Title loans challenge the common idea of loans being complicated. Title loan requirements are straightforward and simple to acquire. So, while any new financial obligation can feel daunting, you won't feel quite so overwhelmed once you learn about the 3 simple title loan requirements.
Yes, you need less than a handful of items to gain access to this type of financial aid, allowing you to get the money you need quickly. Let’s dive right in:
3 Title Loan Requirements That Increase Your Approval Chances
Delaware title loans are a short-term kind of loan that lets you borrow up to $15,000 based on the value of your vehicle. These loans are best used for emergencies only and not for helping with your long-term cash flow issues.
There are only 3 requirements to qualify for a title loan. And the best part is that none of them involve having a perfect credit score:
1. You Must Own A Car, Truck, Or Van
The amount of money you can borrow is determined by calculating your vehicle's value. Therefore, it's the most important item on our list of title loan requirements.
Before you start the process, it's worth knowing how we decide the worth of your vehicle. So, take a look at the factors that contribute to the overall value below:
- Vehicle Age — A 2009 Toyota Avensis in great condition will always be worth more than a 2004 Toyota Avensis in the same condition. Each year, your vehicle's value depreciates. In fact, most cars lose up to 60 percent of their value throughout the first five years of life because manufacturers continue to bring out more advanced models.
- Vehicle Make and Model — Luxury brands such as Lexus, Tesla, and Audi are worth more than Volkswagen, Nissan, and Kia. Owning a higher-end car allows you to receive more from car title loans in Delaware than somebody who owns a Nissan Micra.
- Vehicle Mileage — Look at your vehicle's odometer before bringing it in. The higher the number, the less valuable your car. The lower the number, the more valuable your car. Typically, once odometers reach 120,000, the vehicle is worth next to nothing.
- Vehicle Condition — We consider both mechanical and cosmetic conditions. We advise you to keep up with your services, change your oil regularly, and rotate your tires as necessary to ensure the mechanical condition doesn't prematurely deteriorate. Scratches, dings, dents, and even stained seats affect the cosmetic condition. If you can, fix them before trying to get a title loan from us (especially if you're in need of a higher figure).
2. You Must Have A Lien-Free Title To Your Vehicle
Next on our list of simple title loan requirements is your vehicle's lien-free title. You must own your car outright without any outstanding judgments or liens placed on it.
Of course, it goes without saying that the title must be in your name. If it isn't, contact the DMV and request a transfer. Once your new title comes through, you can begin the loan application process.
3. You Mave A Valid Driver's License Or Photo ID
We use your driver's license to confirm your name and age. In Delaware, you must be at least 18 years old to qualify for a title loan. You can provide another type of government-issued photo identification, but people typically use their driver's licenses.
How To Get A Title Loan
Once you have made sure you meet the title loan requirements and you have your documents on hand, follow the steps below to qualify for a loan from us at Delaware Title Loans, Inc.:
- Start by filling in the form for online title loans no store visit.
- Wait for one of our loan representatives to call you back. They should do so in a few minutes after submitting the form. They will tell you about the process, explain the requirements we discussed in the previous section, and answer your questions. They will also schedule an appointment with you at a location of your choice.
- After the conversation, head to the appointment location with your vehicle, driver's license, and lien-free vehicle title.
- One of our loan representatives will ensure you meet the simple title loan requirements and will determine your loan terms.
- If you are eligible, you can complete the paperwork with the help of the loan representative.
- Finally, you will receive the money you need on the same day or the following business day.
Make Sure You Meet The Title Loan Requirements To Get One Today!
Simply reviewing the 3 title loan requirements listed above really increases your chance of qualifying. So, the next time you're in need of a quick loan, don’t hesitate to submit the online form to get in touch with your local Delaware Title Loans, Inc. storefront.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
