No Inspection Title Loans - How They Work
Can you get an online title loan without having your vehicle inspected? Not only that, but you can get same day funding in AZ for title loans that don't require a car and are solely based on the collateral from your vehicle! Just a few years ago, most title loan providers needed to physically hold the vehicle itself as collateral for a title loan, and that's, of course, a problem for anyone who needs their car to get to work or to get around town. Not only that, but your vehicle had to be entirely paid to qualify for a title loan, and it often took a few visits to a local title loan lending location to get approved. But now, you don't need to visit a store or commit to having your vehicle inspected when you apply with Desert Title Loans.
We can often do most of the underwriting online, meaning you can get a title loan without the car! Loan amounts for title loans with no store visit start at $1,000, and some customers can borrow $10,000 or more without bringing in their vehicle for an inspection.
These types of loans are possible because secured lenders don't need to take physical possession of the vehicle. They will use your car's equity as collateral, and you sign over the car's title to them as security for the loan. That means your pink slip is the collateral for a title loan, and all you need to do is prove the vehicle exists!
Even though these types of loans are possible, and you can get cash quickly, there are some situations where you may not be approved for title loans without a car. Finance companies typically want to inspect your vehicle and ensure it's as described. While you no longer need an in-person vehicle inspection to get a title loan, you'll probably be limited to a lower lending amount and stricter underwriting conditions if you do everything online or over the phone. Lenders feel more confident loaning out cash when they can physically see the car, ensure it runs, and check it out for damage or other imperfections that would lower the resale value.
What's Needed For Title Loans Without An Inspection
The requirements for a title loan with no inspection are that you have a clear title to your vehicle and can repay the loan. The car's title has to be free of any liens, and you'll sign over the title to your lender as that will show them as the primary lienholder with the MVD. Since these loans don't always require the car to be inspected, you may be asked to provide extra documents to underwrite the loan and prove the vehicle exists.
Since we're not inspecting your vehicle in person, we'll still need some proof that your vehicle exists, is in good condition, and is titled in your name. Here's a further breakdown of what's required for a title loan with no inspection:
Photos or video proof of the vehicle: We need clear images or videos of your car from several angles. Ideally, your vehicle shows the inside and outside of the car, the odometer reading, and the engine compartment.
Vehicle Details: In addition to the vehicle information you first provided, we need the current mileage, VIN, and other identifying features of your vehicle.
Vehicle History: We often require a vehicle history report for higher loan amounts. You may also need to send in a vehicle accident report from your insurance company.
By sending in the photos, videos, and documents mentioned above, you can save considerable time and energy while providing us with the required details to underwrite your loan request.
Fees And Interest Rates For Online Title Loans With No Store Visit
The typical rates for online title loans with no inspection are higher because there is more risk involved for the lender. Since they can't physically inspect the vehicle, they don't have as much information to go off of when approving the loan. For that reason, these loans come with higher interest rates and repayment options that are less favorable than what you would get with a personal loan lender. While a typical title loan or registration loan in AZ comes with an APR of around 50%, a title loan without a vehicle has rates of around 100%.
The processing fees for no-inspection title loans may be higher as well. Expect fees for checking your credit and originating the loan, but most lenders will often roll these charges into your total loan amount. Since there's no need to check out the vehicle, you may save money as there are fewer upfront underwriting requirements.
Bad Credit? No Problem With Desert Title Loans!
Typically, title loans without an inspection don't require a credit check, and you can get approved with multiple charge-offs and loan defaults on your credit score.
The main requirement for this type of loan is to have equity in your vehicle and enough collateral to secure the loan. That's why you can qualify for bad credit title loans even if you've missed credit card payments in the past! Bad credit title loans are available for anyone, regardless of whether you meet with a title loan lender in person! Call Desert Title Loans at 623-526-5001 to see how much equity you can pull out of your vehicle.
Disadvantages Of Auto Title Loans Without An Inspection
Desert Title Loans works with companies in Arizona that fund these no inspection title loans quickly, but there are a few things to consider when applying. First, loan amounts are often lower than what you would get from a typical title loan, where you bring the vehicle for inspection. That's not a concern if you're looking for a low loan amount. But what if you want to borrow more than $1,000? In that case, you may be better off taking the vehicle in for an inspection. A lender is more willing to offer a title loan of $1,000 or more if they've physically seen the car and confirmed that it's mechanically sound.
Another disadvantage is the APR. Any title loan will have high interest rates and only be higher if you get approved online without visiting a store. Without an inspection, there's more risk for the lender, who will pass that risk to the customer through higher rates.
The Takeaway - Should I Get A No Inspection Title Loan?
If you need cash quickly and don't mind paying a higher interest rate, title loans without an inspection could be a lifesaver if you have no other options. Saving time by not dealing with the hassle of an inspection can be worthwhile for some borrowers, and it may not even be necessary if the lender accepts pictures or video proof of your car.
Applying for title loans without an inspection from Desert Title Loans is the same as applying for a traditional title loan, with a few minor exceptions. You will complete the process online or over the phone. Apply online or call 623-526-5001 to get a same-day loan without an inspection today!
