Car Title Loans are secured loans. The loan is secured by the vehicle. This makes the vehicle a very important part of the transaction.
A car title loan allows you to borrow money, fast, against 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 are completed without a physical vehicle inspection. These are completed without showing the vehicle.
To get one of these loans 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 and/or inspection. In some cases the lender will come to you if you a are unable to visit them. These loans still 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 are becoming more accessible.
Can I get a Title Loan without the Car?
Is it possible to get a title loan without bringing in 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 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, 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, 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 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
Some completely online title loans with no store visit can require a third party inspection. 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 other reasons that we don’t recommend.
Reason for needing a Title Loan without the Car
So the main question you should ask yourself is why do you need a title loan without showing the car? There are different reasons for wanting one of these loans. Some are valid, some are not. A few valid reasons include:
- The car is in storage and not being driven. This is sometimes the case with classic or collector cars
- You do not have a nearby lender, or you found a better lender online
- You own the car, but do not have access to it on the day you need the loan.
On the other hand, there are some reasons borrowers want a title loan without the car that are not advisable. These can include:
- The vehicle has damage that can be masked with pictures
- There are mechanical flaws
Keep this in mind when applying for a 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, that is not advised.
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 use 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. The pictures allow the lender to complete a “virtual” appraisal.
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 getting a title loan without 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.