How Do I Get a Title Loan?
The title loan process is quick and easy. Here are the basic steps:
- Contact GetABetterTitleLoan.com – call (833) 466-3498 or fill out the form on this page;
- Application – takes 15-20 minutes;
- Submit documents – photos of vehicle, copies of driver’s license, insurance card, title, utility or cell phone bill, paystubs and/or bank statements; time to complete depends upon you;
- Sign contract and disclosures;
- Collect your cash.
What Information is Required on the Title Loan Application?
- Basic information about you;
- Vehicle information;
- Employment or source(s) of income;
- Document Ability to Repay loan;
- Insurance information;
- Have you had a bankruptcy or vehicle repossession in the past?
- Are you a member (or a dependent) of the armed services?
What does Ability to Repay the Loan Mean?
The ability-to-repay is the reasonable and good faith determination lenders make that the applicant will be able to repay the loan. In simple terms, it means documenting sources of income and monthly expenses during the application process.
Car Title Loans Online in Riverside
Getting a car title loan online is easy, safe, and fast.
Technology allows us to communicate and transfer information over the Internet to facilitate quick approval and disbursement of funds.
When you call us, here are a few tips to prepare:
- Have an email account;
- Have basic information available; what kind of vehicle do you have, where do you live, where do you work, etc.
- Have documents available; driver’s license, insurance card, utility or cell phone bill with home address, pay stubs, bank statements, vehicle title;
- Take photos of your vehicle; front, back, driver’s side, passenger side, odometer, and Vehicle ID #; at least one photo should have you included with today’s date;
- If you are refinancing a loan, have your loan information; how much did you borrow, how much do you owe today, what are your payments, who is the current lender.
We will provide you with specific instructions on what we need and where to send the information.
Your personal information is kept “in the cloud” in one of largest and most advanced facilities in the world. This offers you more security than a stack of papers filed in some filing cabinet in an office.
If you want to get your money quickly, be prepared!
How Much Income is Required to Get a Title Loan?
People in Riverside often ask this question.
- You must have at least $1,500 per month of gross income or $1,200 after tax income (take-home pay;) income may include employment earnings, self-employment income, social security or disability benefits, or other sources of income and/or governmental subsidies;
- If you do not have the minimum required income, you may have income producing assets and/or access to savings or other (reasonable) income expectations to demonstrate the ability to repay the loan;
- We can approve temporarily unemployed people with a solid work history who do not meet strict income requirements provided there is a reasonable expectation of employment;
- After considering income and necessary monthly expenses, an applicant must be able to demonstrate the ability to make monthly payments;
- Monthly payments are determined by the amount you wish to borrow, the value of your vehicle, your monthly income and expenses, among other factors;
How to Get a Title Loan Without a Job
Temporary unemployment can cause financial stress; thus, the need may arise for a loan to meet financial immediate obligations.
It is possible to get a car title loan without a job; however, the minimum income requirement and an ability to repay the loan rules still apply.
Having said that, there are exceptions. We may approve temporarily unemployed people with a solid work history who do not meet strict income requirements provided there is a reasonable expectation of employment within the next few weeks or months.
Many applicants overcome the loss of primary income through collection of unemployment benefits, disability payments, and other governmental assistance. In addition, an applicant may have income from other sources. For example, a part-time job such as driving for Uber, waiting tables, child-care, etc., or self-employment income.
In California, there are specific rules governing “Total and Partial Unemployment” which are here.
Applicants may also reduce expenses while unemployed. For example, they may move in with parents, relatives, or friends to save on rent, and reduce other non-essential expenses to save money.
Another alternative is to have someone co-sign the loan.
Feel free to discuss your situation with one of our representatives. We are here to help.
Do I Need Insurance to Get a Title Loan?
Yes. Applicants must have state-mandated liability insurance on their vehicle. In addition, collision and comprehensive coverage is required. The vehicle serves as collateral for the loan, and damage to the vehicle in case of an accident (or other claim event) must be covered.
If an applicant does not have full coverage at time of application, a “binder” of full insurance coverage may suffice.
Reputable lenders require full coverage insurance. Beware of lenders who do not require insurance.
