Can I Get a Title Loan Without a Job?
Are you currently unemployed or between jobs? Rest assured, that will not completely obliterate your chances at getting yourself a car title loan.
While having a job and being employed certainly does help your chances at getting approved for a higher sum of money, it is not the only thing that matters.
As long as you have a lien-free vehicle with an insurance policy in your name, a piece of government issued identification ensuring you are 18 years of age or older, and any proof of income if you are able to provide one in your situation (including but not limited to disability pay, fixed income pay, etc), you will be able to apply and get pre-approved for a car title loan.
All that matters is your vehicle. As long as it is running and not falling apart, chances are you will be pre-approved for a loan, just not as much as someone would if they had steady employment and proof of income.
What Do You Need To Get A Title Loan Without a Job
As previously mentioned, in order to apply for a title loan, you need a car. That is step one and probably the easiest one! Step two is making sure you have all the appropriate documentation in order.
You need the car title in your name, which must be lien free and you require insurance for the vehicle to be in your name. You will also need to provide a piece of government issued identification that proves you are 18 years of age are older, as that is the minimum age someone can apply for and be issued a car title loan.
How Being Unemployed Affects Your Car Title Loan
Without a proof of income, a lender may be hesitant to give you a larger sum of money even if your car is worth more than you are approved for. This is simply business: nothing personal. Without a proof of income, a lender does not have a guarantee that you will be able to complete your monthly.
Some institutions do not issue car title loans if the person requesting the loan cannot provide proof of income, but there are some companies that do and will!
There are other payment arrangements that can be made to accommodate whatever income you may have.
There will be special terms for you to agree to, most of which will include a clause that if you default on the car title loan, your car, which is your collateral in this transaction, will be repossessed.
This means you will not have to pay anything you were loaned, but it also means that you no longer own your car, which means you no longer have a means of transportation, which can make your situation worse, especially if you are in the process of applying for jobs and need a vehicle to get around from interview to interview.
You will have to seek out public transportation, which is sometimes very costly. But if you feel confident in your ability to gain employment before your loan is due and that you will be able to pay back the money you owe without issue, apply with confidence.
Title Loan with No Job or Income
Some lenders do not issue car title loans to anyone who is unemployed or without a source of income so you will have to contact different companies and institutions in your region to inquire about their policies and conduct.
Some places may issue car title loans to you if you are unemployed, but some may not, simply because it is a high risk investment on their part and some companies may be risk averse, which is understandable, especially if the economy is in a particularly volatile stage.
Research is your friend when it comes to seeking out a car title loan without a source of income. You will need to phone or email around to see who can and cannot assist you with your needs
On A Fixed Income? You Can Still Apply for A Car Title Loan
A fixed income is still an income and if you can provide proof of your fixed income, you are likely to be pre-approved for a set amount for your car title loan.
Naturally, you will not be approved for as much money as you would if you had a salaried or waged income, otherwise known as something more substantial and steadier, but you can still receive a title loan, just at a lower amount.
Along with the aforementioned documentation and paperwork you will need to put forth while applying for a car title loan, you will have to include some sort of proof of your fixed income for a loan specialist to assess.
This will affect the amount you are approved for as well as influence whatever terms will be mutually agreed upon when it comes to repayment. That means you can negotiate how long you will need to repay the loan as well as how much you can afford on a monthly basis.
This practice of offering title loans to those with fixed income is not available everywhere and you will have to contact your local title loan institutions, either online or in person, and inquire specifically.
Proof of Income
If you are able to explain your situation and put a compelling case forward as to why you need and deserve the title loan on your fixed income, something can and probably will be arranged.
At the end of the day, those in charge of title loans just want to help you get the money that you want and need so you can take care of whatever you need to take care of with it, whether it be bills, rent, cost of living, daily expenses, or medical emergencies.
Car title loan specialists are ultimately on your side and only want to help you and most specialists will go above and beyond to make sure you are able to get what you need to better whatever circumstance you have found yourself in to need a car title loan in the first place.
Title Loans No Insurance – How to Get a Car Title Loan Without Insurance
If you do not have the vehicle insured that you are getting a car title loan for the situation will vary depending on your location and the lender you are dealing with.
You can get a car title loan without insurance from select lenders. Other lenders will require you to get your insurance before taking out the loan.
Apply for a Title Loan without a Job Today
In some cases if you cannot afford the insurance at that time the lender can add the cost of the insurance to the loan amount. It is possible to get title loans no insurance and you should apply and speak with a loan representative to find out exactly which option you can take to receive the loan.