How Fast Can You Get a Car Title Loan?
With a title loan, the value of your vehicle is appraised and cash is given based on the value of your vehicle and your ability to repay the loan. Title loan availability is based on which state you live in and is accessible if you own your car and have the title of the car in your possession.
You may have seen advertisements for instant cash for car titles, and it’s true, a title loan can be an option to get access to cash quickly. Because your car is used as collateral, there’s no need to wait for bank approvals. Credit score is also not a factor when it comes to title loan eligibility—what matters is that you have possession of the car and that your title is lien-free.
Understanding the process and making sure you have all necessary paperwork in place prior can make things seamless as you seek a fast title loan. Bringing your car and the car’s title to a title loan lender can speed up the process for your title loan, allowing you to earn a decision within 30 minutes and leave with cash in hand. Here’s how to get a quick title loan.
How to get a car title loan fast
First, make sure that a title loan is available in your area. Advance America has over 1,500 store locations in the United States; click here to see if title loans are available in your state.
Next, make sure that you have the title of your car in your possession. If you’re still making payments or have a car lease, then a title loan is not an option and it may be a good idea to seek alternative loan options like a cash advance or installment loan. Once you’re sure a title loan is a good fit for you, you can prep to get your cash in as little as 30 minutes.
1. Gather your paperwork
In addition to the title of the car, you’ll need to have some other documentation on hand. Make sure to bring the necessary documents with you to apply. This can vary by state, so check your state here. In general, this is what is needed to apply for a title loan at Advance America location:
- Car title
- Government-issued ID, like a driver’s license
- Proof of residence, such as a utility bill
- Proof of income, such as a check stub or direct deposit
- Vehicle registration and insurance
If two people are listed on the title, both may be needed to approve the loan. Your monthly income may be used to calculate the loan offered to you. If you have any questions regarding your specific situation, call in advance to make sure you have everything you need.
2. Drive to your nearest Advance America location
Your vehicle’s condition will be appraised to determine the value of your car. Bringing your car in and allowing it to be appraised in person can make sure that the loan is processed as quickly as possible. Advance America has over 1,500 locations throughout the US; use the Advance America map to find a title loan near you.
3. Have your car appraised
Once you get to your nearest Advance America location and begin your application, Advance America employees will appraise the condition of your car. This, along with other information in your application, such as your proof of income, will determine the total value of your title loan. Bringing your vehicle in for appraisal is the quickest way to get cash in hand.
4. Await a decision
Once the car is appraised, Advance America will make a decision on your loan. The more thoroughly you complete the application, the easier it will be for a decision to be made. This is also a time to ask any questions you may have about the terms of the title loan, including interest rate, repayment schedule, and any additional fees.
While many title loans companies can include additional fees for paying off your loan early, Advance America does not penalize you for paying off early.
5. Approval earns instant payout
Once you earn loan approval, you will sign a loan agreement and can leave with cash in hand.
In a car title loan, you are still able to drive your car as normal, but the lender has possession of your title. Once your application is approved and signed, the loan will be given to you in cash. The loan will be in one lump sum, based on your application and vehicle’s value. Once your loan is paid back, the title will be given back to you.
If you are unable to repay your title loan as schedule, lenders may be able to repossess your vehicle to pay back the loan.
How to increase your chances for car title loan approval
To improve your chances for car title loan approval and to get cash fast from your title, try these tips. In some cases, another type of loan option may be more appropriate for your circumstances.
Check your state
Not every state permits title loans. Advance America offers title loans in Alabama, Delaware, Idaho, Illinois, Louisiana, Mississippi, Nevada, Tennessee, Texas, and Wisconsin.
States that do not permit title loans include Colorado, Connecticut, Hawaii, Oregon, Rhode Island, South Dakota, and Wyoming. Other states may have special restrictions on loans or may have certain requirements, such as mandatory-in-person requirements. Again, calling a location in advance or to an in-store visit can help you understand any requirements or restrictions for your state and make sure you have all your documentation ready.
Know your car’s estimated value
Knowing your car’s estimated value will give you a sense of what your loan may look like. It can also help you assess whether a title loan is the most appropriate loan for your circumstances. To get a sense of your car’s estimated value, use our title loan estimator to get a range. This is based on the make and model of your car, as well as the state you’re applying from. Remember, the actual loan you’re offered depends on the condition of your car, as well as other information on your application, such as your income.
Understand your ability to repay
As with any loan, your ability to repay it is a prime indicator of your eligibility. Knowing how much you can afford to repay over the scheduled repayment term can help you build a loan that fits within your budget. Your available budget will likely be understood by your lender as they look at measures of your income and current debt, so they will likely create a similar maximum on the loan they offer.
Loan repayments are usually paid monthly and there may be a fee for the origination, or beginning, of a loan. Advance America does not have an early payment penalty. This means if you get a pay raise or windfall, you can pay off your loan in full without an early payment penalty fee.
How to quickly complete our title loan application
The process for applying for an Advance America title loan is simple, here’s how you can begin your application:
1. Does your state permit car title loans?
If you live in a state that permits car title loans, then you can complete your car title application. If your state does not permit car title loans, there may be another loan option that can give you the cash you need quickly.
2. Do you own your vehicle and have its title?
With vehicle and title in hand, you can complete the application process at your nearest AA location. If the title is co-signed, the co-signer will likely need to be present for the loan application. A title loan is not an option if you do not own your vehicle.
3. Prepare your loan documents
Documents validating your income, identity, and residence, combined with your car and title, allow you to process an application. Having these prepared in advance and bringing originals in-store will help make the application process as quick as possible.
4. Apply in-store
Driving to an AA location allows the decision to be made on-site as your car is immediately appraised on arrival. To find an AA location near you, use our store locator. An in-person appraisal is an essential step for the application and can help ensure that you get the most accurate value for your vehicle.
5. Approval sees instant funding
As soon as your application is approved, you can walk out with cash in hand.
6. Repayment period begins
According to terms of loan, repayment schedule begins as loans are provided, usually on a monthly basis. Of course, ask any questions you may have. Remember, no early payment penalties means you can use a bump in income or bonus to pay the loan off early and get your title back. During the repayment period, you will drive and have access to your vehicle as normal.
The above information is provided for informational use only. Advance America is not responsible for any loss or damage resulting from your reliance on the material provided. This information is accurate as of the time it is posted; but it may not be updated regularly, so it may not be current information depending on when you read it. You should consult with your own financial professional when making financial decisions.