Car title loans are a financing option where you can offer your car as collateral in place of quick cash. Most title loan Taylorsville lenders offer, for example, won’t require credit checks and applications are often quick and trouble-free.
But, you’ll still need to provide some crucial document, and these may be different from one lender to another. Normally, however, you have to submit the following:
Make sure to bring your driver’s license, as well as you Social Security number for easy identification purposes. In most cases, if you legally own a car but don’t have a license yet, you can bring your valid passport, ID issued by your state, or a military card.
Proof of Car Ownership
Don’t forget to present your car’s title and registration as proof of ownership. You’ll also have to show proof of car insurance, so the lender will be at ease if ever your car gets damaged or lost during the loan period. If your car was under a released lien prior to you applying for a title loan, you should also show release documents from the holder of the previous lien.
Proof of Financial Stability
Lenders normally require you to provide one to four weeks of pay slips as proof of regular income. If you’re self-employed, you must provide tax records from one to three years prior, bank statements, your business’s financial statements. If you’re unemployed but obtain regular funds from Social Security or other financial aid, you can furnish statements from Social Security or the Department of Social Services. If you’re retired, you can provide your retirement account, Social Security, or pension statements.
Most lenders will require a minimum of two references, one professional and one personal, but some may require four to five. Include also your references’ complete names, addresses, contact numbers, and your relationship to them.
Proof of Residency
Since car title loans are not available in every state, you should prove that you legally reside in the state where they are legally available, as this helps lenders verify your identity. They may also require you to submit a recent phone or utility bill, as well as the deed to your home, or a statement or lease from your landlord if you’re renting.