What Documents Do I Need To Apply For a Title Loan?

What Documents Do You Need to Apply for a Title Loan Online?

If you need a title loan, it’s a good idea to know what documents you’ll have to provide to get one. You typically will need a few key documents to apply for a title loan. However, individual lenders and different states may have slightly different requirements. Check with your lender to see if they require anything above and beyond this list.

At Max Cash, we typically prequalify you before moving forward with the loan process. If you don’t have the required documentation, you usually won’t be prequalified, and that makes getting a loan harder. But we work hard to get you the money you need when you need it.

Even if we can’t get you a title loan, we have many other options available to help you get cash quickly. We work with a variety of partners in many different areas that can help meet your needs. We offer a wide range of loans, as well as credit cards, cash advances, and even debt consolidation. 

Government-Issued Photo ID

You will definitely need a current and valid government-issued photo ID for almost any financial application, and certainly for a title loan. An expired ID card typically won’t work. It must be a government-issued ID (not from an employer, library, or school). A valid passport can work as well.

If your address doesn’t match the one listed on your identification card, you may also need to provide proof of your current address. Mail from a utility company or from a government body should work well as proof. You can also provide a recent credit card statement or a lease agreement. But make sure to bring it with you or include it in the documents you upload to make sure the application goes smoothly.

Make sure the ID is current and a reasonably up-to-date photo, as this helps with verification. If damage makes it unreadable, you may need to get a new one. In some instances, a temporary ID can work, but a legible & permanent one can often make the application process smoother. If you have questions about what type of identification you will need to qualify for a car title loan, just call the experts at Max Cash at 855-561-5626!

Clear Vehicle Title

You will need a vehicle title to qualify for a car title loan. Typically, you can use the title to a truck, car, or another qualifying vehicle. It is possible to get a title loan if you are financing your vehicle, but it can complicate the process. You will need to work with a lender that is willing to pay off your current auto loan.

The title also needs to be in your name in order for you to qualify for a title loan. If you don’t have the title registered in your name, you likely will not qualify. You can visit your state’s respective Department of Motor Vehicles to request a title transfer to your name. Then, you can apply for a title loan.

If you have enough equity in the vehicle, you may still qualify for a title loan. This varies state by state and usually gets decided on a case-by-case basis where allowed. But just because you still make payments on your car does not mean you can’t get a title loan if you need one. It never hurts to check.

Current Vehicle Registration

You will also generally need current vehicle registration and tags for your state. Whether your actual license plate remains current or not doesn’t matter as much. But the registration with the state should stay current and up to date to make sure you qualify. Though you typically do not need to give the physical registration over like the title in most cases.

If your registration has lapsed, you may need to pay to update it before you can get a title loan. This also leads to the other document you will generally need in order to qualify for a title loan in most states and with most lenders.

Proof Of Insurance For The Vehicle

Your vehicle must meet the minimum liability insurance coverage required by your state. This obviously varies from state to state. But you must have both current and required coverage for the vehicle in question if you wish to get a title loan.

Getting a title loan resembles getting pulled over in regards to the documents required. License, registration, and proof of insurance, as a police officer would say. However, you will also need more than what would be required at a traffic stop. Like the next item on the list. It would be more than odd if a police officer asked for proof of income just for speeding, but you never know.

Proof Of Income

An important part of any loan application, you have to show that you can repay what you borrow. While your car title replaces the traditional credit score for this type of loan, you do need to show that you have the ability to repay the loan. Pay stubs from your place of employment can work. You can also use bank statements that show how much income you generally make.

Your car works as collateral for a loan, but collateral should always be looked at as a last resort. Banks do not want to foreclose on a house rather than get mortgage payments. The same works for title loan lenders. They just want the principal and interest back, rather than deal with repossessing and selling a car. That means your ability to repay with proof of income remains very important, even if you are securing the loan with your car.

Title Loan Process At Max Cash

The process of getting a title loan with us begins with a phone call. At this time, the process can’t be completed entirely online. Either you call in to us or one of our representatives calls you after filling out your application on our website. They verify your information, making sure your documents are complete and accurate. Then they will typically run a credit check to see if you prequalify for a title loan.

If you prequalify, then the representative will connect you with a loan officer to begin the process of obtaining your title loan. The loan representative will tell you the amount for which you’ve prequalified. Then that number will be finalized as you continue the application. Once completed, you can get your money deposited or a check in as little as 24 hours.

This phone verification and credit check helps speed up the process and ensures you get your loan funded as soon as possible. While you can’t complete the process entirely online, we work to make it as fast and hassle free as possible.

Max Cash Gets You The Max Cash For Your Title Loan!

If you need a title loan, Max Cash has years of experience to get you the most from your loan. With over 4 million satisfied customers, we have the knowledge to connect you with the best lender for you. Start an application today and you could have the money you need via check or direct deposit in as little as 24 hours!

By Jordan Radcliff

Jordan is a writer for Max Cash who covers a wide range of topics, including personal loans, credit scores, and side hustles.