Learn About How Long the Approval Process Takes for an Online Title Loan!
If you’re dealing with a financial emergency, you may be looking at different loan options to help cover the cost.
However, many loan types can take a while to process your application. Not all loan options are created equal! Therefore, it is important to choose one that works for you. If you live in Kentucky, then you definitely have some options available to you.
You can opt for a more suitable solution when applying for an online title loan in Kentucky! While a regular car title loan can be quick to obtain, you would fare better by picking a lender that works online.
That way, you could briefly get through the approval process from the comfort of your home!
Keep in mind that some online lenders can vary in the speed of the approval process. Some title lenders can approve borrowers within 30 minutes, while others can take 5 hours or longer.
It all depends on the title loan lender or provider you choose to obtain funding.
But before you decide to apply for an online car title loan, you could benefit from knowing what you need beforehand. Read below for further information.
What Do I Need to Get an Online Auto Title Loan?
After you ask yourself, “How long does the approval process take for an online title loan?” you may wonder what you need to obtain one.
But don’t worry! What you will need to get an online car title loan is straightforward and simple! There are some specific documents you must submit as part of the initial qualifications for auto title loans.
While you must satisfy additional requirements to qualify for a car title loan, you can anticipate to turn in the following documents when you inquire about a loan:
- Bank Statements, Pay Stubs, Retirement Income, or Another Document to Prove Your Income
- A Title to a Qualifying Vehicle in Your Name
- Recent Credit Card Statements, Rental/Lease Agreements, Utility Bills, or Tax Returns to Prove Your Kentucky Address
- A Driver’s License, Passport, or Another Valid, Government-Issued I.D.
- Some Personal or Professional References
Since you can apply for a title loan online, you could send your paperwork through the same method. After you send each document online, you could receive a quick approval status!
Will My Vehicle Qualify for an Online Car Title Loan?
Borrowers that choose online auto title loans for funding could simply secure money by using their vehicle title as collateral.
However, for a car to qualify as collateral, it must have a certain amount of equity. But what if you don’t know your vehicle’s equity amount?
That’s okay! You could use different online tools to help you find a rough estimate of the car’s equity.
No matter which tool you choose, you would likely have to input the following information from your vehicle:
- The Make and Model of Your Car
- The Year a Manufacturer Released Your Vehicle
- The Style of Your Car
- Any Interior or Exterior Surface Damage Done to the Car
- The Current Mileage Listed on Your Vehicle’s Odometer Reading
- Any Modifications or Alterations Made to Your Car
With that information, you could find out if you need to work on your car’s condition to boost its equity.
Also, if you’re looking to acquire a significant loan amount, your vehicle must have plenty of equity and income to justify that quantity. So if you maintain your vehicle in good condition, it could retain plenty of value!
Where Can People Apply for Online Title Loans?
Now that you have learned about how long the approval process takes for an online car title loan, it’s time to apply for one!
Fortunately, the approval process does not have to be complicated! If you choose to obtain a title loan online, you could take advantage of many loan options that offer a flexible loan application.
Talk to your provider to begin the loan approval process and see if you qualify for funding.
Take a look at the three-step process to inquire about a title loan online:
- Submit a Loan Inquiry Online or Over the Phone
- Send a Few Required Documents
- Get Your Money if You Qualify!
Contact a ChoiceCash title loan agent for more details.