The Net Lender is a car title loan lender that serves Los Angeles, California. If you’ve reached this page you are obviously interested in seeing if you can get a car title loan online without any type of inspection of your vehicle. This article will cover questions you need to ask yourself and the lender before you go down this path.
First, let’s cover what a title loan actually is. A Car title loan, also known as a pink slip loan, is a loan that is given to people based on the equity in their car, truck, motorcycle, van, or other vehicle. The lender will appraise your car, look at the value, and then loan you an amount of money that is based off of the equity in your car. So, as just an example (this should not be taken literally) if you have a car with $6,000 of equity in it (and generally, the vehicle needs to be paid off) the lender may lend up to 60-70% (or higher, in some cases) of the value in your vehicle.
Why will not lender not loan 100%? Well, the answer is that title loan companies want to make money. They want to make money and limit their risk. So, in the event you do not pay your loan, the lender can repossess your vehicle. Since, in almost every situation, cars depreciate in value over time, the lender wants to protect itself if they have to repossess a vehicle.
So, let’s break this down even more if you are interested in getting a no inspection car title loan online in California. Let’s say you borrow $4,000 of the $6,000 worth of equity in your car. Every day you add mileage to your vehicle the wear and year makes the vehicle worth less. So, it is very unlikely that a poink slip loan lender in California will loan you the full amount, otherwise they are adding risk.
The second question we have to ask is this: Can you get a car title loan online with no inspection? The answer is as follows: It depends on several situations.
First, your vehicle has to qualify for an auto collateral loan in the first place. In the state of California that means your vehicle needs to be worth, unless it qualifies for a low vehicle value program, $2,510 as state law prohibits (in most cases) a loan less than $2,510. So, if your vehicle qualifies what other things are at stake? The following things will be very important.
The age of the vehicle, the make and model of the vehicle, the mileage on the vehicle, the condition of the vehicle. So, if your vehicle can qualify for a loan it is possible that YES, you can get a car title loan online without an inspection. Of course, the lender will want to see pictures of the vehicle, the lender will want to see full-coverage insurance on your vehicle, and the lender will also want to ensure and will double check that your odometer has not been tampered with. Along with pulling your credit and your monthly income–these are all factors that will go into play when you try to get a car title loan with no inspection.
So, what happens if you do qualify? In most cases the lender can get you your money within a day or 2 via cashiers check, wiring the money, or other forms–it just depends on the lender. But, the lender will generally want to do a quick glance at the vehicle, and may install monitoring equipment.