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Car Title Loans without Income Verification

Title Loan with no Income Verification

Car title loans often require proof of income, however, it is possible to get a title loan with no income verification and no proof of income. This does not mean, however, that you can get a title loan with no way to repay the loan. There is a big difference between those two statements.

Can you get a Title Loan with No Income Verification?

Yes, you can get a title loan with no income verification. This is based on a couple of facts:

  1. Car title loans are secured loans
  2. Income from a job is not the only way to repay the loan

There are two main types of loans – secured loans and unsecured loans. There is a major difference between the two. At a high level, secured loans use collateral to guarantee payment of the loan.

Unsecured loans use a personal guarantee that the borrower will repay the loan. This means there is no collateral associated with an unsecured loan.

No Income Verification versus Ability to Repay

It is important to note that there is a big difference between no income verification and no way to repay the loan. It is possible to be fully capable of repaying the loan without providing verification of income.

Additionally, there is a difference between not having a job and not having any income. It is important to note that most title loan companies will require the borrower to have a means of repaying the loan.

Title lenders use a variety of methods of “income verification”. We’ll cover those methods as well as how to get a title loan with no income verification.

Purpose of a Title Loan without Proof of Income

There are a number of reasons for needing a title loan with no income verification. The most common is not having the ability to provide proof of income from steady employment (a job). Typical proof of income requirements are met by providing pay statements from an employer.

This may not be possible for everyone, even if they are fully capable of repaying the loan. In fact, in some cases, the vehicle itself can be used as a source of funds to repay the title loan without having to verify income.

How to Get a Title Loan without a Job

It is possible to get a car title loan without a job. The loan is secured by collateral, your vehicle, so not all lenders require proof of income. It is highly recommended that you have a way to repay the loan.

As secured loans if you default on a title loan it can result in repossession of your vehicle.

No Job is not the Same as No Income

Just because you have no job currently does not mean you do not have income and the ability to repay a car title loan. Perhaps the unemployment is temporary.

Maybe there is other income from other means. There also may be funds from the following sources as examples:

  1. Tax refund,
  2. Legal settlement,
  3. Annuity payment
  4. Pension, or
  5. Other source of funds.

Car Title Loans with no Proof of Income

Different income sources for title loans without income verification
Not all Car Title Loans require proof of income.

To get a car title loan with no proof of income (or verification) you will usually need to provide some evidence of ability to repay the loan.

The repayment ability can be from any source and does not need to be from employment. This means you can get a car title loan with no job.

Car Title Loans are Different than Payday Loans

Car title loans are different from payday loans in that they are secured by the collateral in the vehicle. Essentially, you pledge your vehicle as collateral for the loan in exchange for the funds.

If you default on the loan, the lender can repossess the vehicle. Learn more about secured loans: https://www.experian.com/blogs/ask-experian/what-is-a-secured-loan/.

This is what makes it easy to get a no credit check title loan. You do not need to have good credit to get a title loan, but you do need to have some way to repay the loan.

Common Title Loan Income

The most common methods of providing the title loan company with proof of ability to repay the loan typically include regular income from a job, pension, Social Security, or other regular income.

This income is usually steady and on a regular basis such as bi-weekly or monthly.

Ability to make payments
Ability to make payments is more important than income source or verification.

These are not the only methods. You can still get a title loan even if you do not have regular income. Without the ability to provide proof of regular income you will need a title loan with no income verification.

How to get a Car Title Loan with no Income Verification

Car title loans without verifying income from a job are available to borrowers with other means of repaying the loan. Funds to repay the loan can come from any source.

While the ability to repay the loan is most commonly providing with pay statements, these are not necessary. Funds to repay a car title loan can come from any source; not just income from a job.

The importance is the ability to repay the title loan. If you have no means of repaying the loan do not move forward. As stated, title loan repayment can be from any reliable source. Some sources that are not from employment include:

  • Tax Refund
  • Legal Settlement
  • Commissions
  • Other one time payments

As long as you can provide some evidence of being able to repay the loan, many lenders will be able to approve the loan. To move forward with getting a title loan without income verification simply apply online to start the process.

Car Title Loans with no Job and no Income

If you are trying to get a car title loan with no income, no job, and no way of repaying the loan, then you will have difficulty. The question you should ask yourself is how do you plan on repaying the loan?

Title Loan no Job and no Income
Title Loans without income verification are available. Title loans with no way to repay the loan are more of a challenge.

If the answer is you don’t, then you may be better off selling the car. If you get a title loan and make no payments, then repossession is likely.

Missing one title loan payment, or making one late title loan payment, is usually not a big problem. Not making any payments at all, however, is a problem that should be avoided.

How to get a Title Loan with no Income and no Job

Can you get a title loan with no job? Yes, it is still possible to get a title loan with no income and no job. You can use future income to repay the loan. Simply inform the lender that this is the case.

The future income needs to be from a reliable source. Usually this source is similar to one of the income sources mentioned above. In rare cases, you can use the vehicle as a back-up source of funding.

This means that if the initial source of funds to repay the title loan falls through for some reason; the back-up plan is the vehicle. You can sell the vehicle to generate the money to repay the title loan. This is preferable to repossession.

Vehicle as a back-up Source of Funds

It is also possible to get a title loan with no income, no job, and no way of repaying the loan. In this case you will need to plan on selling the vehicle.

You can get a title loan if you need immediate cash and want to sell the vehicle privately rather than sell it quickly at a discount.

Getting a title loan with no job using the car as a source of funds
As a last resort, the vehicle can be used to generate funds to repay the loan.

Make sure to let the lender know that this is the reason you are getting the loan and confirm that they will cooperate with the sale of the vehicle. Then, prepare the vehicle for sale and place an ad.

This allows you to get the immediate cash needed. Then, you can still sell the vehicle at a higher price than if you sold it to a wholesale buyer.

To get an idea of the difference you can use Kelley Blue Book’s estimating tools to figure out the difference between the trade-in value and the private party value.

If you move forward with this type of title loan, make sure that the difference between the trade-in and private party value exceeds the cost of the title loan.

To be safe, assume it may take 60 days to sell the car. Then, use our car title loan calculator to estimate the cost of the title loan.

Conclusion

Car title loans with no income verification and no job are possible. Always make sure to have a means and a plan to repay a title loan, even if repayment will come from the vehicle itself.

Remember that income to repay a car title loan can come from a variety of sources and does not need to be from employment.

As mentioned income can be from an annuity, pension, commissions, tax refund, legal settlement, or any other source. Just make sure to have a plan to repay the loan to avoid losing your vehicle.

Additional Questions

Can you get a Title Loan with no Job?

Yes, it is possible to get a title loan with no job. Ability to repay the loan can come from any source of funds. This can be from employment, and it can also be from any other reliable source. This can even include unemployment compensation.

Can you get a Title Loan with no Income Verification?

Title loans generally only require equity in the vehicle. They are secured loans, so the value of the vehicle is used to qualify for the loan, bot income. With that said you should have some way to repay the loan. That doesn’t have to be current income, it can be future income in any source.

Can you get a Title Loan with no Job and no income?

The only way to get a title loan with no job and no income is by having another way to repay the loan. Before getting a title loan you should have a plan to repay it.