What Do I Need for a Title Loan?

loan application form

If you need a short-term loan and happen to own your car outright, you could take out a title loan using your vehicle as collateral.

How Does a Car Title Loan Work?

Before searching “what do you need to get a title loan?” you should understand how everything works. Essentially:

  • You bring the vehicle and relevant documents to a potential lender.
  • The condition of the vehicle is verified and a value is quoted.
  • The lender keeps the title and places a lien on your vehicle until the loan is repaid.

Loan limits generally run between 25% and 50% of a vehicle’s cash value. You’ll usually be expected to repay the loan, fees, and interest within a fairly small time frame, usually 30 days. You then reclaim the title, lien-free.

What Documents Do I Need for a Title Loan?

One thing you don’t need for a car title loan is good credit. Most lenders won’t even check your credit since the loan amount depends on your vehicle’s resale value and nothing else.

However, there are still a few hoops to jump through. In short, make sure you have the following documents:

  • Original vehicle title showing sole ownership
  • Government-issued identification (name must match title)
  • Utility bill or proof of residency (name must match title)
  • Vehicle registration
  • Proof of car insurance
  • Recent paychecks or other proof of ability to repay

You should also provide the names, phone numbers, and addresses of at least two valid references and working copies of the car’s keys.

As long as you have the required documents, you don’t need to ask, “What do I need for a car title loan?”

Talk to Us Today to Find Out About Short-Term Loan Options

With Xpress Cash locations across Idaho, Michigan, and Wisconsin, we’re the perfect people to arrange a title loan. To find out more about title loans or explore other short-term loan options, feel free to contact us today.