Can I Get Title Loans Without Proof of Income Near Me?

Can You Get a Title Loan If You’re Unemployed?

To qualify for a title loan, you must have a reliable source of income that you can use to repay the money you borrow. The title loan company will ask you to submit proof of income during the application process so they can verify that you meet this requirement.

However, this does not necessarily mean that you need to be employed to qualify for a title loan. If you are unemployed, you may still qualify for a title loan if you have another reliable source of income. Some examples of other sources of income include:

• Veterans’ benefits
• Disability benefits
• Retirement benefits
• Alimony
• Rental property income

If you can show proof of any other source of income, you may still be able to take out a title loan despite being unemployed.

Can You Add a Co-Signer to Your Title Loan Application?

If you are unemployed without a reliable source of income, you may not qualify for a title loan on your own. However, you may qualify for a title loan if you add a co-signer to your application. A co-signer can be a family, friend, neighbor, colleague, or anyone else who is willing to take on this role.

A co-signer will not receive any of the money you are approved to borrow. By signing their name, the co-signer is simply agreeing to repay the money you borrow in the event you fail to do so. 

If your co-signer has a reliable source of income and good credit, having their name on your application can improve your chances of getting approved for a title loan.

How Much Can You Borrow With a Title Loan?

Title loan companies can lend up to $50,000 per title loan. However, the amount you will be able to borrow will depend on several factors, including:

• Your Income
• Your Car’s Resale Value
• Your Equity

Your Income

Remember, you will need to submit proof of income during the application process. Once you submit these documents, the title loan company will evaluate your income to determine how much you can afford to repay. This way, the title loan company can ensure that they don’t lend you more than you are capable of repaying.

Your Car’s Resale Value

The title to your vehicle is used as collateral, which is why the title loan company needs to know how much it is worth prior to determining how much you can borrow. 

For this reason, the title loan company may ask you to bring your vehicle in for an inspection after you apply for a title loan. However, there are also title loan companies that will send someone to inspect your vehicle at your home, workplace, or another convenient location. Some title loan companies even allow you to submit photos of your vehicle rather than go through the inspection process. 

Regardless of whether the lender sees your vehicle in pictures or in person, they will decide how much your vehicle is worth based on its make, model, year, condition, mileage, and trim level. 

Knowing your car’s resale value is important. This is because you cannot borrow more than the value of your vehicle. In fact, most title loan companies will only allow you to borrow up to a certain percentage of your vehicle’s resale value. 

Your Equity

If your car isn’t completely paid off, it’s important to know how much equity you have in your vehicle. Equity is the difference between your car’s resale value and the outstanding balance on your auto loan.

For example, say your car has a resale value of $20,000 and you still owe $3,000 on it. This means you have $17,000 of equity in your vehicle ($20,000-$3,000=$17,000).

To qualify for a title loan, you must have equity in your vehicle. If you owe more than your car is worth, you cannot use your car as collateral to secure a title loan. Furthermore, the title loan company will not allow you to borrow more than the value of your equity. This is why knowing how much equity you have in your vehicle is a crucial part of figuring out how much you may be able to borrow with a title loan.

Follow these steps to apply for a title loan from 1(800) CAR-TITLE®:

1. Contact us. To start the application process, you need to contact our loan specialists. You can either call 1-800-227-8485 or submit your information using the form on our website. If you choose to submit an online form, wait for a member of our team to get in touch with you.
2. Get a free loan quote*. Find out how much you will be able to borrow and at what interest rate by requesting a free loan quote. To prepare this estimate, your loan specialist will ask you for information about your vehicle, including its make, model, year, and mileage.
3. Finish your application. You are not obligated to apply for a title loan after requesting a free loan quote. But if you would like to move forward with the process, you will need to sign and submit the required documentation to complete your application.
4. Get your loan proceeds in cash. You can secure your cash after your application has been approved. Pick your cash up in person or have it sent directly to you via check or wire transfer.

Take the first step toward getting the cash you need to make ends meet–contact us today.

*Loan approval is subject to meeting the lender's credit criteria, which includes the demonstration of the ability to repay the loan. Not all applications will be approved.