Are you fed up with being turned down by financing companies and banks because of your income, credit, or property ownership? For those with similar financial hardships, it might seem that credit and financing options are almost impossible to get. You can still get approved for a car title pawn despite having poor credit.
There are many requirements when applying for traditional financing options. However, almost every financing officer must review these requirements before approving or denying an application.
Learn more about the top title pawn requirements that borrowers can expect from car title lenders.
Proof Of Ownership
The basic requirements for all title pawns are vehicle ownership and valid state-issued identification. Most title pawn lenders don’t require credit checks, so it is important to prove the identity of the borrower on all title documents.
You must have the following documents in your name to prove you are the owner of the vehicle in question:
- Vehicle Registration – You may be eligible for a title pawn even though you are still paying on the vehicle by getting a 2nd lien on the remaining vehicle pawn value.
- Original Vehicle Title – If the vehicle is yours, you might have more equity than if it was still being paid for.
- Title Receipt – If a title is processed, the tax collector will give the customer a receipt for the title. It is a document that shows all of the necessary documentation to prove ownership that can be used if the title is electronic.
Owners will also need to prove that the vehicle is being driven in good condition.
Title Liens Solved
To be eligible for title pawns in most states, your title must be free and clear. The current lender will have the first right to repossess the vehicle if there is an outstanding lien. Jacksonville Title can offer 2nd Liens for your vehicle for certain borrowers. A 2nd lien is state-specific so may not be offered to residents in other states.
A lien on your car also means you don’t have the title. You don’t have to own the car outright, but you can still provide proof of ownership by providing a vehicle registration or title receipt in your name if the vehicle is still being paid for.
You might be eligible to apply if you have only a few outstanding payments on your car’s existing lien. This is dependent on each creditor, so make sure to contact them before you make any major decisions.
The value of your vehicle along with other factors like income will determine the amount you can expect to receive. Therefore, you must verify the condition of your car before you apply for a title pawn. To determine the value of your vehicle and how much you will walk away with, certain paperwork will be necessary. Jacksonville Title offers two locations where you can bring your vehicle in for a quick inspection. If qualified, the funds can be deposited directly into your checking account or handed to you with a check depending on whether you are in the servicing area or not.
It is possible to borrow money against a car that you are still paying off. Lenders subtract the amount that you owe from the car’s value to determine how much vehicle value is available to borrow against.
Title pawn borrowers do not have to give up their car to get title pawns, but they must be able to show that the collateral is of high quality.
As with any application, it is important to verify your identity. All reputable title lenders are required to see a valid ID.
A simple ID issued by the government is sufficient in most cases. Other criteria may be required, however:
- Valid Driver’s license
- Valid State Issued Identification card
Auto title lenders take identification very seriously to prevent unauthorized borrowers from obtaining a title pawn with false documentation.
Legal identification is also required to verify the borrower’s identity. This service is available only to people over 18 years of age. One reason for the legal identification is to prevent underage car owners from obtaining illegal funds, it is necessary to present a photo ID.
To prove your current residence, some lenders may also ask for secondary identification such as a current utility bill, current phone bill, or current bank statement showing your current address.
Title Misplaced or Lost
If you don’t possess the “pink slip”, is it possible to get a car title pawn? To complete the process, there are a few steps you can take to smoothen the rest of the application.
Visit your local DMV office to request a copy of the title of your car. You can request a copy of your car’s title by filling in a form and providing proper identification.
A small charge is usually required to process your duplicate title request. This service will cost you between $20 and $30.
You might be eligible to apply online for a duplicate car title, depending on where you live. Online applications will require you to provide specific information about your car.
- Number of the license plate
- Vehicle identification number (VIN).
- Zip code
- Name of the owner
This information will enable the DMV to locate your original title and produce an officially certified copy that can be accepted by your title lender.
Evidence of the Ability to Repay
While income information is not the only way to determine a borrower’s ability to repay the title pawn, many creditors will require proof of incoming funds. It doesn’t matter if this is a formality; the auto title lender must have some proof of income so they can verify your ability to pay the agreed-upon repayment terms. Jacksonville Title will allow you to qualify even if there is no proof of income. However, if your income exceeds $1,000 per month, you may be able to borrow more money than you would if you did not have any proof.
What if I am not currently employed?
You can use other means of income. Proof of income can come from a variety of sources:
The applicable income sources may include:
- Insurance for the disabled
- Retirement savings
- Unemployment benefits
Consider the requirements of your local title pawn provider to ensure smooth approval. To determine your eligibility, you can complete an online title pawn application before you drive to one of our offices. If you are located outside the servicing area you can complete the entire process online by providing certain required documents.
It is as easier to get a title pawn than getting a traditional loan. The entire process could take as little as 30 minutes. It can be significantly faster if you prepare some basic information before you begin applying.
Call us at (904-880-2274), or at the West Location through MacClenny at (904-353-2274). We are happy to assist you with the process and let you know if you qualify and how much you may be able to borrow.