How car title loans with direct deposit work
If you need a car title loan, you probably need to access the money as easily as possible. Here’s how you can apply for a title loan online and have the money deposited directly into your bank account.
What is an auto title loan?
Any loan where you pledge the title to your car is called a car title loan. Contemporary technology has made it possible to both apply for the loan and get the money automatically with a direct deposit.
Apply for a title loan online
Before applying for online securities lending with direct deposit, you will need to gather several documents to speed up the application process. The first thing you will need is your car title deed, showing you as the owner of the vehicle. If another person is listed on the title with you, you will both need to complete the application and provide the following documents.
- Government issued ID will be required. This can be a driver’s license, state-issued ID, passport, or military ID.
- Proof of your income is required to demonstrate your ability to repay the loan. This can be a pay stub, proof of pension income, government-issued income attribution letters, or bank statements. A letter from your employer, retirement tax returns, settlement statements or those relating to any other form of income will also serve this purpose.
- Lenders also require proof that the address you provide is where you live. A utility bill with your name on it will usually suffice.
- You will also be asked for a set of nice, clear photographs of the car. Photograph all four angles of the vehicle, as well as the interior and a close-up of the odometer reading.
You will be asked to upload copies of all these documents as part of the online application process.
One of the best things about car title loans, especially for people who may have credit problems, is that an online car title loan can be obtained without a credit check. Lenders will consider your car as collateral for the loan once its value is deemed sufficient. They know they can sell the car to recover the loan amount, plus accrued interest and associated fees, if something goes wrong.
Car title loans with direct deposit
A direct deposit is an electronic transfer of funds from one bank account to another. The title lender will need the account number you want the funds transferred to, as well as the routing number used by your bank. The money can be placed either in a savings account or in a current account.
Transfers are usually instant and funds can be used as soon as they appear in the account you have specified. However, if this is your first time direct depositing, it may take a day or two for everything to set up. The time frame will vary depending on the rules and procedures followed by your banking institution.
It is important to note that some lenders charge a fee to provide this service, so find out about this before choosing this option. This way, you can find a lender who won’t charge you to deposit the loan proceeds directly into your account.
This is basically how car title loans with direct deposit work. They’re fast, convenient, and don’t require a credit check. This could be the answer you’ve been looking for if you need to get your hands on some quick cash.