Is It Possible To Get Vehicle Title Loans Without Proof Of Income?
Vehicle title loans are a resource used by many to tackle major emergencies. But one common question we get at Wisconsin Auto Title Loans, Inc. is whether it’s possible to take out a title loan without proof of income. Unsecured loans usually require checking accounts and proof of income, while secured loans do not. As such, you can get a title loan without proof of income since the loan is secured by your car title.
Hopefully knowing that you don’t need to meet an income threshold to get a vehicle title loan is a relief, but that doesn’t necessarily mean a title loan is right for you. There are still things you need to understand about this loan and why we don’t require proof of income. Understanding these things is the only way to really know if this is the right loan for you. In this article, we’ll highlight why you don’t need proof of income for a title loan and when it’s best to consider one.
Why Isn’t Proof Of Income Required For Title Loans?
You might be suspicious of loans that don’t require any checking accounts or proof of income, and rightly so. In some cases, these can be indicative of fraudulent companies and scams. Banks and other traditional financial institutions almost always require proof of income on unsecured loans to ensure that the borrower is able to repay the loan. That makes sense for unsecured loans, which do not require collateral.
Secured loans, however, do require collateral to back up the loan. These loans are sometimes more appealing to lenders because the collateral provided offers an incentive for the borrower to repay the loan. With vehicle title loans, for example, your car title serves as the collateral, and we as the loan lender have ownership of the title while you repay the loan in full. Once done, you reclaim the title and we remove the lien.
Proof of income, then, is irrelevant in secured loans, since collateral incentivizes borrowers to repay the loan and strongly mitigates the risk of defaulting. In turn, collateral greatly lowers the risk for us as the lender. It’s a win-win situation for people with lower income or bad credit who still own their car outright. Just do know that there is always a chance we will have to check your credit – especially if you qualify for a large sum of money.
When Are Vehicle Title Loans An Option?
In order to understand when title loans can help you, it’s good to understand when you should not get this kind of loan. You shouldn’t use a vehicle title loan if you don’t truly need one. That may seem obvious, but it can be tempting to use loans to fund big purchases that are not vital. While we don’t ask why you need this loan, you should know that this loan was designed for emergency situations and not for frivolous means.
Using them for emergencies like urgent home repairs, medical bills, rent, or emergency travel, on the other hand, is what this loan can help you with. In addition, using a vehicle title loan for emergencies avoids the risk of nonpayment for bills. Basically, if you have an expense that can only get worse if left unpaid, this would be a good indication that a title loan from us will help you out. Remember, this loan is here to help, not completely solve your money problems permanently.
What You’ll Need To Show Us
Now that you know you won’t need proof of your income to qualify for vehicle title loans, you are probably wondering what we actually do need to see. Well, you are in luck because the list of items we need to see is short and easy to remember. In fact, we only require three items for us to determine if you can get this loan. If you’re ready to move forward with the loan process, you’ll need to make sure you have the following:
- Your driver’s license or state-issued ID
- Your lien-free vehicle title
- Your car itself for inspection
You won’t need a checking account or good credit to be approved, but you should ensure that your car title has no judgements against it; otherwise, we won’t be able to help you. You also need to make sure your name appears on the title. Make sure to make any necessary changes to your title before you come see us. And while you are at it, make sure your vehicle is in good condition before we begin the vehicle inspection.
Our Simple Application Process
The loan process is simple once you understand the above things about vehicle title loans. You’ll start by filling out the quick request form found on our homepage. Once done, just wait for a representative to call and schedule a meeting for the vehicle inspection, which can either be at the nearest store or at a location of your choosing. The loan representative will review them and determine if you qualify. If you are approved, you may receive your money either on the same day or the following business day.
Get Your Vehicle Title Loan Today!
Vehicle title loans are one of many options you should consider to bolster your short-term financial issue. The great part about title loans through us at Wisconsin Auto Title Loans, Inc. is that you don’t need proof of income to be approved. You just need to provide the three items we went over and we will let you know if you qualify. If you’re ready to get started, fill out our online form right here on our website today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.