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Who Qualifies for a Title Loan?

December 22, 2019 | Mason Roberts

Title loans offer a fast cash solution when life throws you a curveball. Many types of borrowers can receive title loans, which are also known as title pawns in some states. So, who qualifies for an Alabama title loan, you ask? Well, the answer comes down to a few key factors, but the short answer is that more and more people are receiving title loans each year.

Credit Is Not a Factor for an Alabama Title Pawn

The reason is mainly that you do not need a great credit score to qualify for an Alabama title pawn. Yes, it’s true. Title pawns in the state of Alabama are not reported to credit agencies because they are secured by your vehicle’s title. Borrowers with a bankruptcy on their credit history are welcome to apply.

Therefore, an auto title loan can be much more accessible – and helpful during a financial crisis – because you use your car’s title as collateral, which is another way of saying what you will use to guarantee your repayment. All across Alabama, potential car title loan borrowers can go to brick-and-mortar locations to receive their title loan in as little as 30 minutes. And, to keep up with the times, you can even start your application online to further expedite the title loan process. Remember, car title loans online represent a short-term financing option, so before you proceed, make sure you fully understand the loan details and the terms for qualifying.

What Requirements Are Needed to Qualify for a Title Loan in Alabama?

So, if an Alabama title loan does not require great credit, what do you need? The main thing that you will need to keep in mind for title loan qualifications is a working vehicle with a lien-free title. This means that you own the car outright. To simplify, this means you do not share ownership of the car or still owe money to a bank or another lender. In short, your car must be paid off and no one else can claim it as their own. Now, before you head to a location in Alabama, here are the other items you will need to have at the ready to meet a lender’s title pawn qualifications:

  • Your vehicle for inspection
  • State-issued I.D.
  • Proof of income
  • Lien-free title (as referenced above)

It is important to note, following your arrival at an Alabama Title Loans, Inc. location, a qualified representative will inspect your vehicle against a nationally-recognized pricing guide. This inspection only takes a few minutes and Alabama Title Loans, Inc. lenders will have cash in your hand in as little as 30 minutes. The terms and conditions on a title loan will vary from lender to lender, so you want to make sure you've done your homework before signing any loan agreements and walking out the door.

Best of all, after you have your check-in your hand, you can drive off in your car. Yes, in Alabama you can still drive your car as you are repaying your title pawn. This is a huge benefit to borrowers because it allows most who qualify and who are approved to still drive to work and not disrupt their daily routines. Now, the lender will keep your vehicle’s title and return it upon full repayment. The only way the car will be taken from you is if you fail to pay the monthly payments on your Alabama title loan.

How Much Can You Receive for a Car Title Loan in Alabama?

This is the big question for many borrowers, and the answer is up to $15,000. In as little as 30 minutes, you could have $15,000 in your hand to help you navigate a financial emergency. As stated above, the amount offered by a lender will be determined by the condition of your vehicle. Your credit does not factor into the process at all.

Of course, it goes without saying, never take out more than you can afford to pay back. It is important to ask exactly how much your payments will be each month. It is recommended to have your budget available and to factor the additional payments into your expenses. This way, when it is time to pay back your title loan, the amounts will not be a surprise. Whenever it comes to your finances, make sure you ask plenty of questions and have absolute clarity.

If You Believe You Qualify, There Are Many Title Loan Locations in Alabama

Title loans in Alabama are easy to find. You can google “Alabama title loans near me” or just “Alabama title loans”. If you have read through all the details and you think a car title loan is right for you, use Google and read reviews to help you make your final decision.