No Vehicle Inspection Title Loans
Typically, an individual has to submit to a vehicle inspection as a condition of being approved for a title loan. However, some lenders may offer no vehicle inspection title loans as a convenience for their customers. This may be more common when a lender operates online as opposed to in a physical store location.
Why Do Lenders Require Inspections?
A lender may require an inspection as a way to confirm a vehicle’s condition prior to making a loan decision. Typically, the loan amount is based on how much the vehicle is worth on the open market. Vehicles that are in better condition tend to be worth more. By actually looking at it, a lender can feel more confident in its loan offer.
How Do Online Lenders Verify a Vehicle’s Condition?
Jacksonville online title loans companies may require that a borrower provide photographs of the car or truck as part of the application process. They must generally provide quality views of the inside and outside of the vehicle. It may also be necessary to provide information such as the number of miles that it has as well as when the vehicle was last inspected. However, lenders may be able to verify this information on their own by checking with the DMV.
How Does Skipping an Inspection Help Borrowers?
No vehicle inspection title loans may allow an individual to get his or her money in less time. This is because there is no need to schedule an appointment for several days in the future in addition to spending an hour or more getting the vehicle inspected. Instead, applicants can simply collect their information, send it to the lender and wait for a loan decision. The entire process may be completed in as little as 24 hours.
Will Skipping an Inspection Impact a Loan Offer?
When someone applies for no vehicle inspection title loans, it generally won’t have an impact on how much an applicant receives. This is because the loan is still dependent on the condition and market value of the vehicle. Therefore, as long as the lender can ascertain its value, a borrower will be able to get roughly the same amount whether or not a formal inspection takes place.
What Are the Credit Requirements for a Title Loan?
Whether someone chooses to apply for no vehicle inspection title loans or one with a formal inspection, the credit requirements are generally the same. In most cases, there is no need to go through a formal credit check. Instead, it may be necessary to prove that a person is over the age of 18 and has some source of income to repay the loan.
Does the Title Need To Be Free of Liens?
In most cases, the title will need to be free of liens before a lender will approve an application. This is because the title lender will want to be the only party with the ability to confiscate a vehicle and sell it to recoup the loan balance. Those who owe a balance on their vehicle may want to contact a lender ahead of time to learn more about their options.
What Are the Terms of a Title Loan With No Inspection?
Borrowers will generally receive the same loan terms whether or not they submit to a formal inspection or not. Interest rates on title loans tend to be less than rates charged for payday and other short-term loan products. In most cases, an individual has 30 to 60 days to repay loan proceeds, and lenders have the discretion to allow for longer repayment periods.
Where Will My Money Be Deposited?
If you are approved for a title loan, proceeds are deposited into a checking account of your choice. Generally, the account will need to be in your name. Other requirements may apply depending on your unique circumstances. In most cases, the money will arrive about 24 hours after the loan is approved.
Individuals who need hundreds or thousands of dollars quickly may benefit from online title loans that don’t require a vehicle inspection. Usually, borrowers can get up to 100 percent of the equity in a car or truck assuming that they have a clear title. Loan applications are generally accepted and processed 24 hours a day even on weekends and holidays.