One of the major or primary requirements of securing a self-employed car title loan is to be able to provide proof of income, here at Car Title Loans California, we are here to help.
So, what happens to self-employed car title loans for individuals? Are they not qualified to get a title loan? This is one question that most people are asking as far as car title loans are concerned.
Being self-employed is not a bad thing as you have control over your time and finances, and you can do things at your pace. However, some of the disadvantages that come with being self-employed are fewer benefits, and job security among others.
If you are self-employed, you can still apply for a car title loan and get approved for the loan if you can show a verifiable means of being liquid. Hence, as a self-employed individual who wants to take out a title loan, your lender may request that you provide proof of investment or a bank statement.
What do Small Lenders Need From you?
Small lenders usually request that self-employed individuals who are freelancers provide the following;
- Solicitations
- Paperwork
- Income documentation
Getting income documentation may be a little difficult for self-employed individuals as they have to show the history of income documentation over a period, unlike employed individuals who are expected to provide monthly paychecks or pay stubs.
Hence, if you are self-employed you need to keep records of cash payments from your payment agent such as Payoneer, PayPal, or sales invoices if you are a business person. For you to get the best possible rate when you apply for a title loan, small loan companies need this income documentation as they can deny you if you do not have a good credit history, employment history, taxes, and previous addresses among others.
Can I get a Title Loan as A Self-Employed Individual?
Yes!! You can secure a title loan if you are self-employed. As long as you own your car outright and you can show your lender that you can repay the loan, then you can secure a car title loan when you apply.
How to Secure a Title Loan as a Self-Employed
You need to have enough equity in your car and own the car outright to qualify for a car title loan. Owning the car outright means that you are not owing on the car and the car title carries your name. if you meet these criteria as a self-employed and can show proof of consistent income from your personal business, then you are good to go for a title loan.
You can know the equity of your car by using the free online evaluation tools by providing the model, make, style, year, and model of your car. you can also get an estimate of the value of your car from your lender. Once your car is evaluated, your lender will let you know how much loan you can get.
Can I get a Title Loan With a Brand-new Job?
Yes, you can secure a title loan with your new job even if you have not received your first salary. What is important is showing proof that you are employed and own your car outright.
Other people that can qualify for a car title loan include those with bad credit scores, retired people on pension, individuals with a disability but have a social security number, and employed individuals on salary.