Completely Online Title Loans With No Inspection
It's now possible to get a title loan online in Florida without an in-person inspection. In some cases, you don't need to meet with a lender in person or conduct an in-depth vehicle inspection to qualify. Now that most companies are entirely online, you can finish the application and underwriting processes from home.
For many applicants, traveling to an in-person inspection location isn't an option due to time, distance, or scheduling issues. For people who want to save themselves the hassle of this process, read on to find out what's required, how to apply, and what terms to expect.
What's Required For A No Inspection Title Loan
First, you will have to fill out an application with a lender that offers title loans entirely online without a requirement for an inspection. Most large companies in Miami and Daytona will allow customers to send information and documents online. However, some will still require a vehicle inspection when you hand over the pink slip, and this is almost always the case when you're borrowing $5,000 or more. To ensure security, some applicants will do this at public locations, such as the Miami-Dade DMV.
The documents you need for a no inspection title loan are your photo ID, proof of employment/income, insurance, and proof of address. You also need proof that you own the vehicle, typically provided by a paid-off car title. The car's title must be in your possession, and you must verify that no other lender or person can claim ownership of the vehicle.
Regarding visual proof of the vehicle without an inspection, some companies used to accept photos to verify the car, but most now accept a short video instead. You'll need to take a 30 to 60-second video of your vehicle that shows the entire interior and exterior in 360 °. Still, your lender may also request close-up photos to inspect anything that could reduce the vehicle's resale value. Once the video is complete, you'll need to send it to your lender, who may request a video call to walk you through the inspection and answer any questions they have.
Qualify For Online Title Loans Without Inspection
Get started now with our online application. At Florida Title Loans, we can get you underwritten and approved entirely online without an inspection, or you can start the pre-approval process over the phone at 888-986-8505. We don't need much from you other than your car's title, and proof of income and we'll let you know in minutes whether you're pre-approved and how much money you qualify for.
While an inspection is not always necessary in Florida, some Miami title loan lenders require a copy of the car key or the installation of a device to track the vehicle. GPS tracking is less common than it used to be because loan amounts are generally smaller in Florida. However, your lender reserves the right to require you to install a GPS device if you want to borrow more than $10,000.
While customers may not be comfortable with a tracking device, it can help your lender feel more confident when deciding whether to approve your application. It mainly assures them that they can track down your vehicle if you miss payments and default on the loan. After your online application is approved, you can sign the contract electronically and hand over your car title after the lender is added as a lienholder.
The last step is the best part: getting your money. Many companies will deposit the funds directly into your bank account with no hassle. If you need the cash quicker, you can pick up the funds in person at an authorized lending location or ask about a money order, which is typically ready in an hour or less.
Loan Amounts and Rates For No Inspection Title Loans
No inspection car title loans are ideal for borrowers who don't want to deal with the hassle of a vehicle inspection, but in some cases, they can result in a reduced loan amount. This is because lenders often want to see the vehicle in person, as it gives them more confidence that your car exists and is not in poor condition. These loans are ideal for people seeking a loan of $2,000 or less, as the lender is willing to take on more risk in exchange for a higher interest rate. These loans are also typically offered alongside boat title loans and other types of title pawns, where the loan amount is often lower than the vehicle's value.
Similar to the trade-off with lower loan amounts, you should expect a higher interest rate with a no-inspection loan. These rates can reach 30% for the first $2,000 financed.
No Inspection Online Title Loans With Poor Credit
Having poor credit can make a title loan more appealing for some people. Another reason to move forward is that companies offering these loans can expedite funding with an entirely online underwriting process. It becomes easy to gain approval if the vehicle is owned free and clear. A lender can create a contract and loan agreement in as little as one business day.
Borrow $1,000 or more with your vehicle's equity and pay it back over 12 to 48 months, all without the hassles of an in-person vehicle inspection. Call us at 888-986-8505 or apply online to see how much money you can borrow with a licensed lender in Florida.