Online Title Loans
- -Completely Online
- -Keep your Car
- -Fast and Easy
- -No Inspection
Online Title Loans are a fast and easy way to get a title loan without leaving your home. As with all loans, there are both pros and cons associated with this type of loan.
Additionally, some title loan companies have different types of online car title loans which we describe below.
FTL Title Loans offers multiple car title loans online including with and without inspection, with and without phone calls, and with and without a store visit.
You can usually complete an online title loan with no inspection and no store visit from the comfort of your home. This does depend on what state you live in and the particular title loan laws in that state.
What is an Online Title Loan?
An Online Title Loan is similar to a traditional car title loan, except part of, or the entire, process is completed online instead of in person. The portion of the loan that can be completed online will depend on the state you live in.
For purposes of explaining how these loans work, we will break them into two high level categories:
- Completely Online, and
- Partially Online.
We go over each different type of online title loan including similarities and differences below. First, what is required to get a title loan online?
Requirements for Online Loans
Online title loans have requirements similar to any other title loan from a direct lender. Typically they include the following:
- Vehicle Title
- Drivers License
- Proof of Insurance
- Proof of Income
- Vehicle Pictures
In some cases a completely online loan may also require references. These are to verify that indeed you do own and have access to the vehicle; and it is stored where you claim it is stored.
There may also be some additional requirements for certain lenders; our preference is to keep it simple and not require excessive items like GPS tracking devices and roadside assistance memberships.
Completely Online Title Loans
For completely online title loans there is no need to drive to a lender’s brick and mortar location. The loan terms are generally similar to a regular title loan, although these will vary based on the lender.
We describe in more detail how each of the different types of completely online loans work below.
Online Title Loans with No Inspection
Online title loans with no inspection are a type of completely online title loan. As the name implies they do not require a vehicle inspection. These loans are usually completed 100% online.
The vehicle value is determined from vehicle pictures and a vehicle history report. To allow the lender to get an accurate assessment of the vehicle detailed pictures of the interior, exterior, odometer, and VIN number are usually required.
Should you choose a no inspection title loan make sure to provide sufficient information for the vehicle valuation. Remember, the lender will need to assess the value of the vehicle without seeing it in person.
The best way to help ensure the valuation is accurate is to provide clear and detailed pictures of the vehicle. Also include any other documents that help communicate the condition like maintenance records or warranty information.
No Inspection and no Store Visit
The first is a completely online title loan with no inspection and no store visit. These loans, as the name implies, do not require an inspection or a store visit. The entire loan process, including vehicle appraisal, is done online or electronically.
As mentioned above for these types of online title loans the vehicle valuation is completed without seeing the vehicle in person.
Online Title Loans with No Phone Calls
Online title loans with no phone calls are completed, as the name would imply, without any phone calls. The entire car title loan process is completed online. Some borrowers prefer not to have to talk to a title loan representative.
Title Loans with no phone calls require the borrower to fill out all forms and provide all required information online. This is usually through both filling out online forms and uploaded and attaching documents.
The lender will need a method of communicating with the borrower to answer any questions and verify information. This may also include responding to emails and/or text messages.
Time Consideration for Title Loans with No Phone Calls
We should note that a quick phone call with a representative can be faster and result in speeding up both the approval and funding process.
Often, the brief phone call allows the lender to move the loan through quickly. The call allows the lender to verify information and gives you a chance to ask questions.
As stated, his can be done through email or text. Just keep in mind that, if time is a major consideration, a quick phone call can actually save time.
Partially Online Title Loans
The next category of online title loans are those are are partially completed online. This means that you will need to visit either the lender or a third party representative at some point in the process.
This is usually to satisfy a requirement of the state you live in. For example, some states require the lender to see the car in person and the borrower to sign the physical loan agreement.
For these types of partially online title loans the application process and most of the loan paperwork is completed online, but the borrower does need to drive to the lender to sign the loan documents and have the vehicle inspected and appraised.
In some cases, lenders will have a third party perform this portion of the online title loan. Why? The reason is some states have different rules regarding how a title loan can be made. Also, some lenders have policies that require a physical vehicle inspection.
Partially Online Title Loans with no Store Visit
Even in states where there are requirements like those states above; there are still options to get a title loan with no store visit. Some lenders will come to your location to complete the portions of the loan that are required to be in person such as the vehicle appraisal and loan agreement signature.
If you do not have a title loan location near you this may not be an option. These we consider partially online title loans because showing the vehicle and seeing the lender is required. The benefit is you don’t need to leave your home.
It can be difficult to accurately appraise a vehicle just by looking at pictures. They don’t provide the same level of detail that an in person inspection does.
No Store Visit with Inspection
The next type of partially online title loan is one with no store visit that does require an inspection by a third party. While no store visit is required, you will need to take the car to the third party appraiser for a brief inspection.
The other type of inspection is one where the lender actually visits your location. In this case, you start the process online and complete part 2 above at your home.
The benefit of having a vehicle inspection is a more accurate value for your vehicle. This is especially important if you need to borrow close to the maximum amount.
How to get the Best Rates
To get a title loan with the best rates decide if you need a loan with no inspection or store visit; or if you can deal with visiting the lender to complete the loan process.
Once you decide on the loan type, we recommend finding several direct lenders and asking for a quote. Use our car title loan calculator to get an estimate.
Once you have a few quotes from direct lenders that offer completely online title loans with no inspection or store visit, then compare the quotes.
Research the direct lenders and make sure they have a good reputation. Apply with the lender you feel most comfortable with that offers the most competitive quote.
Following the application there are several more steps we cover when describing the title loan process. These include making your payments and getting your title back.
One thing worth mentioning here is always read the loan agreement, in full, before signing. Make sure you understand how your loan works, what the terms are, how to make payments, and everything else related to the loan.
24 Hour Title Loans – Same Day
Most title loans are fast and FTL Title Loans specializes in fast title loans. Online title loans within 24 hours can be accomplished by meeting the requirements before applying.
One thing to take into consideration with a same day loan is whether or not you need one with no phone calls. Often, a simple 5 minute phone call can speed up the process.
Online Title Loan Funding
Many online title loans are funded by direct deposit. This is one of the most convenient ways to have your loan funded. This does, however, require is a checking account.
A checking account is not a requirement for a title loan online, so there are other funding methods. These include a paper check and a debit card.
If you need your loan funded in 24 hours make sure to check with your lender to ensure this is possible. 24 hour title loans are possible assuming you prepare for the loan properly.