How Do Title Loans with Bad Credit Work?
Title loans with bad credit work by allowing you to borrow against your car’s value without a strong credit history. Since car title loans are secured loans, your credit score won’t be the focus of your loan request. Instead, a title lender will primarily look at your income and the total value of your vehicle! Even if you have bad credit, you can use your car’s title as collateral for the loan and keep driving your car while you pay it back.1
One of the main benefits of car title loans is that the application process can be fast and flexible for eligible borrowers from all different kinds of credit backgrounds. If you’re ready to apply for a car title loan with bad credit, simply complete a short prequalification form online or call 855-422-7402 to reach a ChoiceCash loan officer! Title loan agents are available 6 days a week for extended hours to walk you through your application.1
How Much Money Can I Get Through Car Title Loans With Bad Credit?
Your total loan amount will be largely based on your income and the value of your car, along with the policies of your title loan company. Title lenders tend to offer different loan terms and varying maximum loan-to-value (LTV) ratios, so it is important to shop around and find a title lender who can offer the most advantageous loan terms and the maximum LTV ratio available in your state.
Depending on the factors mentioned above, you could get up to 50% of your car’s value through a title loan with bad credit! If you are fully approved for a ChoiceCash title loan serviced by LoanMart, you can freely spend your loan proceeds on any type of personal expense. You can use ChoiceCash’s online title loan calculator to get a vehicle equity estimate and a fast loan quote with zero obligation. This quote is a prequalification decision based on your car’s make, model, mileage, and other factors, like your current state of residence.1
What Do I Need to Qualify for Auto Title Loans With Bad Credit?
Applying for car title loans with poor credit can be simple, but you must meet the lender’s requirements and provide several documents in order to verify your information during your application.
In order for your car to be used as collateral for a title loan with bad credit, it must have enough positive equity, and you are required to have your car’s title in your name at the time of your loan request. Additionally, you must be of legal age and you should present proof of your ability to handle your payments during your application.1
If you are prequalified for a title loan, you’ll be asked to submit proof of your ability to repay the loan, along with a few other key documents. Besides sufficient proof of income, you can expect to need the following paperwork on hand to verify your information:1
- Proof of Residence Through Phone Bills, Credit Card Statements, etc.
- Recent Pictures of Your Car’s Interior and Exterior, VIN, and Odometer Reading
- A Valid, Government-Issued Photo ID, Like a Driver’s License or U.S. Passport
- A Car or Truck Title in Your Name
You may be asked to submit other documents when applying for a car title loan, but you aren’t required to have a strong credit history! Although the average credit score in America is 705, your situation may be different. If your score is below the national average and you are struggling with your finances, you can still apply for the help you need through ChoiceCash car title loans. Complete a short questionnaire online today to see if you are eligible for instant pre-approval! If you have any questions about applying for car title loans, simply visit our FAQ page or call 855-422-7402 to speak with a loan officer.1
Benefits of Applying for ChoiceCash Title Loans With Bad Credit
Millions of Americans are struggling financially and may not have good credit scores. Having bad credit can significantly impact your finances and affect your ability to qualify for a credit card or a traditional bank loan.
While having a poor credit score is rough, you may still have options if you need emergency cash! You do not need to have a perfect credit score in order to be eligible for a ChoiceCash title loan serviced by LoanMart. In addition, if you qualify for funding you can enjoy a few other perks, such as:1
Fast and Convenient Loans
Whether you live in Florida, Tennessee, or any other eligible state, you can potentially receive your money in as little as 24 hours if you qualify for a ChoiceCash title loan! A borrower can choose to have their money sent via direct deposit or add their funds to a debit card. Other options are available for receiving your loan proceeds after final approval, including receiving a check in the mail or picking up the emergency cash at a participating money transfer location.1
Keep Driving
Just because you’re using your car’s title as collateral for funding doesn’t mean you’ll have to stop driving your car after the loan is funded. You can drive wherever you need to go during the repayment process – just remember to make your title loan payments on time! If you want to hold on to your keys throughout the duration of the loan, you need to make sure that your loan stays in good standing.
Flexible Loan Terms and Payment Options
If you qualify for a ChoiceCash title loan, you can access convenient loan terms and competitive interest rates!1 While you are repaying your loan, you can choose whichever repayment option works best for you: pay over the phone, enroll in automatic payments from your bank account, submit a payment through the online portal, and more!
How to Responsibly Borrow Bad Credit Car Title Loans
Whether you choose to apply for a title loan or another financing option, it’s important to be a responsible and informed borrower. One of the potential consequences of car title loans is vehicle repossession. Your car title loan is secured by the title to your qualifying vehicle, so failing to keep up with your payment schedule could result in the lender repossessing your car. Here’s what you should keep in mind when applying for a car title loan without good credit:1
- Affordability: Whether or not you can afford to repay the loan is a major factor to consider when applying for new credit. If you can’t comfortably fit the monthly loan payment into your budget, it may be time to consider your other options. You can ask your family and friends for financial help, or you can try to make ends meet with a part-time job.
- Budgeting and Financial Habits: If you don’t have a solid budgeting plan yet, you are not doing yourself any favors. It’s important to be responsible and create a plan for your money before you can map out how to repay your title loan. Consider your spending habits and try to find areas in your budget where you can cut back!
- Loan Terms: If you decide to apply for a loan, make sure to thoroughly read through the terms and conditions of the loan before you sign an agreement. You should specifically pay attention to the interest rate of the loan, the planned payment schedule, and the loan-related fees, if applicable.
Apply for Bad Credit Title Loans Today
Applying for the financial assistance you need should be hassle-free, no matter what your credit score is. Through ChoiceCash title loans serviced by LoanMart, you can expect an efficient and simple application process. All you have to do to get started is fill out a quick questionnaire online or simply call 855-422-7402 to speak with a title loan representative.1
If you are prequalified for funding, the next step is to send in your paperwork. It can be easy to upload your documents and vehicle photos through the online portal. You also have the option to send everything through email or text to your loan officer! The last step of applying for a ChoiceCash title loan with bad credit is to review and sign your loan agreement if you are fully qualified. Eligible bad credit borrowers can get their money in as little as one business day!1
FAQs About Bad Credit Title Loans
Applying for a loan against your car may seem overwhelming if you don’t know how this type of secured loan works. Below are some of the most frequently asked questions about applying for car title loans with bad credit:1
Is a Bad Credit Title Loan Right for Me?
Car title loans can be a convenient way to access emergency cash even if you have bad credit. Whether or not a loan is the right fit for you will depend on your financial situation, short and long-term financial goals, and your preferences as a consumer.
What Happens if I Get an Auto Title Loan with Bad Credit and I Can’t Pay It Back?
If you take out a title loan and you are unable to pay it back, your first action should be to discuss your options with your lender or loan servicer. Make sure to reach out to the appropriate party prior to defaulting on your loan in order to put yourself in the best position to solve the issue.
How Fast Can I Get My Money if I Qualify for a Car Title Loan with Poor Credit?
If you are eligible for a ChoiceCash title loan with poor credit, you have a few different options to receive your funding. By choosing to receive your money via direct deposit or adding your funds to a debit card, you can access your loan proceeds in as little as 24 hours!1
How Can I Get Approved for a Car Title Loan With No Credit?
Whether you have no credit or bad credit, you can still apply for a title loan as long as you find a lender willing to work with you. That being said, having no credit will make it considerably more difficult to get your title loan application approved because you don’t have enough credit-related activity to create a credit score. Without a credit score, a lender may not be able to effectively determine your ability to handle a new debt obligation.
