Are Car Title Loans With No Insurance Possible?
If you need money quickly and can’t get traditional financing and friends and family don’t have money to lend you a car title loan is one option that people use. One question that people often as is this:
Can you get a car title loan with no insurance?
Watch this video to learn more or read the article below:
Why won’t an auto title lender loan you the full blue book value of the car? The lender wants to protect their investment. So, when you borrow money they will not loan the full amount because your vehicle will depreciate over time. Cars depreciate pretty quickly and this article explains why.
Now, let’s answer the big question:
Are vehicle title loans with no insurance possible?
It is very unlikely you will get a vehicle title loan without having full insurance. Why? Because if you are involved in an accident and the vehicle is damaged, the lender wants to get their money. When you get a pink slip loan (also called a car title loan) the vehicle lender will be on your vehicles title. If you wreck your car they will be entitled to collect insurance money. Of course each situation is different, but the chances of getting an auto title loan without car insurance is very slim. The lender is going to want to see full coverage.
If this doesn’t make sense think of it like a home mortgage. A bank or lender will not want to loan you money on your house unless you have full coverage on your house. They have a financial interest in your home.
If you have any other questions please fell free to call TNL Car Title loans today. You can call us at 888-663-7074 or fill out the application form on the website. There is no risk or pressure or hassle to call. Our staff is trained to answer your questions and help you get the information you need. If you live close to Los Angeles and need a Los Angeles vehicle title loan call 213-893-4237.