using car title as collateral for personal loan

How To Get A Personal Loan Using Car Title As Collateral

Getting a personal loan using car title as collateral is a common way to get cash together on short notice these days.

That’s because providing collateral allows private lenders to simplify qualifying requirements and offer the potential borrowers more flexible terms. This means that a bigger range of borrowers with different circumstances are welcome when compared to traditional financial institutions (i.e. banks).

A car title is considered to be one of the most common and dependable collaterals the borrower can use. This gave birth to the online title loans Delaware offers.

In the article below, you’ll learn all you need to know about getting a title loan through Delaware Title Loans, Inc.

Am I Eligible For A Car Title Loan In Delaware?

First things first, here is how to make sure you are eligible for a title loan.

While it is one of the most accessible loans out there, it does focus on a specific group of people.

Luckily that group is quite large. All it takes to be a part of it is to:

  • Be over 18 – and able to prove it with a government-issued ID.
  • Own a car – since you’re using the title as collateral, it must be in your name and completely lien-free – the car can neither be financed nor have any outstanding judgments against it.

Other than that, every vendor has its individual qualifiers. But at Delaware Title Loans, Inc. we keep things simple.

Here’s what you’ll need when you get your loan through Delaware Title Loans, Inc.

requirements for personal loan using car title as collateral

What Are The Qualifying Requirements For A Delaware Title Loan?

The easy accessibility of car title loans in Delaware usually works in their favor by offering quick assistance for those in need of urgent financial help.

Delaware Title Loans, Inc. does its best to assist its customers and welcomes all types of credit. Here is what you need to provide for your loan procedure to get started:

  • A valid driver’s license or state-issued photo ID (to prove you’re over 18).
  • Your vehicle to determine the maximum loan amount.
  • The vehicle’s lien-free title in your name to act as collateral.

How Much Money Can I Get With A Personal Loan Using Car Title As Collateral?

At Delaware Title Loans, Inc. you can get up to $15,000 based on the value of your vehicle if you qualify.

Can I Get Approved For A Title Loan If I Have Bad Credit?

Yes, you can. Delaware Title Loans, Inc. is open to borrowers of ALL credit types.

As you’re getting a personal loan using car title as collateral, the state of your credit history is secondary – it’s the state of the required items that matters first and foremost.

If the items you provide are up to the lender’s standards and your title gets accepted as sufficient collateral, you have a good chance of getting approved for the title loan even if you have no credit at all.

Can I Get Approved For A Title Loan If I Don’t Have A Stable Income?

Yes, you can. You can have unstable income, be starting a new job (unable to provide a recent pay stub), or be outright unemployed – and still get approved for a title loan.

This is because you’re getting a personal loan using car title as collateral. This type of loan is called a secured loan. By providing collateral you guarantee that the lender’s assets are protected even if your employment situation is unclear.

You aren’t asked to provide proof of income, and any means you plan to use to pay the loan off are up to your discretion.

car title loans delaware

How To Get A Title Loan Near Me In Delaware

You can easily get started from the comfort of your own home, by submitting a filled-out form on Delaware Title Loans, Inc. or by directly calling the nearest store.

Either way, a loan representative in charge of your process will provide in-depth information about the process, answer any questions you may have, and set up an appointment for you.

Drive your car to the appointment and make sure to have the ID/driver’s license and the car title with you.

The loan representative will need to inspect your car and assess the documents to decide if you qualify for the loan, what’s the maximum loan amount you qualify for, and what your terms should be.

If they decide to approve you, they’ll walk you through the final steps of the procedure right after, and you’ll get the money you qualified for the very same day.

Submit An Online Form Today

Now that you know how to get a personal loan using car title as collateral, get started right now and get the cash you need by the end of the day! Submit your online form to get started.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.