Can I Get a Title Loan With a Car Title Not in My Name?
When obtaining an auto title loan, the title is one of the most important documents needed to secure funding. This is due to the fact that the title is the collateral for the loan. However, there may be instances where your name is not currently on the title. You might be wondering, “Is it possible to get a title loan with a car not in my name?”
Although there are many reasons why the car title may not be in your name, it’s important to make sure your vehicle title is in the right shape before you begin the title loan process. You will not be able to borrow against an asset that isn’t yours. So, you cannot get a car title loan without a valid, clear title in your name. Additionally, unless the car title is in your name, you cannot sell your vehicle. Without a title in your name, you can’t transfer it to a new owner.
Once the title is signed over to your name, you can take advantage of all of the benefits that come with being a vehicle owner. This includes using your vehicle as collateral for fast and secure funding!5
Reasons Why a Car Title May Not Be in Your Name
If one has a car title without their name, then there’s no need to be scared. This is an issue that many people face and is quite common. It could sometimes happen when purchasing a car, getting it as a gift from someone, or receiving the car in another way.
A car title is a legal document used by state officials to verify the owner of a vehicle. As previously mentioned, to be eligible for a title loan, the vehicle title needs to be in your name when applying for funding. Now, why would a vehicle title not be in your name in the first place? Well, there are a few different reasons:
- You are still financing the vehicle
- If your name appears alongside someone else’s name
- You just purchased the vehicle from a private seller and need to request a title transfer
How Do I Get a Title Loan With a Car Not in My Name?
If you still have a loan against your car, the vehicle title is not in your name. It is possible to get a title loan on a financed car if your auto loan balance is low and your vehicle has enough positive equity, however.5 Once the car title is given to the owner when the car has been fully paid off, it is always wise to check if the name is there. If this is not the case, then one must undergo a transfer process to get their name on their car title.
When your name appears on the title with another individual, it is still possible to apply for a car title loan. But, there is some nuance to consider. If an “AND” or an “OR” appears on the title between yourself and another party, then both of you are owners of the vehicle. However, if your title has an “AND” between the names and not an “OR”, you will need the other party with you to apply for a title loan or to sell it to a new owner.
Speaking of selling your vehicle, if you just purchased the car from a private seller, you will need to take the proper steps to transfer the title to your name. In some cases, you may have only 30 days to complete this process. Each state handles this process a little bit differently. But in most cases, it is as simple as completing the applicable title transfer form at your local Department of Motor Vehicles (or state-equivalent government agency) providing the right documents, and paying the title transfer fee.
Understanding the Title Transfer Process
Typically, the documents you will need as the rightful owner of the vehicle when completing a title transfer include the following:
- Valid, Government-Issued Identification, such as Your Driver’s License
- Bill of Sale (Notarized in Some States)
- Proof of Current Address and Car Registration
- Proof of Inspection (in Texas)
- The Vehicle Title (Typically must be Signed by Both the Seller and the Buyer)
By providing a few documents that are required by the vehicle owner’s state for the transfer process, getting one’s name on their car title can be hassle-free. However, the transfer of their name on the car title may take up to a month before it goes through. So, keep that in mind! Here is what someone would need to know when considering a transfer of names to their car title:
- One should notify the Social Security Administration (SSA) first when transferring a car title into their name. They will also be required to provide their name that matches the records at their offices.
- A person should visit the state office (or their official website if possible) to update the changes of their name in person.
- Other documents may be required to prove the name change. These include documents such as one’s marriage certificate, divorce documents, or court papers issued in the country.
If you have any questions about car titles or title loans, don’t hesitate to reach out. Call 855-561-5626 to speak to one of our helpful loan agents! They are available 24/7 to take your call.
Once you complete a title transfer and have the car title on hand, you can easily apply for a car title loan and access the funds you need to get back on your feet. 5
How to Apply for an Auto Title Loan With the Help of Max Cash Title Loans
Here at Max Cash Title Loans, you can expect convenience at every step of your loan inquiry. Whether it’s understanding the ins and outs of a title loan or needing a point in the right direction when getting a name on the car’s title, Max Cash Title Loans has your back.5
We not only offer information and resources in getting a transfer of names on a car title, but we also do the heavy lifting of matching customers with a title loan that is based on the information shared by them through our convenient online inquiry form.5
With our connections and communication skills, we at Max Cash Title Loans want to deliver the best customer service we can. We also work to connect you with lenders that may be right for you based on your financial situation.5
We understand the work and time that could come from transferring one’s name on their car title to get a title loan. But, you can save time by giving us a call or filling out our online inquiry form today! Once your title is in the right shape, we save you time by doing to legwork for you. We can look for lenders so you don’t have to!5
Ready to get started on your title loan journey? All you have to do is call 855-561-5626. Or, fill out a fast inquiry form. That’s it! The entire process could take 24 hours or less, so get started now!1
Frequently Asked Questions
Inheriting a vehicle from a probated estate involves a multi-step process that requires patience and attention to detail. Here’s what you need to know:
Understanding Probate
Firstly, it’s important to understand that the vehicle will remain part of the estate until the probate process is complete. Probate is the legal procedure through which a deceased person’s will is validated, and their assets are distributed.
