What Documents Do I Need For A Title Loan?
If you're asking yourself, "What documents do I need for a title loan?" we're here to help. To get a title loan with Tennessee Title Loans, Inc., you'll need to know the requirements in order to get through the process. Knowing these requirements will ensure you can get through the process without issues. Title loans can help address a financial emergency and provide an option to face's life's twists and turns. Let's discuss vehicle title loans more and answer, "What documents do I need for a title loan?"
Tennessee Title Loan RequirementsIn Tennessee, title loans offer a convenient way to access funds without the need for good credit or a bank account. To help you navigate the title loan process successfully, it's essential to understand the specific requirements set by the state. In this guide, we'll outline the key criteria you need to meet to determine your eligibility and borrowing capacity.
1. Your License
Only those over 18 and residing in Tennessee qualify for vehicle title loans through Tennessee Title Loans, Inc. You'll first present your state I.D. to qualify.
Your I.D. should be Tennessee-specific so that it could be your driver's license or a state-issued ID. The name should reflect any legal name changes, your address should be valid, and your license cannot be expired. The name on the license should also match the name on the title and your proof of income documents.
2. Your Lien-Free Title
Title loans are granted to those who have paid off their vehicle and own it lien-free. Liens are legal holds on an asset that gives the lien-holder possession of said asset if you fail to pay your debt.
If you still owe payments on your car or have put it up as collateral for a different loan, it may not legally belong to you. This means it cannot be used as collateral for our title loan.
Once your car is paid off and lien-free, you can get a copy of the title. Contact your Department of Revenue or county clerk if you need a duplicate title. Lenders usually release liens within a few weeks of the final payment.
3. Proof Of Income
At Tennessee Title Loans, Inc., we ask for proof of income to ensure the title loan will be repaid. After all, if the borrower has no income and no emergency savings, they will not be able to repay a loan.
Most borrowers show proof of income through their latest pay stub or an employment verification form. Others may have government documents that display their Social Security payments or pension amounts. In contrast, another group may have legal documents describing alimony, child support, or other monthly payments by a third party.
4. Your Car
When considering, "what documents do I need for a title loan?" you may forget the essential item of all – and it isn't a document. You'll need your car in your possession and ready for a brief inspection by our representative. This inspection happens during the in-person meeting, where we will meet with you at a location of your choice.
During the meeting, our Tennessee Title Loans, Inc. loan representative will look over your car and assess its condition, mileage, age, make, and model. Specific makes and models are worth more than others, and a lower mileage is always preferred. The better maintained your car is, the higher its potential value.
This inspection will determine the amount you qualify for. If you are eligible, vehicle title loans are given for amounts between $300 and $2,500.
Our Vehicle Title Loans Process
You've asked, "what documents do I need for a title loan?" Your question has been answered. You're ready to start the process now that you've gathered the three documents and your car. Here's how our vehicle title loans process works:
- First, fill out our online inquiry form with your name, email, zip code, and phone number. You can also enter the details of your car, such as the make, model, and year, to get ahead on your application.
- These details will be forwarded to your local Tennessee Title Loans, Inc. office. We have over 20 locations across T.N.
- At your nearest office, a loan representative will contact you at the number provided. The rep will review your documents, discuss the process, and answer your questions.
- You'll arrange to meet with them at your home, our office, or another spot to complete the application and inspection.
The entire process can take as little as 30 minutes, and if you are eligible, you can have your emergency money that day or the following.
Fill Out Our Online Inquiry Form!
Now that you've answered "What documents do I need for a title loan?" you're ready to begin the title loan process by filling out our online inquiry form. Remember, vehicle title loans are designed for financial emergencies. If you need emergency money to meet life's urgent needs, consider vehicle title loans from Tennessee Title Loans, Inc. today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.