How Much Can I Get for a Title Loan on My Car?
- You can borrow from $2,600 to $20,000 depending on the value of your vehicle;
- Fill out the form on this page to determine if you qualify for the minimum amount;
- The exact amount a lender is willing to lend will depend on:
- Style or Trim package;
- Condition of the vehicle;
- Your ability to repay the loan;
- A history of repaying similar loans;
- Any other positive or negative factors (e.g. a co-signer on the loan might increase the amount you may borrow while working at your current job for a very short time might decrease the amount you are able to borrow.)
Can I refinance a Title Loan and Get a Better Rate?
Yes. If you already have a title loan, you might be able to reduce your monthly payments.
If you would like to check, click here.
The new monthly payment will depend on underwriting guidelines, such as:
- The amount you want to borrow;
- The value of your vehicle;
- Your ability to repay the loan;
- Your payment history with your existing loan;
- Other positive or negative factors discussed above.
Your odds of reducing your monthly payment are increased by the following:
- The loan you would like to refinance is current (i.e. not past due;)
- You have made at least 6 monthly payments – the more payments you have made on the loan, the better;
- The vehicle is neither impounded nor has been previously repossessed.
Can I Get a Car Title Loan with Bad Credit?
The short answer is yes.
Most consumers in Riverside who apply for a car title loan have:
- a financial emergency that requires obtaining cash quickly;
- no access to cash from traditional sources such as a bank;
- an expectation that their financial situation will be improved over time;
- an aversion to having their credit checked;
- May or may not have bad credit.
Raising emergency cash is sometimes necessary. Almost every consumer faces financial challenges at one point or another.
There are many reasons why consumers do not apply for a loan at a bank:
- Underwriting guidelines are more stringent and invasive;
- Credit will be checked, and payment delinquencies reported;
- It can take much longer to receive approval;
- There is a higher probability of credit denial.
A FICO credit score of less than 600 is considered poor. In the case of a car title loan, your credit will not be checked without your permission. The approval process is faster. Thus, delinquencies arising from the loan would not be reported.
Car title lenders offer an attractive alternative to traditional financing options.
Does a Title Loan Go on Your Credit?
The answer is, it depends on the lender.
A lender may or may not require a credit report to approve your loan.
We do not require a credit report on Riverside Applicants.
We do not run credit reports to determine credit approval.
We will only run your credit report with your permission.
If you agree to a title loan contract with us, and accept the loans funds, here is what you are agreeing to:
CREDIT REPORTING. You agree that we may make inquiries concerning your credit history and standing, and we may report information concerning your performance under this Agreement to credit reporting agencies. As required by law, you are informed that failure to pay this obligation may result in a negative credit report being filed on you.
End of Contract Snippet
At present, we do not report to the credit reporting agencies; however, by signing the contract, we have the right, but not the obligation, to report your performance with us.
What are My Rights Regarding My Credit Report?
The Fair Credit Reporting Act was passed by Congress to promote the accuracy, fairness, and privacy of information in the files of consumer reporting agencies.
You may find a summary of consumer rights here.
Citizens of Riverside should be aware of their rights.
Where Can I Get A Copy of My Credit Report?
You are entitled to a copy of your credit report every 12 months as described here:
- Federal Trade Commission: How to get a free copy of your credit report.
- Annual Credit Report: The only source for a free credit report. Authorized by Federal law.
The copy of your credit report is free; however, if you would like to receive your credit score, then there is a nominal charge.
Will My Vehicle be Repossessed if I do not Pay?
- As a responsible lender, our policy is to lend money to people who demonstrate the ability to repay the loan;
- As a responsible lender, it is our policy to avoid repossession where possible; communication with borrowers regarding their financial situation at any point in time, and the expected timing of payments is crucial;
- During the life of the average loan, borrowers are sometimes late with payments; it is our general policy not to repossess a vehicle when payments are less than 60 days past due or when good faith partial payments have been received; however, this policy does not apply to first payment defaults or in situations where unusual or extraordinary circumstances may exist; customers who avoid communication with a lender are subject to increased risk;
- A lending contract provides the right, but not the obligation, to repossess the vehicle if the borrower defaults on the loan.
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