When an unexpected expense comes up and you own your vehicle outright, car title loans may be one financing option to consider.
A vehicle title loan allows you to use your lien-free vehicle title as collateral to borrow money based partly on the value of your car. With Nevada Title and Payday Loans, Inc., qualified borrowers may receive up to $15,000*, depending on the vehicle evaluation and approval of the completed application.
The process is fairly straightforward, but there are some important requirements, costs, and risks you should understand before applying.
So, how do title loans work, what documents do you need, and how is your potential loan amount determined? Here's everything you need to know.
Key Things to Know About Nevada Title Loans
Before getting into the details, here are a few of the most important facts about car title loans in Nevada:
- You need to own your qualifying vehicle outright.
- Your vehicle title must be lien-free and in your name.
- You need a driver's license or another state-issued photo ID.
- Your vehicle must be available for an inspection.
- Qualified borrowers may receive up to $15,000*.
- Your potential loan amount depends partly on your vehicle's value.
- You can keep and drive your vehicle while repaying the loan.
- You can start the process online, but the current approval process is completed in person.
- Applicants with different credit histories are welcome to apply, but approval isn't guaranteed.
Let's take a closer look at each one.
What Is a Title Loan?
A title loan is a secured loan that uses your qualifying vehicle title as collateral.
Instead of relying only on traditional lending factors, a title lender evaluates your vehicle to help determine how much you may qualify to borrow.
Nevada Title and Payday Loans, Inc. currently offers qualified borrowers up to $15,000* through its title-loan product.
Because your title secures the loan, you'll need to own the vehicle outright.
That means you generally cannot have:
- An active auto loan
- Another lender's lien on the title
- Outstanding financing against the vehicle
If you're still making monthly payments on your car, you generally won't have the lien-free title required for this product.
How Do Title Loans Work?
The basic process is easier to understand when broken into steps.
With Nevada Title and Payday Loans, Inc., you can begin by submitting your information online. A representative then contacts you to explain the next steps and required items.
You'll then bring your documents and vehicle to a Nevada location. The representative verifies your information, inspects the vehicle, and determines the amount you may qualify for if your application is approved.
In simple terms:
Vehicle ownership → online inquiry → document review → vehicle inspection → approval decision → loan agreement → funding
Submitting an online inquiry does not guarantee approval or a specific loan amount.
Car Title Loans Require Full Ownership
One of the most common questions when it comes to getting a vehicle title loan is ownership. Can you get one if you are renting or if the car is not under your name? The answer to these questions is no. To qualify for a title loan in Nevada, you must have complete ownership of the vehicle. That means you cannot have any liens or payments left on the car. You also cannot have judgments pertaining to your vehicle. For example, if you have recently lost a lawsuit or court decision that applied a judgment lien on the car, then you cannot apply for a title loan. In the event that you are completely unable to repay your loan, the loan provider then has the option to proceed with the repossession process.
You can Drive with a Title Loan in Nevada
A common misconception is that you cannot operate your vehicle if you do take out a loan on it. This is untrue. The loan provider will retain the car title but not the vehicle itself. During the time you have taken out the loan and are making payments, you get to keep and drive your car.
Loans Fees and Interest Can Differ
While searching online, you may find averages and different prices for fees and interests depending on where you look. The only way to be certain as to what the fees and interest of your title loan will be is to contact the provider. At Nevada Title and Payday Loans, Inc., customers can get a loan agreement that will clearly state their specific fees and interest amount. The whole process from arrival, to approval, to getting your cash can take as little as 30 minutes.
Amounts are based on Your Vehicle
Since you do not need a credit history to get approval for a title loan, your loan amount is not based on credit history. Following an inspection of your car, we can then provide an agreement that takes into account factors like pricing in a national pricing guide and the condition of the vehicle. However, this does not take a long time so you do not need to worry about delays due to waiting times for inspection.
You Do Not Need a Driver’s License
Another benefit of choosing a title loan in Nevada is that you do not need a driver’s license. However, you will require some form of valid photo ID. Passports and state ID cards are examples of valid photo identification.
What Documents Do I Need for a Title Loan?
One of the most common questions is, “What documents do I need for a title loan?”
Nevada Title and Payday Loans, Inc. currently lists three primary required items:
- Your driver's license or another state-issued photo ID
- A lien-free vehicle title in your name
- Your vehicle for inspection
That's a fairly short list, but each item serves an important purpose.
Do You Need to Own Your Vehicle Outright?
Yes, to qualify for this Nevada title-loan product, your vehicle must be fully paid off, and the title needs to be lien-free.
>Still making monthly car payments: Generally does not meet the lien-free title requirement.
Someone else's name on the title: Does not meet the standard title requirement.
If there is an old lien showing on a vehicle you've already paid off, you may need to resolve the title issue before completing the loan process.
How Much Can You Get With a Nevada Title Loan?
Qualified borrowers may receive up to $15,000*. However, $15,000 is the maximum advertised amount, not an amount every borrower automatically receives. The amount you may qualify for depends partly on your vehicle's value.
Apply for a Title Loan or In-Person Today
Not every title loan provider has a convenient option to apply online. At Nevada Title and Payday Loans, Inc., you can easily fill out your application online or go in person to quickly process your application. After filling out an application online using basic information, you will be contacted by a representative that will help you through the rest of the process. When it comes time to repay your loan, you can even conveniently pay online. Whether you have bad credit, no credit, or are lacking a checking account, Nevada Title and Payday Loans, Inc. can help you get the money you need!
Frequently Asked Questions About Nevada Title Loans
How do title loans work?
A title loan uses your lien-free vehicle title as collateral. Your vehicle is inspected to determine its value, which helps determine the potential loan amount. If approved, you sign an agreement and repay the loan according to its terms.
What documents do I need for a title loan?
Nevada Title and Payday Loans, Inc. currently requires a driver's license or state-issued ID and a lien-free vehicle title in your name. You'll also need to bring the vehicle for inspection.
How much can you get with a Nevada title loan?
Qualified borrowers may receive up to $15,000*. Actual amounts depend on vehicle evaluation and approval of the completed application.
Does my vehicle have to be paid off?
Yes. You need a lien-free vehicle title, which generally means the vehicle is fully paid off and doesn't have another lender's active lien.
What determines my title-loan amount?
Nevada Title and Payday Loans, Inc. currently considers the vehicle's age, make, model, condition, and mileage when evaluating its value.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
