Vehicle title loans can come in handy when you need cash right away, but have seemingly run out of options. All you need is a car you own and the ability to repay the loan. Plus, you don’t have to leave the house to get the ball rolling.

Here’s what you need to know about applying for car title loans online.

What is a car title loan?

These loans usually have terms of 30 days or less. They generally require you to have a vehicle registered in your name with a clear title and proof that you have the means to make the loan payments.

You’ll need to offer your vehicle title as collateral, which could be a car, truck, boat, or motorcycle, depending on the lender. Keep in mind that because your title guarantees the loan, the vehicle could be lost to repossession if you don’t make the payments. Therefore, you should be sure of your ability to pay before applying for a title loan.

On the other hand, approval rates are high because the loans are secured. Personal bank loans are not guaranteed and are more difficult to obtain. Title loans are also an alternative to payday loans, which tend to have higher interest rates and must be paid off the next payday.

How much can I borrow?

That varies between companies and depends in part on state regulations. The amount you can borrow largely depends on two things: your income and the value of your vehicle. The latter is based on the make, model, age, mileage, and general condition of the car. Styling, trim level and modifications will also be considered.

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Online title loans require you to submit recent photos of the vehicle from all angles, taken in natural sunlight, with your application. You will also need to include shots of the odometer reading and the vehicle identification number.

However, in general, you can expect to be offered between 25% and half of the value of your vehicle. Most loans average around $1,000, though they can range from $100 to $10,000 or more.

However, how much you can get will not depend on your credit score. While a title company may take out your credit, they won’t target you. You have the title to your vehicle as collateral, so you’re not overly concerned about the risk.

In terms of income, it probably comes as no surprise that the higher it is, the more you can borrow. Of course, you will have to present evidence. Pay stubs or bank statements will suffice if you have a job. Demonstrable alternative sources of income, such as Social Security, rental property, worker’s compensation, legal settlement, pension or self-employment, and the like, are also acceptable.

What else is required?

Most title companies will require that you be at least 18 years of age, have a government-issued photo ID, and be able to show proof of residency (lease agreement, utility bill, etc.). Some lenders also require you to have vehicle insurance, in addition to personal and/or professional references.

How is the loan process?

Once you gather the required materials and apply online, you will likely receive a response the same day. You can then have the loan funds available the same day or the next day once you’ve been approved. Most lenders will have a variety of ways you can get your cash: from a MoneyGram location, direct deposit, or a nightly check.

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Applying for a car title loan online is easy, as is the financing process. If you’re sure you can make the payments, such a loan can bail you out.