Online Title Loans are an easy way to get a title loan without leaving your home. As with all loans, there are both pros and cons associated with online car title loans.
Additionally, some title loan companies have different types on 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 store visit.
You can usually complete an online title loan with no inspection and no store visit from the comfort of your home.
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.
For purposes of explaining how online title loans work, we will break them into two high level categories:
- Completely Online Title Loans, and
- Partially Online Title Loans.
We go over each different type of online title loan including similarities and differences below.
Online Title Loan Requirements
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 title 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.
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 title 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.
Online Title Loan with 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.
Online Title Loans 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. It can also include responding to emails and/or text messages.
Time Consideration for Online 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 the approval 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.
Partially Online Title Loans
For 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.
In other cases the lender may visit your location if you cannot make it to theirs. 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.
Online Title Loan no Store Visit with Inspection
The first type of partially online title loan is one with no store visit that 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.
Online Title Loans – how to get the Best Rates
To get an online title loan with the best rates decide if you need an online title 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 online title 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, compare the quotes.
Research the online title loan 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 online title loan process. Read that for more information.
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.
Online Title Loan Funding
Most online title loans are funded by direct deposit. This is one of the most convenient ways to have your online title 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.