Getting a Car Title for a Title Loan Can Be Straightforward!
Many Americans are feeling their wallets tighten these days. With the recent inflation rise, everything from rent to daily living costs has drastically increased. If your paycheck remains the same, but you can’t keep up with the higher prices, you may need to find alternative financing help!
Missing bill payments can result in a lowered credit score, which makes applying for traditional bank loans difficult. One option available to people struggling with their money is title loans! Title loans can be helpful solutions for interested borrowers who need to access cash quickly, and you can get a title loan if the title is not in your name yet.
While you don’t need a perfect credit score to qualify for title loan funding, you need a car title in your name to proceed with the inquiry. Switching over a car title into your name can be simple, though! Below are the steps involved with getting a car title and how they can help you inquire about title loans.
What Is a Car Title Exactly?
When a person buys a car, the seller will give them an official certificate proving the sale of the vehicle and the new ownership. This document will include important information, like the make, model, and vehicle identification number. You must have a car title to register or sell it at some point!
Without a car title in your name, you cannot prove that you own this property legally. The Department of Motor Vehicles typically issues titles within the state you purchased the vehicle from and contains information like:
- Owner’s Name
- Vehicle Identification Number
- Make, Model, Manufacture Year
- Vehicle Weight Class
You may encounter two types of car titles when trying to get one. A clean or clear title means a vehicle has no history of significant damage or being recalled. This classifier doesn’t mean it was never in an accident; it simply means a total loss hasn’t affected its value.
On the other hand, a branded car title can be much cheaper to purchase because it does indicate the car experienced total loss. Branded titles can mean the car had extensive flood damage, significant repairs, or perhaps a broken odometer. While these may be easier to get your hands on, cars with branded titles come with risks.
How Can I Get a Car Title in My Name for a Title Loan?
The first thing you need to do is find a car that you want to buy. You can do this by going to a dealership of new or used vehicles or using a private seller.
Next, you need to go to your local DMV and apply for a certificate of title in your name on the car you want to purchase. In most cases, you must make an in-person visit to get a car title. The DMV will require you to bring in the correct paperwork, so you must find these things before going in. You will need the following:
- Valid Government or State-Issued Photo I.D., Like a Driver’s License
- Proof of Car Ownership or Bill of Sale From the New Car You Purchased
- Proof of Car Insurance Coverage
- Application for the Car Title
- Money to Cover the Fees
The costs involved with applying for a car title transfer can range anywhere from $50 to $150, depending on your state. Many states give out car titles in paper form, so you mustn’t lose this document over the years. If you misplace your title at some point, many DMVs offer duplicate titles for low fees that can be simple to get.
Why Do I Need a Car Title to Apply for a Title Loan?
Title loans work by using the available equity in a person’s car in exchange for funding from a lender. During repayment, lenders place a lien on the vehicle title and remove it once the money is paid back. You must have a qualifying car title in your name to proceed with this loan option because they depend on using the title as collateral for the money.
If you have questions about your car title circumstances and are interested in applying for a title loan, contact a title loan agent today! You can start by filling out this pre-approval form or calling to speak with someone directly.
