No credit check title loans are one of the fastest and easiest loans to be approved for.
The reason: The value of the vehicle used to secure the loan is used instead of a credit score to determine the loan amount. Essentially, your car is your credit.
Title loans are secured by your car so most of the time no credit is needed. In many cases credit scores are not taken into account when making the approval decision.
There are, however, title lenders that do run a credit check. Often this is not a hard inquiry, but a soft inquiry. If you are new to car title loans it is worth learning how car title loans work before proceeding with one.
Auto Title Loans with No Credit Check
Can I get a title loan with bad credit? The short answer is yes, auto title loans with no credit check are widely available. The reason many lenders offer no credit check title loans is because the loan secured by the vehicle.
The fact that you can use your vehicle to secure the loan has both advantages and disadvantages. One of the advantages is that your credit score is not a major factor when determining the loan amount.
Instead of your credit score the vehicle value is used to determine the loan amount. This means you can typically qualify for a title loan even with bad credit.
Additionally, because the vehicle value plays an important role in determining the loan amount, assessing your vehicle’s value is important before applying for a title loan.
The main disadvantages of using the vehicle as security for the loan is you can lose the vehicle if you default on the loan. This is similar to any other car loan. If you stop making payments the lender can repossess the vehicle.
Difference between Hard and Soft Inquiries
Many title lenders do not require a credit check, however, some do perform what is called a soft inquiry. This does not affect your credit score. A soft inquiry is often used to verify your identity and personal information.
A hard inquiry is a credit check that does show up on your credit report and does have an affect on your credit score. It is a request for credit that usually requires your authorization.
Learn more about the differences between inquiries – https://www.creditkarma.com/advice/i/hard-credit-inquiries-and-soft-credit-inquiries/.
If you are concerned about having a hard inquiry on your credit report, make sure to check with your lender when applying.
Title Loan Credit Requirements
As stated, most title loans do not require a credit check. This means the lender does not look at your credit report and you can qualify for a title loan with any credit. This includes:
- Bad credit
- No credit
- Ok credit
- Any credit
Some borrowers have a recent negative incident on their credit report that precludes them from other forms of financing. With a title loan, this usually does not matter. The vehicle is used to secure the loan so the risk of missing payments is mitigated by the secured interest in the vehicle.
What this means is, the lender is willing to overlook the negative incident in the credit report because a default on the title loan the lender can repossess and sell the vehicle to cover the cost of the loan.
Bad Credit Car Title Loans
Car title loans for bad credit are very common. Many lenders do not check credit and those that do usually value the vehicle’s equity to make the loan. This means a bad credit title loan is typically easy to get approved for. Essentially your car is your credit.
Reasons for wanting a No Credit check Car Title Loan
Different borrowers have different reasons for wanting a title loan with no credit check. These reasons include:
- No hard inquiry – Some borrowers do not want a hard inquiry on their credit report. Hard inquiries remain on your report for up to two years, so minimizing them helps increase your credit score.
- Low credit score – Some borrowers have a low credit score which may have caused other loans to be denied. It is understandable that they do not want this to be the case with a title loan. The good news is lenders like us do not check credit.
- Privacy – Other borrowers prefer the privacy that comes with not having a credit check.
How do I get a No credit check Title Loan?
Getting a no credit check title loan is a fairly easy process. The process is the same as any other title loan since there is no credit check. Because there is no credit check, the lender will not know what your credit score is.
This means they should treat you the same regardless of your credit history and credit score. To start the process, simply choose the best title loan company and submit an application. Choosing the title lender is one of the most important parts of getting a title loan.
The Best Deal on a Title Loan with no Credit Check
Just because your credit isn’t perfect doesn’t mean you should overpay for a title loan. In fact, because the lender does not look at your credit you should get the same interest rate as everyone else.
The cost of the title loan is a key factor. Prior to entering into any loan agreement make sure the loan is affordable. If there is any question about whether or not you can afford a title loan you should consider alternatives.
Perform the necessary preparation and find the best title loan for your situation. This should result in a reasonable title loan cost.
Why is the Lender so Important?
Some title loans, and more specifically, title lenders, have a poor reputation for good reason. Many lenders, including some of the largest lenders, treat their customers poorly, charge very high rates, and do not have good customer service departments.
This can leave customers with higher than expected bills, excessive fees they were unaware of, and uncorrected issues. In some cases this can be the wrong repossessed car, a missing title, and no person to fix the problem.
To find out how a lender treats their customers, read some of the complaints from the Better Business Bureau and Ripoff Report. These are more accurate representations than other online reviews. We discuss this in detail in our complete guide on how to get a title loan.
Choosing the Best Lender
Finding the best title loan company should be a priority when shopping for a bad credit title loan or any title loan for that matter. Some lenders with poor reputation employ the following tactics:
- Charging very high interest rates
- Not disclosing all fees and costs
- Making loan agreements difficult to understand
- Aggressively collecting payments
- Making loans that are difficult to repay
- Repossessing cars with small balances
Finding a transparent, honest lender is the key to making sure your title loan is affordable and you do not lose your car. Spend some time, read about others’ experiences with the lenders, and make your decision. Learn more about preparing for a title loan.
No Credit Check Title Loan Payments
Regardless of your credit situation, making your title loan payments on time should be a priority. Your vehicle is collateral for the title loan. This means missed payments may lead to losing your vehicle.
You will want to make sure you can afford at least the minimum monthly payment. Use our title loan calculator to find out different monthly payments for different loan amounts, interest rates, and terms.
Also make sure to find out how to make your payments before you sign the loan agreement. Most lenders allow convenient payment methods like online portals and debit cards over the phone, but not all do. Some lenders still require you to pay in person.
Getting a no credit check Title Loan – Next Steps
Moving forward with a no credit check title loan is easy. Simply find a lender that doesn’t check your credit and apply. Most lenders allow you to apply online so you should be able to do this quickly without leaving your home.
To find out more about how to get a title loan and other information related to how title loans work visit us. We try to provide real, factual, actionable information that helps customers make the best choice about a title loan.
This includes a detailed explanation about how title loan interest works; which is essential to understand before entering into one. Preparation is important for any title loan
No Credit Check Online Title Loans
For car title loans online with no credit check and no store visit the process begins the same way; with an online title loan application. The application only takes a few minutes to complete and can be approved within minutes.
You can qualify for an online title loan with no credit check with good credit, bad credit, or no credit. If you need an online title loan without the car, then that will require a certain type of online title loan that is not available in every state.
Fast Online Title Loans
Online title loans are becoming more common. Not all states allow title loans and some states do not allow title loans online.
If you live in a state that does allow online title loans the good news is they can be completed quickly. Preparation is a key step to ensuring the instant online title loan is completed with no delays.
A no credit check title loan, in most cases, is simply a title loan. This assumes the lender does not check your credit. If you’re interested in learning more about our title loans simply visit our site our feel free to get a title loan estimate at any time.
Yes, you can get an online title loan with no credit check. In fact, many title loans are completed with no credit check. It is, however, important to understand the difference between a hard credit check and a soft credit inquiry.
One of the benefits of a title loan is the ability to get one without a good credit score. With a car title loan the value of the vehicle is more important than credit score. This means you can get a title loan without necessarily having a good credit score.
Some online title loans do require a credit check. This is for a couple of reasons. Some online title loan companies perform a soft credit inquiry to verify personal information. Other lenders do perform a hard credit inquiry to check credit history. If getting a title loan with no credit check is important to you then make sure to check with the lender prior to applying.