A car title loan is a very reliable means of getting a quick cash loan when you are short on cash and faced with emergencies. You may have a car and the name on the title is not yours and you are wondering if it is possible to secure a car title loan with such a car. Relax, and enjoy as you would find answers that will put an end to your wondering in the sections to follow in this article.
Can I Get a Car Title Loan if the Title is not in my Name?
The title of a car is a document that establishes the real owner of the car by law. Hence, if you do not have your name on the title of the car you might not be able to secure a car title loan. The lender wants to be sure that you are the real owner car.
A car title loan is a type of secured loan which means it requires collateral and, in this case, your car is your collateral. So, not having your name on the title means that you are not the owner of the car by law. To secure a loan with this car you need to have the title transferred to your name.
For a car title loan, the two basic requirements are having a car title in your name and also proof of income that is verifiable. Hence, you need to have your name placed on the title before you can qualify for a car title loan.
Some of the reasons why you may need to transfer a title to your name include;
- When you are inheriting a car from a family member or friend.
- When paying off a loan.
- When the car is gifted to you.
- When you are buying a used car from a friend or family member.
How to Transfer a Car Title to Your Name?
To do this is not difficult, you can complete the process either by mail or by visiting your local Security of State office or Department of Motor Vehicles (DMV).
You would need to provide the following documents to complete the process;
- The replacement fee
- Government-issued photo ID
- Filled car title replacement form
- Car registration
Now that you have transferred the title to your name, you can conveniently apply for a car title loan. Securing a car title loan is very fast as long as you own the car free and clear and the title is in your name. another requirement is that you should be able to show your lender that you have a source of income to repay the loan. Once you can achieve this two, then you can easily secure a car title loan.
How to Update a Lost Title?
There are a lot of reasons why you may need to update your car title. If you have more than one name on the title, you may want to remove a name so that the car can be yours outrightly. Or whether you need to add a name to the title to have equal ownership with the other person. Whichever way, you can update a lost title when you visit your local DMV to replace a misplaced or lost title.
Now that you have the title in your name, you can secure a car title loan in three easy steps as explained below;
Step 1: Inquiry
When you are set to take out a car title loan, you want to be sure that you are dealing with a reliable and reputable lender. Hence, you must do a thorough search of which lender will best suit your needs and serve your interest. You can contact different lenders to know how much you can get before you decide which lender to work with.
Your car will be inspected or you can also send pictures and videos of your car to the lender while also including basic information about your car. if the car is fine, then you go ahead with the next step.
Step 2: Provide Documents
The next thing is to provide all the needed documents such as;
- Car title in your name.
- Proof of income such as your bank statements, invoice, or paycheck.
- Government-issued photo ID such as a passport, or driver’s license.
- Proof of residence such as utility bills, phone bills, or credit card statements.
- References
Step 3: Sign and Get Funds
This is the final stage where you will sign all the needed documents and your fund is credited to you via your preferred means of funding.