Am I Eligible For Bad Credit Title Loans Online?
It’s next to impossible to get a bank loan if you have bad credit. Many lenders will only accept applications if you have a credit score of 690 or higher. Unfortunately, only 21% actually meet this strict criterion—leaving almost 8 out of 10 Americans out in the cold.
Fortunately, there are other ways to raise emergency money even if you have a low credit score, and the application process is even faster and easier than going to a bank. Southwest Title Loans offers bad credit title loans online for up to $15,000. The only requirement? You just need to own a car, truck, or van.
Why Can I Get Title Loans Even If I Have Bad Credit?
Bank loans have high eligibility requirements because they base the approval on your credit history and income. If you have missed payments, have a lot of debt, or have never taken out a loan before, you’re perceived as a “credit risk.”
They even scrutinize your employment records: if you have been unemployed, or if have an “unstable” or “irregular” source of income, they will ask for a lot of financial documents to prove that you can pay off the loan.
Title loans work differently. It is a secured loan or a loan where you use property as collateral or a guarantee. You don’t physically surrender your car; instead, a lien or legal claim is placed on the title until the loan is paid off.
Since you are backing the loan with collateral, your credit and employment history are not huge factors for approval. While you may still need a credit check, you can still get a loan even if you have bad credit.
What Are The Vehicle Requirements For Title Loans
Since secured loans are based on collateral, you just have to make sure that your property (i.e, your vehicle title) meets certain requirements.
- The vehicle title is registered under your name. Only the legally recognized owner of a property can use it to take out a loan, and the only proof of that is having your name on the title. If the title is registered under somebody else, you need to have it transferred to you. Arizona actually has an electronic transfer system, so you don’t have to go to the local Motor Vehicle Division.
- The vehicle is lien-free. A lien is a legal claim or judgment that is placed on a title. When a lien is in place, the vehicle cannot be used as collateral for a loan. There are many websites, including the official website of The Arizona Department of Transportation (ADOT), that let you check if your title has any liens placed on it.
- The vehicle is fully owned. You can only use a title for collateral if you have already paid off any car loans and in-house financing. That’s because when you borrow money to buy a vehicle, your lender will place a lien on the title until you’ve paid off the loan.
How Much Can I Borrow From Bad Credit Title Loans Online?
The maximum loan limit is $15,000, but the loan amount you qualify for depends on your vehicle’s market value. This is determined during the vehicle inspection, based on factors like the model, age, condition, and mileage.
Usually the loan amount ranges from 25% to 50% of the market value.
How Can I Get Bad Credit Title Loans Online?
There’s another big difference between bank loans and online title loans: you save a lot of time and effort! No lining up to talk to a bank representative, no long forms, no going back and forth to the bank because of additional requirements, and no delays caused by confusion.
With Southwest Title Loans, you can start your application online and then complete the paperwork and vehicle inspection in just 30 minutes. And there is no risk of miscommunication or confusion because a loan representative personally assists you through the entire process.
Here’s how our bad credit title loans online process works:
Fill Out Our Online Inquiry Form
The short online loan inquiry form takes just minutes to fill up. Once you click “send” it’s sent straight to the nearest branch, so a loan representative can contact you and personally assist you. You’ll be able to ask anything you want about getting a loan, from the eligibility requirements to the documents you need to present.
After your chat, the loan representative will book an appointment for you at the nearest branch. You can pick the most convenient date and time, and you don’t have to wait in line when you get there. That’s one of the best benefits of getting online title loans!
Submit The Required Documents
When you go to the branch, bring your vehicle title, a valid state-issued ID with a photo, and your vehicle for inspection. A loan representative will quickly check the documents and car. It can take as little as 30 minutes to learn if you’re approved and discover the loan amount that you qualify for.
Get Your Money
Once your loan is approved, you get the money ASAP—either the same day or the next business day. It’s the fastest loan in the Southwest!
Apply For Bad Credit Title Loans Online Now!
By now you know that if you own a vehicle lien-free, you are eligible for a title loan, even if you have bad credit! We’ve laid out the requirements and the process so you can go into it with confidence and get the money you need. If you’ve got a car and you need cash, then there’s only one thing left to do: fill out the form to get the process started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.