Title Loans With No Insurance

If you asked the question, “Can You Get Title Loans With No Insurance?” then we’re here to explain. When you find yourself in need of some extra cash and can’t get approved for a bank loan and have no family or friends that can loan you money, you might consider a car title loan. Many people in this situation turn to auto title loans and for good reason; they’re quick and easy.

How A Title Loan Works

Before we go too far, let’s first explain just how vehicle title loans work. This type of loan has you use your vehicle’s equity to get a loan. The title of your vehicle is the collateral for the loan. You might be interested in our frequently asked question which can likely answer most of your questions. The lender will require information about your vehicle like the year, make, model, mileage, condition and title status. If your vehicle has enough equity to qualify, you will be able to get a loan a percentage of the value.

The interest rates for title loans are often high, but not the highest; payday loans are worse. The lender does need to make money, and they do this by charging interest on your loan. Paying interest on a loan is not a foreign concept.

If you’re wondering why you can’t get a loan for the full value of your vehicle, it’s because lenders have to protect their investment. Your car will depredicate over time, losing value, and this would cause the lender to lose money. You can learn more about car depreciation here.

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Getting title loans with no insurance isn’t always feasible.

Title Loans With No Insurance

Now we will move on to getting title loans with no insurance. It’s very unlikely that you’ll be able to get a vehicle title loan if you don’t have full coverage insurance. The reason for this is that if you’re in an accident while you have a title loan, and the vehicle is damaged, the lender will want to get their money. When you take out a pink slip loan, the lender will be on your car’s title because it’s the collateral.

If your vehicle is wrecked during your loan, they are entitlted to collect insurance money. Every situation is different and unique, but it’s unfortunate that title loans with no insurance aren’t going to be easily attainable. The lender is likely going to require you have full coverage insurance when you apply. They’re putting a financial interest in your vehicle, therefore, they want it to be protected (insured) to avoid situations like this.

Contact Bravafi For Fast Title Loans

If you have more questions you can contact our loan specialists at (855) 544-2388. If you’re interested in applying for an auto title loan, you can submit our short online application. You are not obligated to take the loan should you be approved and there is absolutely no risk or pressure. We have a staff that can answer any questions you have and provide more information should you need it.

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