Requirements For Title Loans
People have heard about Title Loans but not the skinny on how they work and what you need to obtain one. These are the basic guidelines on what you’ll need in order to qualify for a Title Loan.
Must Prove Income: With any loan, probably the most important requirement is that you are able to prove income. Your most recent paystub will be needed. If you are self employed you will need to provide three months of bank statements. Most banks require that borrowers have a bank account.
Bankruptcies: No open bankruptcies.
Must make a minimum income: For title loans generally monthly minimum income is $1,500. If the borrower is unable to meet that requirement they can attach a cosignor to help.
Vehicle was meet guidelines for value: The car must be worth at least $2,500 in California, $1,700 in Arizona, $3,500 outside of California. If the vehicle is salvage it must have a minimum value of $5,000.
Open Auto Loans: You can’t have another open auto loan. People often have open auto loans when they cosign for somebody else.
These are the general guideline requirements for title loans.