Can You Get A Loan On Your Car Without Title?
The answer to the question "Can you get a loan on your car without title?" is no. The reason why title loans are called a title loan is because the lien-free car title is what is getting used as collateral to secure the loan.
If you don’t know where your title is or if it’s not in your name, you will most likely be able to solve the issue. Below you will find a step-by-step guide to dealing with the most common title-related problems and a few other helpful tips.
Can You Get A Loan On Your Car Without Title?
It is unlikely that a reputable lender would agree to offer you a title loan if you’re unable to put up the title as collateral. If you ever find a lender that is ready to give you money without a title, then the chances are high that it’s a scam. Trustworthy lenders like us at Carolina Title Loans, Inc. would typically try to find an alternative loan option for you.
How To Solve 3 Most Common Title-Related Problems
Can you get a loan on your car without title? As it’s pretty much impossible, you might have to solve your title-related problem if you are in need of emergency cash.
I Don’t Have A Title Copy
Your car’s title is not something that you’re going to need every day. At one point, you might put the document in a safe place and then simply forget where you have hidden it. Thankfully, you can initiate a duplicate title request. To do that, contact your state’s department of motor vehicles online or pay a visit to the establishment in person.
The bad news is that there is typically a 15- to 30-day processing wait, so you may end up receiving your car title only in a month. If that’s your case, you might want to consider going for another type of loan.
The Title Is Not In My Name
If you do not have your name on the title, but you own the car outright, you can get the title transferred. You would have to visit your local DMV and present a few documents. It might take anywhere between a few days and several weeks for you to receive the new title.
If your name is not the only one on the title, you might be able to qualify for the loan. Simply bear in mind that if there is an ‘and’ between the two names, you would need the other person’s permission to use the title as collateral.
The Title Is Not Lien-Free
If you still have outstanding loans or debts attached to the vehicle and you do not own it outright at the moment, you won’t be able to get a title loan. In such a case, you might choose to apply for an unsecured loan, like an installment loan.
What Are The Requirements For Applying For A Title Loan?
Now that we have answered the question "Can you get a loan on your car without title?", let’s find out more about the other things that you’re going to need. Unlike a lot of other lenders that might require you to bring in proof of income, proof of residence, and a lot of other documents, we are different.
Our representatives at Carolina Title Loans, Inc. will only need your driver's license or state-issued photo ID and a lien-free title. Of course, you would also have to bring your vehicle for a quick inspection. Bear in mind that to get a title loan, you have to be over 18 years old.
Why Choose Carolina Title Loans, Inc.?
Our representatives value your time, that’s why the whole loan process has been optimized in such a way so that you wouldn’t have to spend more time than necessary on obtaining a loan. Instead of driving to the store only to submit your general information, you can fill out a form online from the comfort of your house.
If you’d prefer not to arrive at the store for a physical vehicle inspection, you can choose a place where you’d like to meet with the verification agent. Finally, after you have agreed with the loan terms and signed the last few papers, you may be able to get the much-needed loan amount the next business day or, in some cases, the same day.
Obtain A Title Loan Today!
Can you get a loan on your car without title? We have already found out that the answer is “no”. In order to apply for a car title loan, you would have to present a lien-free title in your name that is going to be used as collateral.
If you meet the requirements and you need to get your hands on the loan money as soon as possible, then you might want to choose Carolina Title Loans, Inc. for help. Complete an inquiry form right now and you might get up to $15,000 fast!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.