Online Title Loans That Don’t Require The Car
Many people know how title loans work and what’s required for approval. But did you know you can get cash from a same day title lender without showing the car? In other words, it may be possible for someone living in Florida to get some money from their car’s equity without the lender seeing the vehicle! These loans are not typical; most companies will want to verify the car exists in person. But we’ll break down a few tips to help you get cash from car title loans without seeing the vehicle.
One way to apply for title loans without showing the vehicle is to bring photos or videos of the car. The video needs to show the inside and outside of the vehicle and it must show the car runs with no problem. Expect the same with photos; you must verify that the car runs and is in good cosmetic shape.
Another option is to bring in a recent repair bill or other documentation showing a recorded vehicle history and what was worked on. This helps appease the lender as they will know you paid for some service. The lender will also require the car title and your driver’s license or government-issued ID.
Be overly forthcoming in explaining why the loan underwriter can not see the car and give them other options to make them understand it exists. If you’re honest and have everything the lender needs, they’ll be more likely to approve your title loan!
Interest Rates And Loan Amounts For Title Loans Without A Vehicle
In Florida, title loans without a vehicle offering much higher interest rates and lower loan amounts than a typical car title loan. As of 2024 you can expect to borrow up to 60% of the car’s equity value and loan amounts range from $1,000 to $4,000. Since these loans are secured by the car’s title and not the vehicle itself you’re able to keep driving the car and there’s still a chance to borrow more than $4,000 if you you commit an online video inspection of the vehicle.
Interest rates for these secured loans are higher than bank loans and in most cases they’re higher than typical title loans in Florida. The reason for these high rates are simple and that’s because the lender is taking off even more risk than if they held your vehicle’s pink slip as collateral. Look for an interest rate of around 30% for most title loans without seeing the car. Sometimes the APR can be reduced even lower than that if you have a cosigner or commit to a loan amount that’s 40% or less of your vehicle’s value. Another thing to remember with title loans without the vehicle is that your interest rate compounds and the total amount you can pay could end up being a lot more if you don’t stick to the required payment terms.
What Are The Downsides of Title Loans With No Car Required
These vehicle title loans are great for someone who’s in a bind and can’t show the lender the auto for whatever reason. But ideally, you would bring the car and have it inspected by your lender. In terms of downsides that can be attributed to title loans with no car required, there are a few. The funding amount may be slightly lower than expected with a typical secured title loan. The lender may also charge a higher interest rate because they’re taking on more risk by being unable to see and inspect the vehicle.
Another downside to title loans without a vehicle required is the fact that these loans loans are still secured by your vehicle’s title. Even if you don’t bring the vehicle in for an inspection, you still must add the lender as a lienholder to the car’s title. So if you default on the loan agreement and miss any payments the clock starts ticking until your lender can legally repossess the vehicle. After that you have time to get the car back by bringing your payments back to current. But if you do nothing and default on the loan, your car will be sold and then you’re left without a vehicle.
If everything pans out and you’re approved for the title loan without showing the car, ensure you have a solid plan to repay the loan according to the repayment terms in your contract. These equity loans have interest rates that can be nearly 100% and those terms may even be higher if you’re not letting the lender view your car!
Auto Title Loans Without The Car Being Present
Remember, the car’s title is used as collateral or security for the loan amount. As always, please communicate with the loan underwriting team and let them know you’re interested in either first or second lien title loans that don’t require the car. Explain to them why you can’t bring in the car and why it’s not available to be seen. Offer other ways to confirm the vehicle exists; there should be no further issues with the vehicle verification process.
Fill out our online application to get started and get more information about car title loans without the vehicle being present. There are plenty of ways for anyone in Florida to verify the car does exist, and you don’t always show the lender your car!
Call Florida Title Loans at 888-986-8505 or apply online to see if you qualify for a title loan without the vehicle. It will take longer to underwrite this type of loan versus a traditional title loan, but you can still save time without dealing with the hassles of an inspection. Most companies offer same day direct deposit when you apply before 2pm EST so get started today!