The 5 Simple Title Loans Requirements You Must Remember

Are you trying to borrow money, but banks keep rejecting your application because of a bad credit history? Do you need to raise the money in just a few days?

You can borrow up to $15,000 with a vehicle title loan. Unlike other personal loans, it doesn’t require a minimum credit score, minimum income level, proof of employment, or other financial statements.

There are just five title loan requirements. If you have them, Idaho Title Loans, Inc. can process your request right away, and release the money the same day or the next business day.

Read on to find out more about how a title loan works, and what you need to qualify for a loan.

5 Title Loan Requirements To Remember

1. Title Loans: Keep Your Car, Get The Cash

There are two kinds of loans: unsecured and secured loans. Unsecured loans rely heavily on credit history and income because that’s their basis for knowing that you are a responsible borrower and have the capacity to pay off the loan.

However, as you may have experienced, it can be very difficult to qualify for an unsecured loan.

Your next option is to get a secured loan, where you offer some kind of collateral or security. In the case of title loans, this collateral is your vehicle title.

You do not give up your car during the duration of the loan (a misconception that comes from pawn shops, where you surrender the valuables like jewelry). Instead, a lien or a legal claim is placed on the title and then lifted once you pay off the loan.

Since the vehicle title is the basis of the loan, then understandably most of the title loans requirements are centered around it. While any car model can be used to get a loan, the condition of the title determines whether you can use it as one of the title loans requirements.

2. Vehicle Title Is Registered Under Your Name

You have to be the recognized legal owner of the vehicle, as proven by the fact that your name is on the title.

What if your parents gifted the vehicle but their names are on the title, or if you got divorced and got it as alimony but it’s still under your ex’s name? While these are all understandable and valid circumstances, you still need to visit the DMV to have the title transferred to you.

The law requires that any property that is used as collateral must be under the borrower’s name. This is done to protect the owner so that another individual other cannot request a loan without the owner’s consent.

3. The Vehicle Title Is Lien-Free

There are different types of liens or different circumstances that may prevent you from using it as collateral.

• Consensual liens. These are voluntary agreements that secure a buyer’s or borrower’s obligation to pay for a property. Examples include taking a mortgage or car loan or using a property as collateral for a loan.
• Statutory liens. These are liens that are placed because of federal or state laws. For example, the government can place a tax lien on your property if you have not paid off taxes, or a contractor can place a mechanics lien if you have not paid him for work done on that property.
• Judgment liens. These are liens caused by a current lawsuit or court judgment. For example, if you accidentally injured someone while driving, and he files for damages, the court may place a lien on the vehicle until the matter is resolved.

The lien-free title is one of the most important title loans requirements. You can’t use a vehicle title that already is being used as collateral for another loan, or is under court dispute.  

4. You Own The Vehicle Outright

If you are still paying off the car loan, you can’t use it as collateral. That’s because the bank still has a legal claim on the vehicle until you finish making payments.

5. Government-Issued ID  

You need to show a government-issued ID with a photo. It helps verify your identity and the name on the vehicle title, as well as your residency. Here are some of the accepted IDs used for title loans requirements.

• Driver’s license
• Commercial driver’s license
• Non-driver’s license
• Passport
• State ID Card
• Military ID
• Military Dependent ID
• Federal Government Employee ID Card
• Permanent Resident Card

Vehicle Inspection

When you submit your vehicle title and ID for verification, the loan representative will conduct a vehicle inspection to determine its market value and the loan amount that you can qualify for.

During this inspection, he or she will look at the vehicle model, age, mileage, and overall condition of both the exteriors and the parts.

Apply For A Title Loan Now!

Do you meet all the title loans requirements? Then get your request started. With Idaho Title Loans, Inc., you can get the loan processed and approved right away.

Just fill out the online form on our website, and one of our loan representatives will call you to explain how it works and answer any questions you may have about title loans requirements. Then, either go to one of our branches or arrange to meet up with our loan representative at a convenient location.

At that branch visit or meeting, the loan representative will verify your ID and vehicle title, and conduct a quick inspection. This step takes about half an hour or less. When the loan is approved, you get the money the same day or the next business day—it’s that easy.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.