1. Title Loan Underwriting Criteria
To qualify for a title loan, applicants must meet the following requirements:
- Vehicle Title: The vehicle title must be free and clear of any liens.
- Valid Driver’s License: A current, valid driver’s license is required to verify identity.
- Proof of Insurance: Applicants must provide proof of current vehicle insurance.
- Age Requirement: Applicants must be at least 18 years old.
- Vehicle Inspection: The vehicle must be physically present at the loan location for inspection and verification.
Meeting these criteria helps us verify ownership and the condition of the collateral, ensuring a smooth and reliable loan approval process.
2. Personal Loan Underwriting Criteria
Applicants seeking a personal loan must satisfy the following eligibility guidelines:
- Valid Driver’s License: Proof of identity via a current driver’s license is required.
- Bank Statement: A recent bank statement from an active account to verify financial stability.
- Proof of Income: Applicants must provide proof of current vehicle insurance.
- Age Requirement: Applicants must be 18 years of age or older.
These requirements allow us to assess the applicant’s financial standing and ability to repay the loan responsibly.
3. Vehicle Finance Underwriting Criteria
Vehicle financing applications are subject to the following conditions:
- Proof of Identity: Valid government-issued identification to confirm applicant identity.
- Proof of Income: Documentation demonstrating the applicant’s income and repayment capacity.
- Proof of Residence: Verification of residence to establish borrower stability.
- Vehicle Information: Detailed information about the vehicle to be financed, including make, model, year, and VIN.
- Proof of Insurance: Valid insurance coverage on the vehicle.
- Credit Report: A credit report will be reviewed to evaluate creditworthiness and risk.
- Down Payment:Typically, a down payment is required to reduce lender risk.
These guidelines ensure that both the borrower and the vehicle meet company standards for responsible financing.
