Will I Own My Car When I Have a Title Loan?
Do I own my car when I have a title loan? In simplest terms, you do not own your car when you have a title loan. There are a few different reasons for that we can get into! The first has to do with the type of loan that you are applying for. With a title loan, your loan is secured through collateral. That collateral is the title to your vehicle, so your car is the collateral for the loan.
Keep reading to learn more about the ins and outs of title loans with Max Cash® Title Loans today! Keep yourself informed so you can know all the information you need to apply for an online title loan today. When you’re ready, Max Cash Title Loans can help you apply online! Just call 855-561-5626 to get started. Don’t search for a title loan yourself!
Why Don’t I Own My Car When I Have a Car Title Loan?
When you take out a title loan, the lender will typically require you to give them the title to your car as collateral for the loan. This means that the lender will have a lien on your car, and technically, you will not own your car until the loan is paid off. However, you will still be able to drive and use the car while making payments on the loan.
A lien is the lender’s legal right to an asset. In this case, it is the title of your vehicle. The lien will be removed from your vehicle title once the loan has been paid in full.
Can I Sell My Car While I Have a Title Loan?
Now that you know that you do not own your car when you have a title loan, you may be curious if you can sell it. Yes, it is possible to sell your car while you have a title loan. But, it depends on the terms of your loan agreement. In most cases, you will need to pay off the loan in full before transferring the title to the new owner. If you are unable to pay off the loan, you may be able to work out an arrangement with the lender to pay off the loan with the proceeds from the sale. It is best to check with your lender to understand the specific requirements and options available to you.
If you want to sell your car while you have a title loan, you will need to work out a plan with the lender to pay off the loan. One option is to sell the car and use the proceeds to pay off the loan. You will then need to provide the lender with proof that it has been paid off , and the title can be transferred to the new owner.
Another option is to find a buyer who is willing to take over the loan and assume the remaining payments. In this case, the lender will need to approve the transfer of the loan to the new borrower, and the title will be transferred to the new owner once the loan is paid off.
Will I Lose My Car When I Have a Title Loan?
There is a risk of losing your car when you have a title loan, as the car serves as collateral for the loan. If you default on the loan, the lender has the legal right to take possession of the car and sell it to recoup the outstanding loan amount.
However, it’s important to understand that the lender will attempt to work with you before resorting to repossession. It’s possible to work out a payment plan or extension if you are having difficulty paying the loan.
Additionally, it’s important to understand the terms of your loan agreement and make sure you can meet the repayment schedule. You must communicate with your lender if you are having trouble making payments, as they may be able to work with you to find a solution.
Suppose the lender does decide to repossess the vehicle. In that case, they must follow the applicable state laws regarding the process, which may include giving notice and an opportunity to cure the default before taking possession of the vehicle.
What are the Requirements to Get a Loan Against My Car?
Typically, the requirements to get a loan against your car are similar, although they can vary from lender to lender. Generally, they will include the following:
- Vehicle ownership: You will need to provide proof that you own the car, typically in the form of a title that is in your name.
- Vehicle value: The car must have enough value to serve as collateral for the loan. Most lenders will require a minimum value for the car, and the loan amount may be based on a percentage of the car’s value.
- Income: You will need to prove that you have a steady source of income to repay the loan. This can be through a job, disability, retirement, or other sources of income.
- Insurance: You will need to show proof of insurance on the vehicle.
- Identification: You will need to provide a valid government-issued ID to verify your identity.
- Residency: You will need to provide proof of residence, such as a utility bill or lease agreement
- Age: You will need to be at least 18 years old to be eligible for a car title loan.
- Vehicle condition: Some lenders may require that the vehicle is in good working condition, with no major damages.
It’s important to note that the lender will examine the car’s condition, year, make, model, mileage, and any other factors that could impact the car’s value, as it will determine how much money you can borrow and on what terms.
Not sure if you can qualify for a title loan? Let Max Cash Title Loans help you learn more! We can do the hard work for you and help you find out what your options are.5 Apply for a title loan online today!
Where Can I Apply For an Auto Title Loan?
Auto title loans can be obtained through various sources, such as:
- Title loan companies: These are specialized companies that provide title loans. You can find them by searching online for local stores near you.
- Banks and credit unions: Some banks and credit unions offer title loans, although they may be called something different, such as “secured personal loans.”
- Online lenders: Many online lenders offer title loans, which can be convenient as you can apply for the loan and complete the process entirely online. With Max Cash Title Loans, you can skip the hassle of searching for a lender online or near you. We have a network of verified lenders that could connect you to the title loan you’re searching for!5
- Pawn shops: Some pawn shops offer title loans, but the terms and conditions may be different from those offered by other lenders.
It’s important to shop around and compare the terms and rates from different lenders to find the best deal for you. If you do not want to shop around yourself, Max Cash Title Loans can do it for you. Our agents are available seven days a week to help you! It’s also important to read the loan agreement carefully and ensure you understand the terms and conditions of the loan before signing.
Apply for a Title Loan with Max Cash Title Loans Today
Now that you know that you do not own your car when you have a title loan, you may still be looking to apply for the cash you need. Max Cash Title Loans operates 7 days a week to make sure we are available to you when you need it most. We can eliminate your need to do research on your own! So let us do what we do best. To get started on your online title loan, all you will need to do is visit the inquiry page and get started.