There are several options available when you are considering taking out a car title loan. A car title loan is similar to other loan types but they offer more convenience as you might not need to have the best credit score to qualify and the terms can be very accommodating as well.
To qualify for a car title loan, you will need to meet the following basic requirements;
- You must have a car title in your name
- You must have a stable and consistent source of income.
The car title is what serves as your collateral when you apply for a car title loan. But what happens if you don’t have ownership of the car and you need quick cash loans?
The process required to get your name on the certificate of title is not a difficult one, it only requires a few steps.
How To Replace A Lost Title Copy?
The title of your car is what qualifies you for a car title loan and this is what the lender focuses on when assessing you for a car title loan. So, how do you replace a lost title certificate?
The first thing to do in replacing a lost title is to apply for a new one. The processes needed to do this vary from state to state.
You can complete the process by mail or by visiting the nearest Department of Motor Vehicles (DMV) office around you. You can also complete the process at the Secretary of State (SOS) office closest to you.
When you apply to replace a lost title at any of these two offices, you will need the following documents;
- Government-issued ID Card.
- Replacement fee
- Replacement form filled.
- Car registration.
How to a Title Transfer?
A title transfer helps you to become the legal owner of a car that you bought second-hand from a friend or relative. It is also known as a change of ownership.
The person whose name appears on the title of the car is the legal owner of the car. this means that you can’t trade or sell the car unless you do a title transfer. Also, you can not use such a title to secure a car title loan.
To transfer a title or do a change of ownership, you need to send a request through mail or inquire in person.
If you want to apply in person, you will need to visit the closest DMV to you with the following documents;
- A Government-issued ID
- A certificate of title carrying the name and signature of the current owner.
- The transfer fee
- Filled transfer form
Can I Secure a Car Title Loan?
A bonded title is a certificate of title with a bonded brand. It is also called a certificate of title surety bond.
The brand is there to show that the title comes with a surety bond. A surety bond is issued under the following conditions;
- You bought a car and you were not given a title.
- You bought a car and did not get a bill of sale.
- You bought a car and you got a title that was not properly assigned.
- You bought a car and you lost the signed title before transferring your name.
The regular certificate of title is as valid as a bonded title. It signifies that the name on the title has legal ownership of the car. You can still get an equity title loan with a bonded title.
How to Get A Car Title Loan While Still Owing on the Car
You can still qualify for a car title loan even if you are owing on the car. you can achieve this as long as your car has enough equity.
You can know how much equity you have in your car by subtracting the amount you owe from what your car is presently worth.
You can also use an online title loan calculator to know how much equity you have in your car. Enter information such as the year, mileage, and model of your car online and you will get an estimate of its worth.
Contact us today, we are here to help you through the title loan process, and make sure that you will get the right loan.
