You Need Several Documents to Apply for an Auto Title Loan
Yes, you can take out a title loan with a bill of sale for your car! But that’s not the only documentation you need to obtain approval. Title loans can be excellent financial options for people who struggle with their credit scores but need money quickly. The initial requirements aren’t very demanding compared to traditional bank loans, and the documents aren’t hard to gather!
However, you must meet the initial requirements and submit the correct documentation to obtain approval for this loan. This process can be more straightforward than unsecured loan options and accessible to people from various financial and career backgrounds!
Learn more about taking out a title loan using a bill of sale by reading on. You can also fill out a pre-approval form or call to speak directly with a title loan agent with 800LoanMart today!
What Is a Bill of Sale?
The bill of sale is the receipt from the car you purchased, whether from a dealership or a private seller. You must present the bill of sale at the DMV office to qualify when applying for a vehicle title. This document proves to government officials that you are the legal car owner, leaving a critical paper trail for future owners.
Without a bill of sale, you cannot have a qualifying vehicle title in your name, and therefore you cannot apply for an online title loan. While you can’t use a bill of sale alone to prove car ownership for a title loan inquiry, you can use the car title. If you don’t have the car title in your name, you can use the bill of sale to prove ownership when applying for one.
What Are the Requirements for a Car Title Loan?
The initial requirements for a car title loan are relatively simple, especially compared to traditional bank loans. When people think of applying for an unsecured option, they imagine a complicated and drawn-out process that can add more stress than it relieves.
With a car title loan, you can inquire about funding online from the comfort of your home! The process can be convenient if you meet the initial requirements. For a car title loan, you must:
- Be an Adult at Least 18 Years of Age or Older
- Have a Qualifying Vehicle Title in Your Name
- Have a Qualifying Vehicle With Some Positive Equity
- Show Proof of Consistent Income
As with most loan options in America, you must be 18 years old to apply. You can prove this with a valid government or state-issued photo i.d.s, like a driver’s license or passport.
Next, you must have a qualifying vehicle title to apply for a title loan. While you can’t use a bill of sale alone to prove your car qualifies, you can also use the vehicle title! If the car title is in your name and you have the bill of sale, you can proceed with a title loan inquiry. With a completed bill of sale, you can potentially apply for a car title transfer to get a title loan.
You will also need a qualifying vehicle with some positive equity and proof of consistent income. Car equity means your car’s value is worth more than what you still owe in payments. For income proof, you don’t need to work a traditional 9-5 job to qualify for funding potentially! Many sources may be acceptable.
What Documents Do I Need for a Title Loan With a Bill of Sale?
As mentioned earlier, you need more than just the bill of sale to apply for a title loan online. After gathering the necessary paperwork, you can conveniently submit them via email or fax! If you’re missing the driver’s license or vehicle title, contact the DMV in your area to learn about replacements.
For a title loan, you will need the following:
- Valid Government or State Issued Photo I.D.
- Proof of Residency
- Proof of a Qualifying Vehicle Title in Your Name
- Proof of Consistent Income
- Recent Photos of the Vehicle
Apply for a Title Loan With a Bill of Sale Today!
It’s never fun to experience an emergency that requires money. Maybe you’re late on rent or need to make last-minute travel arrangements. Whatever the reason, finding money when you have a bad credit score can be challenging.
The good news is that you can take out a title loan with a bill of sale as long as you have other supporting documents too! You also need proof of identity, residency, income, recent photos, and a qualifying vehicle title in your name. Inquire about a title loan today by filling out this inquiry form or calling to speak with a title loan representative.