Do you own a car and have the title for it?
If you do, you might be eligible to take out a title loan with it. This is obviously one of the biggest title loan requirements.
But it’s not the only title loan requirement. There are also a few other boxes that you’ll have to check before you’re able to get your hands on a title loan.
So, what are the requirements for a title loan? We’re going to walk you through them today. It’ll help you figure out if you’re eligible for a title loan and answer the question, “How do car title loans work?”, at the same time.
Here are a few other essential car title loans requirements.
You Need to Be At Least 18 Years Old
If you’re not 18 yet, you are unfortunately not going to be eligible to apply for a title loan. Being at least 18 is one of the first title loan requirements that you’ll need to meet.
You can start to figure out the answer to the question, “How do title loans work?”, if you’re under 18 so that you’re all ready to go once you turn 18. But you’re going to get automatically shut down by lenders that specialize in giving out title loans when they realize that you’re under 18.
You Need to Have a Valid Driver’s License
In addition to being at least 18 to get a title loan, you also need to have a valid driver’s license. If you don’t have a driver’s license yet or if your driver’s license is currently suspended, it will make it difficult for you to secure a title loan.
If your driver’s license isn’t valid right now for whatever reason, you’ll want to work on getting it back before applying for a title loan. Otherwise, you won’t meet one of the most basic title loan requirements.
You Need to Own a Vehicle and Have a Lien-Free Title for It
This should almost go without saying. But when you find yourself wondering, “What do I need to get a title loan?”, you’re going to need both a car and a lien-free title for that car to get a title loan.
If you aren’t the legal owner of your car just yet, it’s going to stop you from obtaining a title loan. You should look to get the title for your car prior to applying for a loan.
Once you have it, you can contact a lender to help you with automobile title pawning. They’ll be able to extend the title loan that you need at this time.
Do You Meet These Title Loan Requirements? Then Apply for a Loan Today
Taking out a title loan is a fantastic way to borrow money. It’ll allow you to use your car title to get cash fast.
Just make sure that you’re going to meet all the title loan requirements before applying for a title loan. It’ll guarantee that you’re able to move through the application process without any problems.
Learn more about how title loans work by reading through some of the other articles found on our blog.