Title loans are a great alternative for people who may not qualify for other financing options due to poor credit. With a title loan, you can pledge your vehicle as security against the borrowed funds and then gain access to the money. At Georgia Title Loans, we offer these types of loans. Here is some information you’ll need before you submit your application and start the process of getting the funds you need.
Qualification Requirements for a Title Loan
Qualifying for a title loan is typically easier than it is for other types of loans. One of the main requirements is you must be at least 18 years old because you enter a legally binding contract. A driver’s license is another requirement because it serves as proof of identity. Other qualifications for this loan type are:
1. A Vehicle With a Clear Title and Insurance
Your vehicle serves as the collateral for the loan. It could be your car, truck, or motorcycle. To be eligible, you must own the vehicle in full and have the title in your name. You may not qualify if there are any liens on your vehicle’s title. Your vehicle should also have valid insurance coverage. These loans don’t work like traditional pawn shops, where you leave the item at the lender’s office. After you’ve provided your title, you can continue driving your vehicle while making payments on the loan. This is one advantage of these loans, especially for people who rely on their vehicle for work.
2. Proof of Address
Providing loan companies with proof of where you live is a main part of the qualification process. This proof can be in the form of a current utility bill or any other statement that includes your address and proof of residence. Lenders ask for proof of address to verify that customers are permanent residents of their state. Loan companies may also use the provided address to send loan documents and repayment information.
3. Proof of Ability To Repay the Loan
Before offering you a loan, the lender must verify your ability to repay it. The lender may ask you provide proof of employment or other income sources. This proof could be in the form of a recent pay stub or bank statement. Loan companies may also consider other income sources income like retirement benefits, disability benefits, or government assistance. Providing lenders with this information helps them estimate how much you could borrow and the terms of repayment. The total amount you can borrow is based on your vehicle’s value and your repayment ability.
Apply for a Title Loan Today
This loan type may be a good solution if you need urgent cash for an emergency, travel, or education expenses. Our application process at Georgia Title Loans is straightforward and fast. Submit your application online, then bring in your vehicle, title, driver’s license, and other relevant documents. We’ll determine how much you qualify for, get you approved, and you’ll be able drive away with the money and make payments as agreed. Contact us today with any questions or concerns.