What Do You Need To Get Approved For An Auto Title Loan?

Life is full of surprises. While some are good, others are not so great. An example of a negative surprise in life is an unexpected expense that you cannot afford to pay. When this occurs, where do you turn? How can you come up with the cash you need to pay this bill? One option is an auto title loan. You can apply for one if you have the following things in hand.

A Vehicle and Its Title

As the name suggests, an auto title loan is a loan type that requires a car title. If you do not have a car, you cannot get an auto title loan. If you have a car but do not have the title, you also cannot get one. To get one, you need a car and its title. Most lenders do not care what type of vehicle you have. They will want to make sure that the vehicle runs and that it is your car. To prove these things, you can bring the car and title with you when you apply for the loan.

The Vehicle's Registration and Proof of Insurance

Additionally, you must have the vehicle's registration and proof of insurance to get approved for an auto title loan. The registration must be current, and you must have auto insurance on the car. The lender will offer you money in exchange for the title, so the lender takes risks when issuing you money. To protect themselves, lenders require proof of these things before issuing the loans.

A Driver's License

It is also important to know that you must be at least 18 years old to apply and have a current driver's license. Your driver's license proves your identity and address. It shows that you can legally drive, and it also shows your age. A lender will not issue the loan without a driver's license.

Proof of Income

Finally, you will need to show the lender that you have the ability to repay the money that you borrow. To prove this, you can show your recent pay stubs. Your pay stubs prove that you have a job, and they show the amount of income you earn from it.

Do you have these things? If so, you can use them to acquire cash through an auto title loan. If you need some money now, visit a lender that offers auto title loans in your area.