Delaware Title Loans, Inc. can offer you a convenient title loan in Dover, DE, but it’s always wise to know what you’ll need before you kickstart the process. Here’s what we ask you when you’re seeking a Dover title loan. You’ll need your identification, lien-free car title, and car for a quick inspection to take out one of our loans.
Our loan requirements are simple, so you can rely on us without worrying about confusing conditions when you need emergency cash. In this article, we’ll dive into these three essential requirements and discuss how you can get on the fast track to obtaining a loan.
Essential Requirements For A Title Loan in Dover, DE
A title loan in Dover, DE, requires a few things from the borrower: confirmation of your identity, security for the loan, and visual confirmation that the title and vehicle match. Let’s discuss each of these more in-depth.
Identification
Verifying your identity is essential for many aspects of life, especially when dealing with financial matters. The same applies to a title loan in Dover, DE, in which you enter a legally binding agreement with our company.
Doing so requires identification, namely your driver’s license. After all, if you’re using a car for collateral, then it stands to reason that you’d also have a license to drive it. Of course, if there are extenuating circumstances, you can also use your passport, military ID, student ID, or nondriver’s license.
Your Car’s Lien-Free Title
As mentioned, title loans are secured loans. Secured loans require some assets to be at stake to ensure the borrower is willing to repay the loan. Title loans use your vehicle title as collateral, and your vehicle title must be lien-free.
A lien is a legal claim against an asset’s value, making the lienholder the de jure owner until the debt is paid. If a specific time period lapses, the lienholder can fully claim the asset.
Naturally, if your vehicle already has a lien on it, it doesn’t serve much as collateral since it technically belongs to someone else already; moreover, we use liens to mitigate the risk of lending money for a title loan in Dover, DE.
You can check your electronic title or paper title to see if a lienholder is listed (it may be a dealership, tow truck company, or another third party).
If so, pay them their dues and request a lien release form, if applicable. This document shows that they release you from the legal responsibility of paying a loan. If you have a paper title, you must apply for a duplicate title with your DMV office.
Your Car Itself
Your car’s value and condition heavily influence what you can get on your title. We must see your vehicle in person to determine the amount you qualify for. One of our representatives must check the VIN on your car and confirm that it matches the title you’re using as collateral. Factors like the make and model of your vehicle influence your loan amount.
Do I Need To Have Good Credit?
Credit plays a less significant role in title loans than in other types of loans, so you do not need good credit to secure one of our loans. At Delaware Title Loans, Inc., we welcome borrowers from all credit backgrounds!
Does The Title Need To Be In My Name?
The title needs to be in your name before you can apply. Head to your local DMV and apply for a change in the name on the title of your car.
Our Simple Application Process
If you’re ready to apply for a Dover title loan, then all that’s left to do is check out this simple process:
- Complete the request form we provide right here on our website. Soon, a representative will call you to discuss your information, review the loan terms, and set up a meeting for the vehicle inspection.
- Schedule an inspection meeting at your chosen location or one of our loan stores. Bring your necessary items to the meeting and follow through with the brief 5-minute vehicle inspection.
- Wait for the associate to assess everything. If they decide that you qualify for our title loan and you agree with the amount, you can get your money the same day or the following bank business day.
Inquire Online Today!
Now that you’ve got the simple requirements for a title loan in Dover, DE, you can rely on Delaware Title Loans, Inc. when you need emergency cash. A Dover title loan isn’t right for every situation, but it can help you out if you’re facing a financial emergency. Interested in our loan offerings? Call our helpful associates or fill out the online form to begin!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
