Why Do I Need a Car Title to Get a Title Loan?
Many people go through difficult days and times when they are not financially well. A few unpaid bills or expenses could knock you off your feet. When that happens, a title loan could be a solution to consider. But, why do you need a car title to apply? Is it possible to get a title loan without a clear title?
The answer depends on your personal situation as well as a few other factors. You will need a title to a qualifying vehicle in your name to qualify for a title loan online. Let Max Cash® Title Loans walk you through the ins and outs of applying for an online title loan!
What is a Clear Car Title?
A car title is a type of legal document that proves you own a vehicle. This document becomes useful in the event that you have to prove yourself as the owner of the vehicle.
The title will include a lot of information about your vehicle, including its VIN (Vehicle Identification Number), make, model, style, miles, etc. This essential document can save you a lot of stress and hassle, especially when the government and law enforcement are in the mix.
More About Clear Titles
A clear title is a car title that does not have any current outstanding financial obligations. That means that you do not currently have a financial lien from a lender on the title that could prevent it from being sold. Essentially, a clear title is a car title with no lien or claims. In other words, having a clear title means that you fully own the vehicle and there are no outstanding loans against it.
When you get a car loan for the first time, the lender has a claim to the title and, as such, lays a lien on it. That means it is not yours to sell until the loan has been paid off.
How Does a Car Title Loan Work, and Can I Get a Title Loan Without a Clear Title?
Car title loans are secured loans that can allow you to access a percentage of your car’s value by using your car, truck, or motorcycle title as collateral. The title is the collateral for the loan, so a lien will be placed on it while you pay off your loan amount each month. That lien will remain on the car title until the loan is paid in full, but here is the good news: you do not have to leave your car with the lender to apply. As long as you pay off your loan on time each month, you can still drive your car around while putting up the title as collateral. Auto title loans generally can be for long-term or short-term periods. Generally, if you are interested in applying for a title loan, you will need a car title in your name to apply.
However, you may be able to get a title loan without a clear title. It all depends on the lender you decide to work with. Some lenders will automatically deny you if you do not have a clear title in your hand at the time of application. Others will still be willing to work with you.
So, what do you do when you do not have a car title or when your car title is misplaced, and you need personal loans fast to meet a pressing financial need or boost your bank statement?
There could be many reasons for not having a car title on hand at the time of your inquiry. The most common of them are:
- You Got Your Vehicle As a Gift
- You Misplaced Your Car Title
Here at Max Cash Title Loans, we can help connect you to some quality lenders in the business if you qualify.5 Those lenders could potentially help you obtain a new or clear title if you are in need at the time of your inquiry.5
How Does One Get a Title Loan Without a Clear Title?
For those who do not possess a clear title, it means they have a car title loan or car loan and haven’t paid it off completely. Hence the lender can exercise his right to hold a lien on your title.
This means you do not fully own the car as long as the lender is yet to release or officially erase the vehicle’s lien. A title lienholder is someone who has a legal stake in your vehicle. It can be a bank, a lender, or a car title loan company.
To acquire a title loan without a clear title, you may have to inform the current lienholder or company in charge of the loan. This is because you must present your car title at the time of inquiry.
Even if your current car loan is nearly paid off, your lender still has some control over the car title. To get a new loan, you need to pay off the old one. But with which money? You may be able to get a title loan on a financed car if you work with the right lender.5
Call a Max Cash Title Loan agent to learn more! Just dial 855-561-5626 today- agents are available seven days a week to take your call.
Find Out if You Can Refinance a Title Loan Without A Clear Title
Max Cash Title Loans can potentially help you get connected to a title loan online or near you! 5 We are proud of the engagement we give our customers. It could be time to refinance with Max Cash title loans if you haven’t been treated well by your existing lienholder. Or, if you are new to title loans, consider applying through the website today!
If you are looking to refinance your existing title loan, you will go through a similar title loan application process, even if you do not have a clear title. Refinancing can be beneficial if your current interest rates are prohibitive. Suppose your credit history has significantly improved since you took out your title loan. In that case, you can potentially refinance at more favorable terms.4 5 Send in your application, and we’ll see to it that we investigate what your potential options are.5
Can I Apply for a Title Loan Even if I am Financing a Car?
If you are currently paying off an auto loan and that is why you do not have a clear title, the first thing you will need is a payoff letter from your current lender. Once you have that, you can figure out how much equity your vehicle has and then consider your potential loan amount. Remember, whatever you still owe on your auto loan will be added to your title loan amount. Then, apply for a car title loan and see what you can qualify for! Your clean title should get to you as soon as the old lender officially removes the lien on the title, then you become lien-free with your previous lender.
Benefits of Using Max Cash Title Loans to Get a Title Loan Without a Clear Title
Max Cash Title Loans is one of the top nationwide title loan referral services. If you are qualified, you can potentially receive a deal on a car title loan in your area through our extended network of non-traditional lenders.
- The Convenience of Online Servicing: Max Cash Title Loans can do the heaving lifting for you. You can apply with Max Cash Title Loans online! Which means you can potentially obtain the funding you have been seeking from the comfort of your home.5
- Excellent Customer Service: Our customer service agents are also accessible seven days a week with extended hours, allowing you to speak with an agent regarding your title loan whenever it is convenient for you.
- Fast Response: You can expect fast and efficient service with Max Cash Title Loans! When facing a financial emergency, you can’t afford to waste time. Max Cash Title Loans is open 7 days a week for your convenience!
What Documents Will I Need to Get a Title Loan Without a Clear Title?
The amount you can obtain through a car title loan is largely determined by the brand, model, year, mileage, and overall value of your vehicle. Just fill out the Max Cash Title Loan online preapproval form to get started on your loan inquiry today. Before you can get approval for a car title loan, however, you will need to submit a few documents. These documents verify your income, vehicle, and identity.5
Documents required for a title loan are:
- A car title.
- Valid government or state-issued photo identification (e.g driver’s license)
- Proof of income.
- Proof of address.
- Pictures of your car (all sides and the odometer).
- Three references (with their phone numbers and other details).
- Insurance (not all lenders require this).
- Your Social Security number.
Apply Immediately for a Title Loan with Max Cash Title Loans
Gather your documents together to speed the application process along! Find out if you can get a title loan without a clear title in no time.
When you have all of these, you can call, text, or chat with us at 855-561-5626 to get started. Go ahead and fill out the online form. Our title loan agents are standing by to help!