Why It’s Okay To Have Bad Credit When Applying For A Car Title Loan

If you have poor credit, you might be worried you can’t get a car title loan when you need help right now with your emergency expenses. It is a legitimate concern, since bad credit can stop you from getting many types of loans from a bank. However, if you come to Missouri Title Loans, Inc. for a car title loan, you may still be considered even if your credit is less than perfect. Keep reading to learn why credit doesn’t automatically stop you from getting this loan.

If you have been searching for car title loans for bad credit or even looking online for title loans near me, understanding how this type of loan works can make the process feel much less stressful.

Learn Why Bad Credit Doesn't Automatically Disqualify You

The reason bad credit doesn’t automatically stop you from getting this loan is because this loan is a secured loan. This means that you are putting up your own personal property as collateral to secure the money we lend you. When it comes to a title loan, you are using your vehicle’s lien-free title to secure the loan. Since we already have this security that you’ll repay us, we don’t have to rely heavily on your credit score.

Another factor many may not realize is that we don't report to any of the major credit bureaus about your loan. Your car title loan doesn't go against your debt-to-income ratio and doesn't figure into your credit score. That means your credit score, which you may be trying to rebuild, isn't affected. This is a good thing to remember because this means your loan won’t be able to help you rebuild your credit. If this was your reason to get this loan, you’ll have to look at other options. 

For borrowers comparing car title loans for bad credit with other types of emergency borrowing, this can be one of the biggest reasons the option stands out.

Does This Mean Credit Plays No Role?

One thing to know about your credit is, while it seems it plays no role, that isn’t always the case. We ask that you don’t go into this process thinking that we won’t ever have to check your credit. There will always be a chance where we might have to look at your credit before we can determine if you qualify for approval. This is especially the case if we determine we can lend you a large amount of money. And speaking of how much we can lend, you can get anything up to $15,000.

So while bad credit may not automatically block you, it is still important to go into the process with realistic expectations and ask questions if you want more clarity.

What Do I Need To Get A Title Loan?

As explained on the page, Missouri Title Loans, Inc. does not rely heavily on your credit score. That means you should understand what the company does need in order to review your application. The page says banks and other financial institutions may ask for more documentation, but this process is simpler. It lists three main things you need to apply for a car title loan.

Those applying for car title loans need to have:

• A driver's license or state-issued ID
• A vehicle that is completely paid off and in their name
• A clear title to that vehicle, also in their name

These items help determine whether you may qualify and how much you might be able to receive. The ID helps confirm that you are a legal adult. The title is used as collateral, and the vehicle helps determine the potential loan amount.

If you are looking into car title loans for bad credit, this section is often the most important because it answers what the company looks at beyond your credit profile.

If Bad Credit Doesn’t Stop Me, What Does The Process Look Like?

Since bad credit doesn’t automatically stop you from getting a car title loan, you should know what the actual process looks like. You should know that we here at Missouri Title Loans, Inc. is one of the few companies that allow for an online title loan application. This means you can head to our website and fill out the online application to begin the process. You will still need to set up a meeting either at our nearest Missouri title loan office location or somewhere else more convenient for you.

This is so you can meet us in person so we can inspect your vehicle and assess your ID and title, but everything else can be done electronically – even repayment! From there, we will decide if you qualify for approval and determine how much we can lend to you. If you do qualify for approval, we will go over the loan terms and help you finish signing the paperwork. From there, you are finished with the car title loan process! You can get the money either later that day or the next bank business day.

Don’t Let Your Credit Stand In Your Way Of A Title Loan!

As you can see, you don’t have to let your bad credit stand in your way if you need a car title loan. Come see us at Missouri Title Loans, Inc. and we will be glad to tell you your chances of getting the loan and how much we can lend you! And there is absolutely no obligation to take out the loan, so you are truly free to just come in and learn about it until you make your decision! So if you need help with your emergency expenses, fill out the online application on our website right now!

If you have been researching car title loans for bad credit, this can be a practical option to review when time matters and urgent bills cannot wait.

FAQ Section

Can I get car title loans for bad credit?

Yes. Bad credit does not automatically disqualify you from being considered for a car title loan with Missouri Title Loans, Inc.

Why can I still qualify with bad credit?

A title loan is a secured loan that uses your lien-free vehicle title as collateral, so the process does not rely as heavily on credit score as some other loans. 

What do I need to apply for car title loans?

You need three main items: a driver’s license or state-issued ID, a fully paid-off vehicle in your name, and a clear title in your name. 

Will this loan help rebuild my credit?

No. The loan is not reported to the major credit bureaus, so it is not designed to help rebuild credit.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.