The Basic Things You Need to Have if You Want to Apply for a Car Title Loan California

Having an urgent need for cash can prove to be stressful especially if you have bad credit.  Banks will not take a chance on you; family and friends may have second thoughts on lending you cash considering your status. If you are looking for a willing lender, consider approaching non-traditional loan vendors offering car title loans.  A car title loan is also known as a title loan with bad credit because even individuals with bad credit can qualify for this loan type as long as they can present a clean car title as collateral.  Although this loan alternative is not available in all of the fifty states it is available in the Golden State.  Californians can avail of a car title loan California through reliable car title loan vendors that service the state of California.

Vehicle of value with a lien free title is a major requirement

To qualify for a California car title loan you must be the owner of vehicle of value.  Even heavily used vehicles can still be acceptable to lenders as long as they are in running condition, not more than 10 years old and with a current market value of at least $ 1000.   Additionally, the vehicle should have a lien free California title which you will submit to the vendor to secure the loan. During the repayment period the lender will be your vehicle’s lien holder and upon full payment of the loan your title will be returned to you lien free.

Valid IDs have to be submitted

One of the requirements which you will be asked to submit when you apply for a car title loan in California is a valid driver’s license or any state issued identification with your birth date. This is required so that lenders can ascertain that you are of legal age and a resident of California.

Proof of Income is required

For your Ca car title loan application to be approved you have to show proof of your capacity to pay back the loan.  Acceptable proofs of income which you can present include: latest pay stubs if you are employed on a regular and continuing basis, latest federal income tax returns if you are self-employed, bank statements if you are receiving pension or a disability benefit. 

Names and contact information of 3 references should be provided

Like when applying for other types of loans, you will be asked to give the names and contact information of at least three references who will be contacted by the vendor in case you default on your loan payments.