Completely online title loans include any loan that can be funded with the entire process being done online. This means for these types of loans there is nor requirement for a store visit, inspection, or visit to a third party for any reason.
These are often the preferred method of title loan by many online borrowers, although it is important to note that they are not available in every state. Some states require an in person visit for certain aspects of the loan process. This can include the vehicle inspection and the signing of the loan agreement.
The two main types of completely online title loans are:
We go over each of these in more detail below.
Find out more about how each of these types of online title loans work:
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.
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.
One type of loan that falls in this category is a completely online title loan with no phone calls. These are available for those who prefer not to have a phone call as part of the process. It is important to note, however, that a quick phone call can:
There are several reasons borrowers choose an online title loan with no phone calls. One is they simply don’t have time to take a phone call for various reasons including being at work. Another is the preference for privacy and not having to speak with a title loan specialist.
A completely online title loan with no phone calls provided there is another way to communicate quickly with the lender to verify information. Today’s smart phones have multiple other ways of exchanging information including text and email.
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, this 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.