Is It Possible To Get A Title Loan Without A Vehicle Inspection?
Vehicle title loans are some of the best ways to get a loan when going to the bank and waiting a long time to get your funds is not an option. You can usually get a vehicle title loan pretty quickly provided you have the necessary documents and meet the lender's agreements. Title loans don't require you to meet any credit score criteria and the newer your vehicle is, the lower its mileage and a clean accident record, the more you can get for a title loan. The drawback is that usually to get approved for a title loan, you'll also need a vehicle inspection done, but if it is an inconvenience or you would like to forego an inspection for your own personal reasons, there are ways to get a title loan without vehicle inspection.
Why You Normally Don't Get A Title Loan Without Vehicle Inspection
Because some borrowers may try to put down false information about their vehicle in order to get more in a loan, lenders have to make sure that the vehicle is in fact in the working condition they say it is. They will usually check exterior wear and tear signs such as dents, chipped paint, rust and other features to make sure the vehicle is worth the amount the borrower wants. And they also have to verify the mileage, make sure the engine is running smoothly, and make sure other things such as the transmission, brakes, headlights and basic drive features work so that they aren't loaning out funds for a lemon. And generally the reason why title loans are only a fraction of the vehicle's total value is because the lender wants to make sure they won't lose money in the event the vehicle is in an accident or needs to be sold. But there are good reasons why people choose to get a title loan without vehicle inspection.
Why Some People Prefer Title Loans Without Vehicle Inspection
It's usually recommended to get your vehicle inspected at the title loan store because aside from verifying that your car is in good shape, the lender could also allow you to get more in your loan amount if your vehicle is found in perfect condition after the inspection. But some people still prefer not to undergo the inspection because maybe the nearest loan store is too far to drive to, or perhaps they don't feel comfortable allowing a lender to inspect their vehicle. In some cases, maybe the vehicle even needs repairs and they need to get the title loan so they can have it taken to the garage to be fixed. So if you're one of those people wondering how to get a car title loan without an inspection, there are some ways you can do it.
Online Title Loan Without Vehicle Inspection
There are some title loan lenders available that operate purely online from whom you can get a title loan without vehicle inspection. In order to do this though, you will still have to fill out paperwork that contains accurate information about your vehicle, some of which may be checked against a vehicle records database to make sure that you're putting true information in the paperwork. And just like traditional store-based lenders, you will usually have to send in your title via fax or mail because you cannot obtain title loans without title that's clear of liens and is completely in your name. There are individual city ordinances on title loans in various Texas cities which also include online title loans that you can find at the Texas State Library website, but in general to get an online loan you'll still need to verify your qualifications which include the following:
- A copy of a state-issued ID to verify your residency and age
- Income verification such as a utility bill or pay stub
- Self inspection fulfillment sheet
What Else To Expect When Getting Title Loans With No Vehicle Inspection
Vehicle title loans without inspections will usually need a little extra assurance from you that you'll be able to pay your loan in time, and you'll still need to carefully read and sign the agreement that comes from the lender. Be aware there is usually a processing fee according to the FTC's page on title loans, and for title loans that don't have an inspection at the title loan locations in Texas, that fee may be a bit more expensive. There are added benefits to receiving title loans with no inspections in that if your information is correct and your income requirements meet the lender's specifications, you can get your vehicle title loan in a relatively short amount of time. Just keep in mind since title loans that have no inspection will mean not traveling to the lender's store, you'll probably want to make sure you can have them direct deposited in your checking account and watch out for any costs to wire them there. But once you have your funds you can use them for any need you have.