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Sometimes you need extra cash to cover an unexpected expense, or you just want a little extra money for a vacation or home renovation. For many people, getting a title loan is a solution. However, there are times when you may not have access to your car, but you still want to get a title loan. In this blog post, we’ll share important information you need to know about getting a title loan without your car present.

Find Lenders Who Offer Title Loans Without the Car Present

Not all car title lenders allow you to get a title loan without your car present. Be sure to do your research ahead of time and look for lenders who offer this option. Some lenders will require that you bring in your car during the application process, while others may not need to see your car at all. Be sure to read all terms and conditions of the title loan agreement before signing.

Provide Proof of Ownership

The main reason lenders require the car to be present during the loan application process is to confirm ownership. Without your car, you will have to provide proof of ownership, usually in the form of the title, registration, or insurance documents. Lenders need to confirm that you own the car in order to approve the title loan.

Consider the Loan Amount

Without your car, the amount you can borrow may be limited. Generally, the loan amount is based on the equity in your car. If the lender can’t see the condition of your car, they may not be able to assess the true value of the car. Therefore, you may be offered a lower loan amount than if you brought in your car.

Be Prepared for Additional Requirements

Some lenders may require additional information or documentation if you don’t bring your car in during the application process. You may need to provide a photo of the car with the current odometer reading or a copy of your contact with a mechanic or dealership indicating the car’s current condition.

Understand the Risks

There are risks involved when getting a title loan without your car present. Without being able to see the car, the lender may offer a lower loan amount or provide less favorable loan terms. Additionally, if you default on the loan, the lender may not be able to repossess the car. In other words, the lender’s only recourse to recoup their losses may be to sue you for the remaining balance of the loan.

Contact VIP Title Loans Today!

Getting a title loan without your car present is possible, but it’s important to understand the risks and requirements. Always research lenders ahead of time, provide proof of ownership, and be aware of the loan amount and any additional requirements. By doing so, you can make an informed decision and get the extra cash you need. As always, be sure to read the terms and conditions of the title loan before signing to ensure you understand all the details. Contact VIP Title Loans today to learn how to get started!