Car title loans are secured loans, this means the vehicle is used as collateral for the loan. This makes the vehicle a very important part of the online title loan transaction.
A car title loan allows you to borrow money, fast, using the existing equity in your car. As a result, one of the key title loan requirements is the vehicle.
Having said that, getting a car title loan without the vehicle is possible. In fact, many online car title loans can be completed without a physical vehicle inspection.
These types of online title loans are completed without the need to show the vehicle. In these cases the title loan is done without the lender actually seeing the car in person. Instead, vehicle pictures are used to verify its condition.
To get one of these loans you will need to meet some specific requirements. You will also need to apply for a specific type of title loan. First, what is a car title loan?
What is a car title loan?
A car title loan is a way to borrow money against the equity in a vehicle. Car title loans are offered by traditional brick and mortar lenders and an increasing number of online title loan companies.
Most, if not all, of the brick and mortar lenders will require you to bring the vehicle in for an appraisal and/or inspection. In some cases the lender will come to you if you are unable to visit them.
These loans generally do require you to have the car present for the loan.
To get a car title loan without the car present we will need to look at car title loans completed 100% online. Fortunately, these types of online title loans with no store visit are becoming more accessible.
As a result it is easier to get a title loan without the car today than it was previously.
Can I get a Title Loan without the Car?
Is it possible to get a title loan without bringing in the car? Yes, it is possible to get a vehicle title loan without the car as long as you:
- Own the vehicle
- Have a lien free title, and
- Have access to the vehicle.
The real question, instead of “can I get a title loan without the car” is “can I get a title loan without bringing the car to the lender?” The answer is yes; if you own the vehicle and have access to it. You will need to apply for, and be approved for, a completely online title loan.
There are several types of car title loans online that do not require the lender seeing the car in person. If you need to get a title loan without the title and the vehicle, then that will be a problem.
Ideally, you will be able to bring both to the direct lender, but there are exceptions. In this post we’ll be covering getting a car title loan without the vehicle.
Title Loans That Don’t Require Seeing the Car
To get a title loan without the car, and without the lender seeing the car, you will need to get an online title loan that does not require a vehicle inspection.
These are often referred to as completely online title loans, no inspection title loans, or instant online title loans. As with any online title loan we recommend preparation as a first step.
You still need to own and have access to the vehicle, although you will not need to drive the vehicle to the lender. Car title loans that do not require the lender to see the vehicle include:
Online Title Loans without Vehicle Inspection
Some online title loans do not require a vehicle inspection and therefor don’t require the vehicle present. Instead of an in -person inspection, the lender requires pictures of the vehicle to perform a virtual appraisal and assess its value.
You will, however, need access to the vehicle to take these pictures. The lender will also check the vehicle history so if you haven’t checked your vehicle’s history recently now is a good time to do so.
Online Title Loans without Seeing the Car
Some title loans with no store visit can and do require an inspection by a third party. These loans would require you to visit an inspector to have the vehicle appraised.
To get a title loan without the car, you will need an online title loan with no inspection. These loans do not require seeing the car. They do, however, require vehicle pictures.
Title Loan without the Vehicle Present
Any of the above online title loans will allow you to get the loan without having the vehicle present. As mentioned, you will still need access to the vehicle in order to take current and accurate pictures.
The question is, why do you need a title loan without the car? There are good reasons for this requirement, and there are also some questionable reasons that we don’t necessarily recommend.
Reason for needing a Title Loan without showing the Car
Now that we know it is possible to get a title loan without the vehicle, the main question you should ask yourself is why do you need a title loan without showing the car?
There are various other different reasons for wanting one of these loans that are not listed. Some are valid, some are not.
A few valid reasons include:
- The car is in storage. This is sometimes the case with classic or collector cars.
- You do not have a nearby lender, or you found a better lender online that is not near you.
- You own the car, but do not have access to it on the day you need the loan. For example, someone else is using it that day.
As we’ve mentioned before the closest lender, or the lender nearest your location, is not always the best. It is common to find a better title loan online from a lender that is to far to drive to. This is one of the valid reasons; not being able to drive to the lender to show the vehicle.
On the other hand, there are some reasons borrowers want a title loan without the car that are questionable. These can include:
- The vehicle has damage that can be masked with pictures.
- There are mechanical flaws that don’t show up in pictures.
- You own the vehicle, have pictures, but do not have access to it at all.
Keep this in mind when applying for an online title loan. If you have a valid reason for needing a loan without having to physically show the vehicle then one of these loans may work for you.
If you are simply trying to hide a flaw in the vehicle, or apply for a loan on a vehicle you do not have access to, that is probably not the best idea.
Process for Getting a Title Loan without the Car
We always recommend preparation as the first step for any online title loan. The next step for getting a title loan without the car is to apply. This is done usually done online and with many lenders only takes a few minutes if you have prepared.
The first part of the process is very easy and requires filling out a simple form with basic information about the borrower and the vehicle. Vehicle pictures will be required to replace the in person inspection.
Providing Required Information
Once you apply online, you will usually be asked to provide additional information about the vehicle. The reason: because you are getting the online title loan without the vehicle, the lender needs to have enough information to provide an accurate value for the vehicle.
The pictures and additional information allow the lender to complete what we call a “virtual” appraisal. The pictures combined with vehicle history give the lender a virtual view of the vehicle without seeing it in person.
Vehicle title loan amounts are based on the vehicle value. This is usually done by performing an appraisal. Without the vehicle, the lender is making a title loan without seeing the car.
This makes assessing the value of the vehicle a bit more difficult and requires pictures of the vehicle. This includes the exterior, interior, odometer, and VIN.
Risks and Benefits of Title Loans without the Vehicle
Just like any other loan there are both benefits and risks associated with getting a title loan online without the car. A risk is the lender may not be able to provide an accurate assessment of the vehicle value without seeing it in person.
A benefit is not having to visit the lender with the vehicle. If it is a vehicle you rarely drive or is in storage, then this can be a major convenience. If the lender is located far from where you live this can also be a convenience. If you have a close lender and can easily get a title loan near you then this is less of a benefit.
Another risk is the lender may charge a higher rate due to the increased risk to the lender involved with not seeing the vehicle in person.
This is why clear and accurate pictures are so important with online title loans where the lender does not have a chance to see the vehicle in person.
The more detailed pictures you have, the better. If you can visit the lender or a third party appraiser, a traditional car title loan may be a better option.
How much do Title Loans without the car Cost?
The costs of a title loan, including those without seeing the car, are directly dependent on the lender. The lender sets the interest rate and fees, and all lenders are different.
Many states do set maximum allowable interest rates; but not minimums. This means some lenders charge less, in some cases a lot less, than others.
As mentioned, a title loan without the vehicle may increase the interest rate to account for the increased risk of not seeing the vehicle. Providing detailed and clear pictures helps mitigate this risk.
Before getting a title loan, it is worth learning how title loans work and how title loan interest is calculated. You can also use our title loan calculator to get a full payment schedule and compare costs of different rates.
Make sure to get the details on the total cost of an online title loan before signing the loan agreement. Fast Title Lenders specializes in the lowest interest rate online car title loans. Even the best title loans can be expensive, so be sure explore alternatives first.
Can you get a title loan without the vehicle? The answer is yes if you own the vehicle, have a lien free title, and have access to the vehicle. If you do not have access to the vehicle and cannot take pictures then getting a title loan will be very difficult if not impossible.
Getting a title loan without bringing the vehicle to the lender requires pictures to prove the condition of the vehicle. Completely online title loans with no inspection are available, although they do require you own and have access to the vehicle.