You have planned a lot of your retirement and a big and unexpected expense could really disrupt things. If you are considering getting a loan to spread the cost over several months, instead of paying everything at the same time, you may have met with car title loans. If you’re wondering if you could get a car title loan while you’re retired, Fast Cash Title Loans has the solution for you. They also have answers to a number of other common questions about car loan, as you have asked.
Get a car title loan online
Being retired is not an obstacle to getting a car title loan. Car title lenders are more concerned about your ability to repay the loan and the value of your car.
What do I need for a car title loan?
Whether you are retired or not, you will need the same documents to apply for a car title loan. Some of the items you will need are listed below.
Note that this list is not exhaustive and that the requirements of some lenders may be a little different. You will need to discuss with your lender their specific requirements.
- Vehicle qualification title in your name
- Photos of the front, rear and sides of the vehicle
- Proof of residence (certain pieces of mail)
- Proof of income
- Photo released by the government ID (driver’s license, state ID, passport, etc.)
Have you noticed how much you will need pictures of your car? It’s only with some lenders. Part of the car evaluation process is to inspect your car to determine how much it is worth. As mentioned earlier, not all car title loan lenders need pictures of your car as part of the car title loan process. Lenders who do not need photos require potential customers to drop off their vehicles in a traditional store for an in-person inspection.
What is a proof of income for a car title loan?
If you are retired and worry that the last way to prove income for a car title loan is a recent pay slip, you can sort out your worries. There are actually many different ways to demonstrate your ability to repay your car title loan. You can use the following items:
- Social Security
- Regulation / award ordered by the court
- Workers’ compensation
Are there hidden fees with car title loans?
Some lenders are trying to take advantage of their customers by creating confusing loan terms and hidden fees. The reputable lenders do not do it. Instead, reputable lenders do their best to create loan agreements that are not only clear but also easy to understand. In addition, their customer service representatives are happy to explain anything that may trouble borrowers.
Renowned lenders also do not include balloon payments. This means that borrowers will never receive a huge payment at the end of the life of their loan. They will never be subject to prepayment penalties either. Reputable lenders do not punish borrowers who try to repay their loan sooner.
Does bad credit or lack of credit prevent me from getting a car title loan?
Unlike traditional lenders, who are extremely concerned about your credit score, lenders are not as concerned about credit history. 5 Car title lenders are more interested in the equity of your car and your ability to repay your loan.
It may be necessary for lenders to review your credit to verify that you are not in bankruptcy proceedings. Other than that, your credit score has minimal impact on your ability to obtain a car title loan.
How much money can I get through a car title loan?
The amount you can get through a car title loan depends on several factors. The most important are your ability to repay the loan and the equity of your car.
Can I get a car title loan if I do not have my car title?
If you do not currently have the title of your car, you will need to obtain a new copy from the DMV. Some DMV locations are even able to provide you with an accelerated copy of your car title loan. The helpful staff of Fast Cash Title Loans may be able to direct you to the nearest DMV that can provide you with an accelerated car title. In special circumstances, they can even help you directly with your new car title.
The fact that you are retired does not mean that you can not get a car title loan. 5 If you have more questions about how car title loans work, Fast Cash Title Loans is here to help. They are well connected to the auto securities lending industry and are happy to try to help you with everything you need. Reach out today!