The Requirements To Qualify For A Vehicle Equity Cash Loan
A vehicle equity cash loan can be a helpful way to get money quickly with help from Utah Title Loans, Inc. Aside from being able to use your car to get a loan, you’ll be happy to know that there are only a few requirements you must meet to qualify for a title loan.
The following sections of this article will show you everything you need to know about qualifying for a vehicle equity cash loan. By the end of the article, you’ll find that this is an incredibly helpful option you should consider when you find yourself in a tight spot financially.
Let’s get started!
What Do You Need To Qualify For A Vehicle Equity Cash Loan?
You don’t need many things to qualify for one of these loans.
Here are the 4 things you need to apply for a vehicle equity cash loan:
1. Minimum Age
First, you must be at least 18 years old to qualify for one of these loans. This requirement is one that you can’t avoid. So, even if you’re only hours away from your 18th birthday, you’ll have to wait until it’s official to apply.
2. A Lien-Free Car Title
Next, you must have a lien-free title for your vehicle. The title will serve as collateral to secure your loan, so it must be registered to your name and belong only to you. Being ‘lien-free’ or ‘clear’ means that the car title has no outstanding loans or judgements against it.
3. Your Vehicle For An Inspection
Even though you’re using your car title as collateral, you must still provide your vehicle as part of the application. That’s done to determine the car’s value and, by extension, how much you qualify to borrow.
Don’t worry, though. You’re not surrendering your car! You can drive home in the same car after the application process is complete.
4. Valid Identification
Last, but not least, you must also be able to provide valid identification. Any form of a state-issued ID will work.
Will Bad Credit Disqualify Me From Applying?
One of the benefits of a vehicle equity cash loan is that you can apply, regardless if your credit is good or bad. Having bad credit won’t disqualify you, so feel free to fill out the forms and continue with the application process. Your application will be considered the same way as anyone else’s, no matter what your credit looks like.
Can I Use Someone Else’s Title To Get A Vehicle Equity Cash Loan?
No, you cannot use someone else’s car title. The title must belong to you and be registered in your name. If that’s not the case, the best thing you can do is visit the DMV to transfer it to your name.
After that process is complete, then you can use it to apply for a vehicle equity cash loan.
What Is A Clear Car Title?
A clear title is also known as a “lien-free” car title. That means you own the car title outright and that it doesn’t have any outstanding loans or judgements against it. As such, you can use it for whatever purpose you want, such as applying for a vehicle equity cash loan.
Do I Need A Checking Account To Qualify For A Loan?
No, you don’t necessarily need a checking account to qualify for one of these loans. So, don’t worry if you don’t have one.
How Do I Apply For A Vehicle Equity Cash Loan?
When you have all the required items and qualify for a loan, you can take the first step by submitting the online form on the website. That form will request some of your basic details, such as your name and contact information.
Here’s what will happen after that:
- Soon after you submit the form, you’ll receive a phone call from a loan representative working at your nearest location. They’ll brief you about the rest of the application process and ensure that you have the necessary items ready.
- Then, you’ll meet the loan representative in person to complete the application. That includes a physical inspection of your vehicle and verification of your documents. They’ll also help you finalize your application with some simple paperwork.
- Finally, you’ll find out whether or not you qualify for a loan and how much you can borrow. If you’re approved for a loan, you can receive the money as early as the same day or by the next business day. The wait won’t be long!
As you can see, the process is straightforward, without any surprises to worry about along the way.
Remember, if you’re not sure of anything, ask your loan representative. They’re there to help you!
Get Started Now!
At this point, you’ve read about all the requirements to qualify for a vehicle equity cash loan. You can apply for one right now with Utah Title Loans, Inc. just by filling out the online form with your information.
Soon after that, a loan representative will call you on your phone, so keep it nearby! Then, they’ll walk you through the rest of the process until you are given your money.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.