Legal Consultation
During this time, consulting with an attorney is crucial. They will guide you based on the specifics of your situation and the local laws. Every case can differ, so personalized advice is invaluable.
Gathering Necessary Documents
Once probate concludes, you will need to gather several key documents to transfer the vehicle into your name:
- A probate court order authorizing the transfer.
- The vehicle’s certificate of title.
- Payment for the transfer fee.
- An odometer disclosure statement.
Completing the Transfer
With these documents in hand, your final step is to visit the title office. Submit all the paperwork, and the title office will process the transfer, officially putting the vehicle in your name.
By following these steps and liaising closely with your attorney, the process, though potentially lengthy, will be efficient. Once completed, the vehicle legally becomes yours.
If your vehicle title is missing, there’s no need to worry—you can obtain a replacement. Follow these simple steps to secure a duplicate of your missing vehicle title:
Complete the Necessary Form: Obtain and fill out a 227 form, which is required for requesting a duplicate title. Make sure all the information provided is accurate to avoid any delays.
Get It Notarized: Once you’ve filled out the form, you must have it notarized. This step is crucial as it verifies the authenticity of your signature and your claim.
Submit Your Application: You have two options for submitting your completed form. You can either:
Visit Your Local DMV: It’s often faster to handle this in person. You can make an appointment to ensure you’re not waiting too long.
Mail It In: If you can’t make it to the DMV, simply mail the notarized form along with the applicable fee to the address specified by your state’s DMV.
Receive Your Duplicate Title: After processing, you’ll receive a duplicate title. While it’s not the original, it holds the same legal standing and can be used in all matters requiring proof of ownership, such as securing a title loan or selling the vehicle.
By following these steps, you can easily resolve the issue of a missing vehicle title without any significant complications.
Transferring Vehicle Ownership Within Your Family: A Step-by-Step Guide
When you’re looking to transfer ownership of a vehicle within your family, whether through a sale or as a gift, there are essential steps you’ll need to follow to ensure everything is legal and properly documented. Here’s how you can smoothly handle the process:
Sign the Title: Both the giver and the receiver must sign the car’s title. This official document needs to indicate the transfer of ownership.
Complete Necessary Paperwork: Depending on your state, additional forms may be required, such as a bill of sale or a family transfer form. Check with your local Department of Motor Vehicles (DMV) for specific requirements.
Report the Transfer to the DMV: You should inform your local DMV about the ownership transfer. This is crucial as it updates their records and can help avoid any legal issues in the future.
By following these steps, you can ensure a clear record of the transaction and avoid potential complications down the line.
Navigating the world of auto loans and car ownership can seem daunting, especially when dealing with a vehicle title that’s been signed over to you. Whether you’ve purchased a car from a private seller, received one as a gift, or inherited it, understanding your eligibility for a title loan under these circumstances is crucial.
Understanding Title Loan Eligibility
Title loans are a form of secured loan where your car is used as collateral. They don’t usually require a credit check, but they do demand clear ownership proof — meaning the title must be in your name. Here’s how you can handle various scenarios:
Buying from a Private Seller: Once you buy a vehicle, ensure the previous owner signs the title over to you. You’ll need to register the vehicle under your name with the Department of Motor Vehicles (DMV). Ensure this registration takes place within the required timeframe (usually within 10 days).
Receiving as a Gift or Inheritance: Similar steps apply if the car is a gift or inherited. The title must be legally transferred and registered in your name, affirming you as the new owner in the DMV records.
Steps to Follow
- Visit your local DMV: Confirm the title transfer and registration process as it varies by state.
- Bring the necessary documentation: Generally, you’ll need the signed title, proof of ID, application forms, and a transfer fee.
- Ensure no existing liens: For a title loan, there can’t be any existing liens against the vehicle.
Once the Title Is in Your Name
After you’ve transferred the title into your name, you can then approach a title loan company. Here, you’ll submit a loan application along with your vehicle’s title as collateral. Typically, lenders evaluate the loan amount based on the vehicle’s value and your ability to repay.
Key Considerations
Before taking out a title loan, consider the high interest rates and the risk of repossession if unable to pay back the loan. Explore alternative financing options if possible, and always read the loan agreement carefully.
Conclusion
In essence, you can get a title grounds once the vehicle’s title is legally transferred and registered in your name. Always check local laws and requirements for title transfers and title loans to ensure compliance and safeguard your rights as a vehicle owner.