Risks and Benefits of Title Loans without the Vehicle
This makes assessing the value of the vehicle a bit more difficult and requires pictures of the vehicle. This includes the exterior, interior, odometer, and VIN.
Just like any other loan there are both benefits and risks associated with getting a title loan online without the car. One of the key risks is the lender may not be able to provide an accurate assessment of the vehicle value without seeing it in person.
A key benefit is not having to visit the lender with the vehicle. For is a vehicle you rarely Arkansas title and loans drive and/or is in storage, then this can be a major convenience. If the lender is located far from where you live this can also be a convenience.
If you have a close lender and can easily get a title loan near you then this is less of a benefit.
Another risk is the lender may charge a higher rate due to the increased risk to the lender involved with not seeing the vehicle in person.
This is why clear and accurate pictures are so important with online title loans where the lender does not have a chance to see the vehicle in person.
The more detailed pictures you have, the better. If you can visit the lender or a third party appraiser, a traditional car title loan may be a better option. Learn how to take pictures in preparation for an online title loan.
Benefits – Title Loans Near You
One of the biggest benefit of a completely online title loan is not having to focus on finding a title loan nearest you. Historically, searching for the closest lender or a title loan near you was often a first step and sometimes the final step in the search for a lender.
Now, it can be more effective to focus on finding the best title loan without having to worry about how close or near the title loan place is to your location. This makes finding the title loan near you much less important.
The costs of a title loan, including those without seeing the car, are directly dependent on the lender. The lender sets the interest rate and fees, and all lenders are different.
Many states do set maximum allowable interest rates; but not minimums. This means some lenders charge less, in some cases a lot less, than other lenders in the same state.
As mentioned, a title loan without the vehicle may increase the interest rate to account for the increased risk of not seeing the vehicle. Providing detailed and clear pictures helps mitigate this risk.
Before getting a title loan, it is worth learning how title loans work and how title loan interest is calculated. You can also use our title loan calculator to get a full payment schedule and compare costs of different rates.
Make sure to get the details on the total cost of an online title loan before signing the loan agreement. Fast Title Lenders specializes in the lowest interest rate online car title loans.
Even the best title loans can be expensive, so be sure explore alternatives first. If you already have a title/ loan and are looking for a better deal, then consider refinancing your title loan at a lower rate.
Summary
Can you get a title loan without the vehicle? The answer is yes if you own the vehicle, have a lien free title, and have access to the vehicle. If you do not have access to the vehicle and cannot take pictures, then getting a title loan will be very difficult if not impossible.
