan on your own, you have the option of adding a co-signer to your application.
A co-signer is someone willing to take on the responsibility of repaying your debt in the event you fail to do so. If you don’t qualify on your own, adding a co-signer to your application could improve your chances of getting approved for a title loan.
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Marcela De Vivo • Jun 09, 2022
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USA Patriot Act Disclosure: Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you apply for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Loans may be made by one of several lenders, including: First Electronic Bank, a Utah-chartered industrial bank located in Salt Lake City, Utah, Member FDIC; Wilshire Commercial Capital L.L.C. dba 1 (800) Car-Title and Wilshire Consumer Credit, a licensed lender in certain states. Loans not available in all states. In California, loans are made pursuant to a Department of Business Oversight California Finance Lenders License. See State Disclosures for additional information.
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Wilshire Commercial Capital, LLC dba 1 (800) Car-Title and Wilshire Consumer Credit is located at 4727 Wilshire Blvd, Suite 100, Los Angeles, CA 90010.
TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Tracy Bergiman, Director of Compliance, 4751 Wilshire Blvd. Suite 100, Los Angeles, CA 90010, 323-837-5775, tbergiman@westlakefinancial.com.
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(505) 476-4885 or visit the website: https://www.rld.nm.gov/financial-institutions/.