Can You Get a Personal Loan With Just a Vehicle Title?

Southwest Title Loans offers title loans that you can apply for by bringing in only a few items, including your vehicle title. Collateral loans are typically easier to get approved for, even for people with a poor or non-existent credit score. However, there are a few important things to bear in mind.

In this guide from Southwest Title Loans, learn how you can get a personal loan using your vehicle title as collateral. Discover the approval process for borrowing personal loans with Southwest Title Loans. The process takes less than 30 minutes and can get you access to emergency financing today.

Personal Loans In The Southwest: Can You Get Approved With A Vehicle Title?

Though showing the title to your vehicle isn’t enough to qualify for a loan, it is one of the few items needed for a title loan. You won’t be asked to bring pay stubs, bank statements, tax returns, or other documents. The main thing you will need to get approved is your vehicle and its title.

In fact, you will only need the following required items to get approved:

• A state-issued photo ID that displays your full name and age
• A lien-free vehicle title in your name
• Your vehicle for a quick inspection

Even though you'll be asked to bring a few other items to start the process, chances are you already have all of them handy. No need to contact your bank or employer for the documents you need. Just bring your items, get them verified in person, and be approved the same day.

What Are Collateral Loans?

Why would a lender even ask you to bring in a vehicle title in the first place? It does not serve as proof of income and doesn’t clearly indicate whether you can repay the loan. How exactly would the lender make a loan decision based on your vehicle title?

Collateral loans are a type of debt backed by a valuable asset. For title loans, this asset is your vehicle’s title. The lender will keep the title while you’re making payments, and once the loan is fully repaid, the title is returned to you.

With such loans, the collateral reduces the risk for the lender because they have a valuable asset to recover their losses if the borrower does not repay the loan.

Things You Need To Know About Getting A Vehicle Title Loan

Though getting all the necessary items to take out a title loan won’t be difficult, you would have to make sure that you meet the lender’s requirements beforehand. Aside from the rule that you must be over 18 to get a loan, the other requirements focus on the collateral you’ll be providing.

Here are the three main things that you would have to double-check with your vehicle title:

• Your title must be clear - A clear title is a title that does not have any liens attached to it. There should also be no existing claims or legal disputes regarding the ownership of the vehicle. If you’re still making payments on your car, you won’t be able to qualify for a title loan. However, you might want to consider taking out a registration loan in such a case.
• The title must have your name on it - Your name on the documents proves that you’re the legal owner of the vehicle. If the title isn’t in your name, you will have to get a title transfer, which only takes a few signed forms and a small fee. You can only get a vehicle title loan with a vehicle title in your name.
• It must be attached to a qualified vehicle – At Southwest Title Loans, we only accept titles attached to cars, trucks, or vans. You cannot get approved with a vehicle title for a motorcycle, boat, trailer, etc.

As long as your vehicle title meets the requirements above, you should be able to use it to secure a title loan. Getting a collateral loan has many advantages, one of which is that you don’t need to establish your creditworthiness to get approved.

Do You Need To Have A Good Credit Score?

One of the most significant advantages of personal loans in the Southwest that use your title as collateral is the fact that you don’t need to have an excellent credit score to qualify.

As title loans are secured, the lender wouldn’t focus on your credit history. Other, more important factors will be taken into consideration by the company, like the value and condition of your vehicle. Therefore, you may still be approved even if your credit score has previously prevented you from qualifying for other types of loans.

For example, let’s say you suffered a work injury that has kept you from making money for a few weeks. You miss a few payments, such as your rent, student loan debt, and credit card payments. This lowers your score, but there wasn't much you could do with your injury. You now face further medical bills and need a way to pay for them. You can get a title loan with bad credit to help.

How Does The Vehicle Title Loan Process Work?

The process will always include an in-person meeting with a verification agent. The professional’s main job is to quickly inspect your vehicle and determine the amount you qualify for. Experts will usually use industry resources like NADA Guides or Kelley Blue Book to assess the market value of the car. The vehicle’s make, model, mileage, year, and overall condition will be considered.

The agent would then propose to you a certain amount and explain everything you need to know about the terms and conditions. If you agree with the sum provided, you’ll get to sign the final papers and receive the extra cash.

Here’s a step-by-step process on how to get approved for a vehicle title loan in Arizona:

• Submit your basic information through our online inquiry form
• Discuss title loan terms with a loan specialist over the phone
• Visit an Arizona store location with your required items for verification
• Have your vehicle inspected to determine how much it’s worth and how much you can borrow
• If approved for a title loan, sign the loan documents to complete the process
• Receive your vehicle title loan cash later that day or by the next business day

If you’re looking for personal loans in the Southwest, you should definitely check out Southwest Title Loans. We are a reputable service provider with over 30 years of experience helping Arizona residents. You can borrow up to $15,00 with our title loans in less than 30 minutes. Apply today!

Get A Vehicle Title Loan – Borrow Up To $15,000 Today!

Personal loans in the Southwest, like auto title loans, can help with emergencies like medical bills, overdue rent, and home repairs. When faced with an emergency, Southwest Title Loans can help., Get our title loans today through our simple approval process – all credit types are accepted, and you get to keep your vehicle during repayment.

Ready to get started? Submit your information through our title loan form to begin the process online. After a short phone call, come to our nearest Arizona store to get approved within 30 minutes. Get access to fast emergency financing with Southwest Title Loans today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.