How It Works Without A Store Visit
Just a few years ago, most title loan providers required an in-person vehicle inspection before approving your application, which meant extra trips to a local office before you could get funded. Not only that, but your vehicle had to be fully paid to qualify, and it often took a few visits to a local lending office to get approved. But now, you don't need to visit a store or commit to having your vehicle inspected when you apply with Desert Title Loans.
We can often complete most of the underwriting online, so you may be approved without bringing your car in for inspection. Loan amounts with no store visit in Arizona start at $200, and some customers can borrow larger amounts without bringing their vehicle in for an inspection.
These types of loans are possible because secured lenders don't need to take physical possession of the vehicle. They will use your car's equity as collateral, and you will sign the car's title over to them as security for the loan. That means your pink slip is the collateral, and all you need to do is prove the vehicle exists.
Even though these types of loans are possible, and you can get cash quickly, there are some situations where you may not be approved for title loans without a car. Finance companies often want to inspect your vehicle and ensure it's as described. While you no longer need an in-person vehicle inspection to be approved, you'll likely be limited to a lower loan amount and stricter underwriting conditions if you do everything online or over the phone. Lenders feel more confident loaning money when they can physically see the car, verify it runs, and inspect it for damage or other imperfections that would lower its resale value.
What's Needed For Title Loans Without An Inspection
The requirements for a title loan with no inspection are that you have a clear title to your vehicle and can repay the loan. The car's title must be free of liens, and you'll sign it over to your lender, as that will show them as the primary lienholder with the MVD. Since these loans don't always require the car to be inspected, you may be asked to provide extra documents to underwrite the loan and prove the vehicle exists.
Since we're not inspecting your vehicle in person, we'll still need proof that it exists, is in good condition, and is titled in your name. Here's a further breakdown of what's required:
Photos or video proof of the vehicle: We need images or videos of your car showing the inside and outside, the odometer reading, and the engine compartment.
Vehicle Details: In addition to the vehicle information you first provided, we need the current mileage, VIN, and other identifying features of your vehicle.
Vehicle History: We often require a vehicle history report for higher loan amounts. You may also need to send in a vehicle accident report from your insurance company.
Interest Rates And Fees Without An Inspection
Interest rates on loans without an inspection are higher because the lender faces greater risk. Since they can't physically inspect the vehicle, they don't have as much information to go off of when approving the loan. For that reason, these loans come with higher interest rates and repayment options that are less favorable than what you would get with a personal loan lender. While typical title loans in AZ already come with higher rates than traditional unsecured loans, skipping the in-person inspection process will likely lead to higher rates, as the lender is taking on more risk without seeing the car.
The processing fees for these loans may also be higher. Expect additional fees for checking your credit and originating the loan, but most lenders will often roll these charges into your total loan amount. Since there's no need to check out the vehicle, you may save money by having fewer upfront underwriting requirements.
Bad Credit? No Problem With Desert Title Loans.
No inspection car title loans won't require a credit check, and approval is possible even with multiple charge-offs and loan defaults on your credit report.
The main requirement for this type of loan is equity in your vehicle to secure it. That's why you can qualify for bad credit title loans even if you've missed credit card payments in the past. These types of loans without an inspection are possible as long as you have a vehicle with sufficient equity. Call us at 623-526-5001 to see how much equity you can pull from your vehicle.
Disadvantages Of Getting A Loan Without An Inspection
Desert Title Loans works with Arizona companies that fund these no-inspection title loans quickly, but there are a few things to consider when applying. First, loan amounts are often lower than those you would get from a typical secured loan, in which you bring the vehicle for inspection. That's not a concern if you're looking for a low loan amount. But what if you want to borrow more than $1,000? In that case, you may be better off taking the vehicle in for an inspection. A lender is more willing to offer $1,000 or more if they've seen the car in person.
Another disadvantage is the APR. Any title loan will have high interest rates, and they will only be higher if you get approved online without visiting a store. Without an inspection, there's more risk for the lender, who will pass that risk to the customer through higher rates.
The Takeaway: Is a No-Inspection Loan Right For You?
If you need cash quickly and don't mind paying a higher interest rate, title loans without an inspection could be a lifesaver if you have no other options. Not dealing with the hassle of an inspection can be worthwhile for some borrowers, and it may not even be necessary if a lender accepts pictures or video proof of your car.
Applying for title loans without an inspection from Desert Title Loans is the same as applying for a traditional vehicle-secured loan, as you can complete the process online or over the phone. Apply online or call 623-526-5001 to get a same-day loan without an inspection today.
