If I Am Retired, Can I Still Be Approved for a Title Loan?
By Space Coast Daily // February 9, 2023
Are Title Loans an Option for Retirees?
Yes, people who are retired can be approved for a title loan. You don’t need to be traditionally employed to qualify for this loan option. Car title loans can be accessible to people from all walks of life because of their flexible inquiry process!
If you’re retired and need extra cash, finding financial help can be challenging. People with poor credit histories may not obtain approval for other types of loans, and asking friends for help can be uncomfortable. The good news is that you can apply for title loans online if you need financial assistance quickly!
In most cases, qualified borrowers can get access to money the same business day they apply. You can start your inquiry for a title loan as a retiree by filling out an online pre-approval form with your lender of choice! Shop around to find the best option for you.
How Do Title Loans Work for Retirees?
Title loans work for retirees in much the same way they work for anyone else. Borrowers can put their vehicles up as collateral in exchange for funding. The lender holds onto the car title by placing a lien on it and then pays out the loan amount in cash. Payments are made to the lender, usually monthly, until the loan is repaid.
Once the loan is paid off, the lender returns the title to the borrower. As title loans are usually short-term and based on the vehicle’s value, retirees can borrow a reasonable amount of funding. Lenders care less about credit scores when determining approval. For a title loan, what matters most is how much value your car has and if you have a consistent income to pay the loan back.
As a retiree, having some form of consistent income is crucial during this agreement. Lenders want to make sure that you will be capable of paying the money back! A steady income doesn’t mean you must work a traditional job, as most retirees have stopped working. If you receive Social Security benefits, workers’ compensation, or settlement income, you can apply for this loan option!
Lenders determine funding amounts based on the value of your vehicle during a title loan inquiry. If your car is close to being paid off or paid off entirely, it probably has positive equity! You can estimate your car equity amount by subtracting how much you owe on it from the overall value. The more equity you have in your vehicle, the better!
How Do I Get a Title Loan as a Retiree?
The inquiry process for a title loan as a retiree can be straightforward. The requirements are not strict, but they’re crucial to learn about before applying for funding. You must be an adult at least 18 years or older, have a vehicle title in your name, have a vehicle with positive equity, and show consistent income proof.
If you have all the above, you can begin your application for an online title loan! The great thing about this option for retirees is that you can conveniently start your inquiry from the comfort of your home. There is no need to visit a physical location when applying for a title loan, and qualified borrowers may receive the money within one business day!
Filling out the pre-qualification form only takes a few minutes to complete. The next step is gathering the necessary documentation to submit for your application. You will need a government-issued photo I.D., proof of address, proof of a vehicle title in your name, proof of a steady income, and recent photos of the vehicle.
It’s best to ensure you have these on hand before beginning your application if you want to save time! If you’re missing an I.D. or vehicle title, you can contact the DMV in your state for replacement assistance. In most cases, applying for new documents only costs a small fee, depending on where you live.
Apply for a Title Loan if You’re Retired Today!
Retirees may have access to a different income than people who work. When an unexpected event forces you to seek financial assistance, finding the money on your own can be difficult.
The good news is that you can inquire about title loans online or over the phone! Don’t let an unexpected bill knock you off your feet.
