woman learning title loan facts

5 Myths About Qualifying For A Car Title Loan

If you're considering a car title loan, it's time to clarify what's fact and fiction. This guide will discuss – and dispel – five big myths about qualifying for a car title loan in the U.S.

We cover everything from application requirements to how a car title loan works. For those considering a car title loan to help in financial emergencies, let's break down the truth about this type of loan.

The Truth About Qualifying For A Car Title Loan

1. You Need A High Credit Score To Qualify

If you've ever asked a bank for a loan or know someone who has, you may have winced at the long list of requirements to qualify. These traditional lenders start by ignoring the customer as an individual and instead judge them on one number – their credit score.

If you have a bad or nonexistent credit score, you can say goodbye to your chances of getting a personal loan at virtually any bank or credit union. At Nevada Title and Payday Loans, Inc., your experience will be unique.

We view our customers as people, meaning they are more than just a pile of paperwork. That's why we accept those with low or no credit to come in and find out if they can get a car title loan.

2. You Use Your Car As Collateral

Hearing "collateral" or "secured loan" could be intimidating. Many automatically assume that this means their possession will be taken away, but this is untrue.

Car title loans do not use your car as collateral but the physical title. If approved, you can use your cash and keep your car as you would any other day. So long as the repayment schedule is met, everything stays normal and in your possession.

To qualify, your car title must be lien-free. A lien is a hold on the label by another person, company, or entity – like when you still owe payments on the vehicle or if it's being used as collateral for another loan. If you own your car free and clear, your title should qualify for a car title loan through us.

If you don't have your car title handy, request a copy through the Nevada Department of Motor Vehicles (DMV).

3. You Must Have Income To Apply

Another assumption we hear often is that you need to have steady employment to qualify for a loan. While this may be true for traditional lenders and personal loans, it is not required at Nevada Title and Payday Loans, Inc. for this loan.

man looking through Nevada title loan

A car title loan through us does not require steady employment, employment verification, or even piles of bank statements depicting your financial assets. Our only requirements to qualify are:

  • A state I.D. with photo: License, non-driving state I.D., passport, etc.
  • The lien-free title for your car
  • Your car for a quick inspection

That's right – three things, and you're already on your way to finishing your car title loan process through Nevada Title and Payday Loans, Inc. today. We make it as easy as can be!

4. The Approval Process Is Lengthy

When it comes time for the process, you don't need to spend days or weeks communicating with us or going back and forth. Fill out the form online, wait for our call, and then arrange a meeting to complete the paperwork.

The in-person meeting could be done in as little as half an hour, and we have several Nevada Title and Payday Loans, Inc. stores from you to choose from as a convenient meeting point.

Our representative will review your application and quickly inspect your car to assess its condition. If approved, you'll receive your emergency money that day or the following business day.

5. Car Title Loans Need To Be More To Cover Emergencies

Many clients come in thinking a car title loan will only cover a loan of a few hundred bucks, but these loans could be valued up to $15,000. The total loan amount depends on your financial situation and the vehicle's condition. Many of our customers use a car title loan to pay for the following:

  • Overdue mortgage or rent payments
  • Medical bills
  • Car or home repairs
  • Replacing large and expensive home appliances (e.g., water heater)
  • Emergency travel
  • Funeral arrangements
  • And more…

Using A Car Title Loan For Urgent Costs

If you could use the extra cash for a financial emergency and have a clean car and title, contact us via our inquiry form on our homepage. We'll be in touch to walk you through the process, answer your questions, and help the process in no time.

meeting for car title loan NV

You Know the Facts – Now See If You Qualify!

Now that you've cleared up the five biggest myths about car title loans, it's time to see if you qualify. You need cash now and want the most straightforward application process, so Nevada Title and Payday Loans, Inc. is your go-to.

Whether you're covering an emergency or catching up on overdue bills, we've got your back. Fill out our online inquiry form to start the process and take a step towards your emergency cash today. We're waiting to hear from you!

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

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.