How To Get A Loan Even If You've Been Denied Before
January 5, 2022 | Emma Frost
If you’ve been denied a loan before, you might be worried that you will not be approved for another loan type even when money is needed most and you need to get a loan. Although you might not be eligible for all loans, you can still get a loan even when you’ve been denied before. Here is how you can get a loan with car title when you’ve been denied.
Tips To Get A Loan Despite Being Denied Before
If you have been denied a loan before, you are not without options if you are tight on money and need another loan. However, you need to think carefully about the loan you are applying for so that you don’t waste any time.
In order to get a loan when you have been denied before, you first need to determine why you were denied. Then, you must find loans that avoid that same problem. Most likely, your credit score or unemployment is why you couldn’t get a loan before, which makes a fast cash auto title loan a good alternative.
If you’ve been denied other types of loans, now may be the time to look into getting a loan with car title from Carolina Title Loans, Inc. to help you out. Here is a closer look at each one of these steps so that you fully understand and know how to get a loan with car title.
Know Why You’ve Been Denied Before
The first thing you need to do if you have been denied a loan before is to understand why you were denied. You aren’t just denied for no reason. Typically, people are denied if they are viewed as a risky candidate for a loan. Here are two common reasons you could have been denied for whatever loan you were looking for:
- One of the most common reasons people are denied loans is their credit score. A credit score is often used to determine if a candidate is a responsible individual who will pay back the loan. If you have a bad credit score, even for reasons out of your control, it can be next to impossible to get a loan.
- Another common reason people get denied is their unemployment status. Many loan types require you to have some form of income so that the lender knows that you will have the money to pay your loan back. It can be difficult to get a loan if you are in between work due to recently moving, switching careers, or being a stay-at-home parent.
Find A Loan That Avoids The Same Problem As Before
Once you know why you’ve been denied, you can find a loan that avoids the same problem. For example, if you were denied because of your credit score, you need to look for loans that accept all credit – like our car title loans. Likewise, look for loans that do not require employment if you were denied due to unemployment – also like our auto title loans.
Get A Loan With Car Title Instead
One convenient way to get a loan even when you’ve been denied before is to look at title loans specifically. When you apply for a loan with car title, your credit score and employment status are not all that important to whether you get approved or not.
Instead, it is the value of your vehicle that is used to determine the value of the loan, and it is the lien-free title that is used as collateral. As a result, all you need to apply for a loan with car title is a state-issued ID, a lien-free title in your name, and the vehicle for inspection.
If you have all of these things, you can apply for a car title loan, even if you have bad credit or are unemployed. In fact, a car title is a good loan you can apply for if you’ve been denied in the past. As long as you have a lien-free title in your name, you are eligible to meet us either at the nearest auto title loan location or have us come to you for the vehicle inspection.
What Is A Lien-Free Title?
If you decide to apply for a car title loan at Carolina Title Loans, Inc., the number one thing you need is a lien-free title. The title is the document that shows you are the owner of the vehicle in question. The title must be in your name if you want a title loan.
The title must be lien-free as well, which confuses a lot of people. Simply put, a lien-free title is one that has no debts against it. This means you own the vehicle outright and don’t have any more payments on it. If your title is not lien-free, you are not eligible for a loan with car title.
Get A Loan With Your Car Title Today!
If you need to get a loan when you’ve been denied before, a loan with car title could be the way to go. As long as you have a lien-free title in your name, you are eligible to apply for this loan type with us. To get started, just fill out our inquiry form on the home page and wait for our call!