Are you aware that you can get an online title loan without having your vehicle inspected? Not only that, but you can get same day funding in AZ for title loans that don’t require the car! These types of loans are possible because secured loans don’t need to take possession of the vehicle. They will use your car’s equity as collateral and you sign over the car’s title to them as security for the loan.
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 the car. That’s because finance companies will typically want to inspect your vehicle and make sure it’s as described. Lenders feel more confident loaning out cash when they can physically see the car and not only make sure it runs but also check it out for damage or other imperfections that would lower the 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 you have the ability to repay the loan. 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 ultimately prove the vehicle exists. Those underwriting requirements may include things like a photo of the car or a bill of sale from ADOT. Besides paperwork or info that shows the existence of your car, you may need to send in valid vehicle registration, proof of insurance, and documents that show you’re presently employed with a monthly income that covers the expected monthly payment.
Processing Fees And Interest Rates
The typical rates for online title loans with no inspection are higher because there is more risk involved for the lender. 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, title loans without an inspection often come with higher interest rates and terms that may be less favorable than what you would see with typical car title loans and unsecured personal loans.
The processing fees for online title loans without the vehicle present are not much different than other secured loans. Expect the same types of fees when it comes to checking credit, loan processing and originating the loan documents. Consider moving on from a company that charges a pre-payment penalty or early payoff fee as this can make it very hard to pay off your loan early.
Bad Credit? No Problem With No Inspection Title Loans!
Typically, title loans without an inspection don’t require a credit check. So, if you have bad credit or no credit, you can still qualify for a title loan as long as you have a clear title to your vehicle. One of the great things about title loans is that they’re available to borrowers with all types of credit scores. Whether you have good credit, poor credit, or no credit at all, you can still qualify for bad credit title loans because you’re being judged on how much equity is present in your vehicle, not on your recent credit history!
Car Title Loans With No Inspection – What Are The Advantages
The bottom line is that these types of loans are much easier to qualify for and the amount of time it takes to get processed and approved for title loans without a vehicle present is much less than a traditional lending experience. Other benefits of no inspection title loans are that you can use the money for anything you need and there are no restrictions on how you spend your loan amount. You also get to retain possession of your car and drive it as you wish while making steady monthly payments!
Disadvantages Of Auto Title Loans Without An Inspection
No inspection title loans are definitely fast to fund, but there are a few advantages. For instance, the amount of money you can borrow will likely be a bit less than a normal car title loan. The reason for this is that the lender can’t physically assess the value of your car without seeing it and they will feel more comfortable hedging their risk by offering a smaller funding amount.
So, if you’re in need of a large sum of money, title loans without an inspection may not be the best option for you. Another disadvantage is that you may end up paying a higher interest rate because the loan is considered to be riskier.
The Takeaway – Should You Get A Vehicle Title Loan Without An Inspection?
If you need cash quickly and don’t mind paying a higher interest rate, title loans without an inspection could be a good option for you. Saving time by not dealing with the hassle of lengthy inspection can be quite worthwhile for some borrowers and it may not even be necessary if the loan underwriter is fine with pictures or video proof of your car. Just make sure you know what you’re getting into and only borrow an amount that’s manageable for you.
How To Apply For Completely Online Title Loans Without A Vehicle Present
The process for applying for title loans without an inspection from Desert Title Loans is the same as it would be for a traditional title loan, with a few small exceptions that mostly revolve already not showing the lender your car. Most title loan companies will require that you fill out an online application and provide some basic information about yourself and your vehicle.
Once you’ve submitted all of the required information, one of our lending representatives will contact you to discuss your options and help you through the rest of the process. If you’re approved for a title loan without an inspection, you can typically review the lending contract and sign the contract that same day and the cash will be sent to your bank account within 24 hours or less!