Car Title Loans are secured loans that use the vehicle as collateral. You borrow money, fast, against the existing equity in your car. As a result, one of the key title loan requirements is the vehicle.
Getting a car title loan without the vehicle is possible, but you will need to meet some requirements. You will also need to apply for a specific type of title loan. First, what is a 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. To get a car title loan without the car we will need to look at car title loans completed online. Fortunately these types of online title loans are becoming more accessible.
Can I get a Title Loan without the Car?
Is it possible to get a title loan without the car? Yes, you can get a vehicle title loan 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, an Online Title Loan.
There are several types of car title loans online that do not require you to physically take the car to the lender. If you need to get a title loan without the title and the vehicle, that is a problem. Ideally, you will be able to bring both to the direct lender, but there are exceptions.
Title Loans That Don’t Require the Car
To get a title loan without the car you will need to get an online title loan that does not require a vehicle inspection. These are sometimes called “completely online title loans” or “no inspection title loans”.
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. Instead of an inspection, the lender requires pictures of the vehicle to assess its value.
You will, however, need access to the vehicle to take these pictures. The lender will also check the vehicle history. These are also known as online title loans with no inspection and no store visit.
Online Title Loans without Seeing the Car
Completely online title loans with no store visit can require a third party to get a inspection. To get a title loan without the car, you will need an online title loan with no inspection, which do not require seeing the car. They do, however, require vehicle pictures.
So the question is what is the reason for wanting a title loan without seeing the car? If the answer is because you cannot drive the car to the lender, then pictures will suffice. If it is because of damage to the vehicle that you would prefer the lender not see; well this is not advisable.
Getting a Title Loan without the Car – Process
The first step to getting a title loan without the car is to apply. This is done online, you can apply online with most lenders and in a few minutes with Fast Title Lenders with our easy online title loan application. 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.
Providing Required Information
Once you apply online, you will be asked to provide additional information about the vehicle. The reason: because you are getting the loan without the vehicle, the lender needs to have enough information to provide an accurate value for the vehicle.
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 number.
Risks and Benefits of Title Loans without the Vehicle
There are benefits and risks associated with a title loan with the car. A risk is the lender may not be able to provide an accurate assessment of the vehicle value. 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.
The risk is the lender may charge a higher rate due to the increased risk to the lender involved with not seeing the vehicle. This is why pictures are so important with no inspection title loans.
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 a title loan without the car, are directly dependent on the lender. The lender sets the interest rate and fees, and all lenders are different. As mentioned, a title loan without the vehicle may increase the interest rate to account for increased risk by not seeing the vehicle.
Before getting a title loan or online 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 a 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.
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 and verify the condition of the vehicle, getting a title loan will be very difficult if not impossible. Completely online title loans with no inspection are available, although they do require you own and have access to the vehicle.