Most lenders will want to see that their borrowers have a source of income. A source of income is not just a job, however. There are many sources of income other than jobs, such as government benefits, payouts from investments, and others. Whatever the source of income is, lenders will like to see that this income is substantial and is regular.
If borrowers have a source of income, this shows lenders that they have the means to be able to pay back their loans or credit cards. If they do not have a source of income, lenders will be unsure if the borrower will be able to pay off the loan and they will likely not approve the borrower.
However, not every lender requires borrowers to have a source of income. One such loan is a car title loan. While many lenders will require a source of income for their borrowers, not every car title loan lender will require that the borrower has a source of income.
Many of the lenders are satisfied with using your car title as collateral, and they will not necessarily need to see income documentation. For some of installment loan with bad credit North Dakota these lenders, they don’t exactly care if you have a source of income. If you default on their loan, they will simply be able to take your car and sell it; oftentimes for thousands of dollars. Lenders like these will allow their borrowers to get their car title loans without income verification.
How Much Money Can I Get from a Car Title Loan?
The amount of money you can get from your car title loan mostly depends on how much your car is worth. Remember that lenders can take your car if you fail to pay back your car title loan. As such, lenders will generally favor more expensive cars. If you have a car worth $5,000, you will be able to get a larger car title loan than if your car is worth $2,000.
How to Get a Car Title Loan With No Proof of Income
Having proof of income can be difficult. For one, you may not have a job that provides you a steady source of income. You may be an independent contractor or a gig-economy worker that gets paid in very irregular intervals and in very different amounts. If this rings true for you, you might get your loan application denied even if you are making money.
If you do not have proof of a source of income or your lender does not approve your source of income, you will need to show your lender that you are trustworthy in other ways so that they will not deny your loan application. Here are some of the best ways to do that:
- Credit History: If you have a long history of successfully making payments on all your loans and all your credit cards, your credit history will show this. If you have a good credit history, it will look very good in the eyes of the lenders. It will show them you have a history of making payments and can be trusted to make payments on the car title loan. If this is the case, you can provide your credit history to the lenders to show that you can be trusted with a car title loan.
- Bank Statements: Your bank statement shows important information about the status of your bank account, such as the balance as well as any money that is coming in and out of the account. If you have a bank account that is seeing a steady flow of cash, few expenses, and a healthy balance, your lender may be happy about this and approve your loan.