Unlike with a bank loan, title loan borrowers don’t need a bank account to be able to receive their funding.
Take a look at how the car title loan process works, and how to receive the emergency money needed.
Title Loan Approval
When working with Max Cash®, in our online questionnaire, we ask for contact information, monthly income, and vehicle information.
A client does not have to have a bank account in order to qualify for a loan. Typically, lenders may ask for bank account information in order to determine eligibility. By seeing how much money a person earns, a lender can determine if a borrower has the funds to pay back a loan.
We look at a person’s monthly income rather than how much they have saved in a bank account. Not everyone has a checking or savings account, and that’s ok. Max Cash could connect clients with lenders who may not need bank account information.
When applying for a car title loan, lenders will generally ask for the same documents and information. But because every borrower’s financial situation is different, this may not always be the case.
Here’s a list of documents and information that a borrower may be asked to provide:
- A government issued photo ID
- Social security number
- A working car title in the inquirer’s name
- Proof of income, and residence (Paystub or utility bill)
- Pictures of the car
- Personal references (sometimes)
How a Car Is Valued
The amount a borrower is given in a loan amount is dependent on two main things, their monthly income, and the value of their car.
The value of a car is determined by a few different aspects, such as:
- Make and model
- Model year
- Mileage
- Current condition
If a car has had any modifications, the value may be diminished or the car may be ineligible to receive a car title loan. Let Max Cash know if a car has been altered in any way.
We have compiled a list of various vehicle makes and models, along with the average loan value they received.
How to Make Payments if You Do Not Need a Bank Account to Get a Title Loan
Making payments to a lender shouldn’t be hard or inconvenient. The lenders we work with provide various payment options so that when the due date arrives, a borrower isn’t running around town.
The type and number of payment options vary by lender. But usually, lenders will have the following repayment options:
- Pay by phone with a credit card
- Pay online with a credit card
- Pay by smartphone
- Visit a participating store
To verify the various payment options available, contact the lender. Having a bank account is not needed to make payments, but options may be limited to those without a checking account.
Default and Repossession
It is important that a borrower keep up with their payments. If a payment is missed, it is advisable to keep in touch with the lender.
If a borrower knows in advance that they will miss a payment, they may ask the lender for an extension. Most lenders will work with borrowers that reach out for assistance. An extension would buy the borrower more time to get the money together.
But if a borrower continuously fails to make payments, and doesnât maintain communication with a lender, they may default on their payments. Default means that a person failed to meet the legal conditions of a loan, and their car could be repossessed. The number of missed payments that result in default varies by state. Check out this website on repossession laws by state.
If a borrower makes no attempt to contact the lender or resolve the issue, the car will be sold at auction. The money made from the sale will be used to cover the loans remaining balance. But if the money doesn’t cover all of the loan, then the borrower will still be responsible for making up the difference.
But don’t worry! Lenders aren’t just sitting around looking for reasons to repossess cars. Often, they would much rather work with borrowers in a tough financial crunch. So make sure to keep in touch with the lender. They can’t provide the help needed if they aren’t asked.
Max Cash Advantage: You Do Not Need a Bank Account to Get a Title Loan
Firstly, Max Cash takes the work and frustration out of acquiring a title loan. 5 We research and could find compatible lenders for our clients.5 We make all the calls and perform all the negotiations. After that, we may receive offers, and we present them (if any) to the client for inspection.5
Lastly, the only work a client has to do is decide if they want to accept a title loan offer. If they decide to move forward with a lender, we connect them to the loan company. The client will then finish the process directly with the lender.
And that’s it! Our personalized loan assistance is completely free! So why not see what we can do for you?5 You do not need a bank account to get a title loan online with Max Cash!
