Can I Get a Title Loan if I Don’t Have the Title?
Need emergency cash and have a paid off car, but your title isn’t in the right shape to apply for a loan? You can’t get a title loan with no title in hand, but you aren’t automatically out of options.
You may have thought that your car’s title was just a document to verify your ownership of the vehicle. While car titles are issued by government agencies to do exactly that, they are essential for transferring ownership and can be used as collateral for a type of secured loan called a title loan. Some of the situations that lead you to not have your car’s title include the following:
1. You are Currently Paying Off a Title Loan
If you are currently paying off a title loan or car loan, you can still get a title loan with no title in hand. For the first scenario, you can apply for something called title loan refinancing, which allows you to use a new loan to pay off the existing loan. Some lenders will work with you to approve the refinance and get the title from your current lender in order to pay it off on your behalf.
2. You Have a Car Loan
If you are still financing your vehicle, your title lender will need to verify that your car has enough positive equity to qualify as collateral for the loan. If you are close to paying off your vehicle, it may be eligible!5 Once that information is verified, the lender will ask you to complete and sign a form that authorizes them to pay off your car loan. You will essentially use the principal balance to handle the rest of the payments, get the remainder of your loan proceeds, and then pay off your new title loan.
3. You Lost or Misplaced Your Car’s Title
If you misplaced your car’s title, don’t sweat it! You can request a duplicate copy (otherwise known as a replacement title) by visiting the applicable government agency in your state. In some cases, this is the Department of Motor Vehicles (DMV) or Division of Motor Vehicles, but it can be called a different name in your state of residence.
You can’t get title loans without the title because you need to prove that you’re the owner of the vehicle in order to borrow against its value. If you are eligible for a title loan and get your car’s title in the right shape, you can generally get up to half or more of its value!1 5
How to Get a Title Loan Without a Clear Title
Now that you understand more about getting title loans without the title in hand, you might be wondering what happens during the application process if you don’t have a clear title. When an owner has a clear vehicle title, it means there are no liens present on it. In other words, the vehicle is fully owned by the individual, and there are no outstanding loans or debts secured against it. This is important for several reasons, especially when considering a title loan.
As mentioned above, in order to borrow against a vehicle’s value with a title loan, proof of ownership is required. A clear title serves as that proof. Lenders need to ensure that the borrower has the right to use the vehicle as collateral. If there are existing liens on the title, it indicates that another party has a financial interest in the vehicle, which complicates the loan process.
How to Get a Clear Title
The most common method is fully paying off any existing car loans or title loans. Once the loan is satisfied, the lien is released, and the title becomes clear. As previously mentioned, some lenders are willing to work with borrowers who have existing liens from title lenders or car loan lenders. It is possible to get a title loan on a financed car or to refinance your existing title loan!
Call 833-207-9052 to learn more about these options by speaking to a Max Cash? loan agent. We are here 24/7 to walk you through the ins and outs of getting a loan against your car!2 5
Having a clear title generally makes the application process smoother and faster. Lenders can readily verify ownership of the vehicle and proceed with the remainder of the application.
Without a clear title, additional steps may need to be taken, and you must find a lender willing to work with you. If you get in contact with Max Cash, we can do this step for you! We have a vetted network of title lenders across the country, so why wait to give us a call?
Can I Get a Title Loan if I Share My Car with Someone Else?
Yes, but it depends. Let’s say that you share a vehicle with your spouse or another family member. If there is an “and” between the names on the vehicle title, then both of you need to apply for the loan together. This is similar to having a cosigner on your title loan. If there is an “or” between the names, then either one of you can apply individually without the other present.
Alternatives for No Title Situations
If you can’t get your document in the right shape, you can explore alternatives to applying for auto title loans with no title:
- Payday Loans: Payday loans, otherwise known as cash advances, can cater to borrowers without strong credit histories. If you need emergency cash to deal with medical bills, utility bills, car repairs, or any other type of personal expense, a payday loan can bridge the gap in your paycheck.
- Ask Friends and Family for Help: If you are close to your friends or family members, you can ask them for financial help to deal with a tough situation. But, keep in mind that involving money in a relationship can change it significantly. Make sure that you come up with an actionable plan to pay them back and understand what the expectations are before you explore this option.
Frequently Asked Questions About Car Title Loans Without a Title
Before you apply for a title loan without the title online, check out some of the most frequently asked questions:
Can I Get a Title Loan With a Bonded Title?
A bonded title is a type of branded title that may be issued when the original title has been lost, stolen, or is otherwise unavailable, and there is uncertainty about the vehicle’s current ownership. It acts as a form of insurance for the state’s government and any potential future owners against claims of ownership. Some lenders may be willing to work with branded titles, but not all of them.5
How Can I Get a Duplicate Car Title?
To get a duplicate car title, you need to pay a visit to the applicable government agency in your state. This is often the Department of Motor Vehicles (DMV) or Bureau of Motor Vehicles, although as mentioned above, the name may vary depending on your location. The typical process looks similar to the steps below:
-Completing an application form.
-Providing proof of identity and vehicle ownership through a registration card.
-Paying a duplicate title fee, which ranges from $20-$50 or more depending on your state.
The process and requirements can differ by state, so it’s important to check with your local agency for the most up-to-date information. In some cases, you can get a duplicate title online! No store visit required.
How to Get a Title Loan with a Signed Over Title?
If a title was signed over to you recently after you purchased a car, it means that you are now the car’s true owner because it was transferred over. During this situation, you will need to take your signed title to the applicable government agency in your state to verify ownership and apply for a new car title. Once you have the right document on hand, you can inquire about fast funding with the help of Max Cash!2 5
How to Show Proof of Ownership of a Car Without the Title?
One of the easiest ways to show proof of ownership without a car title is to have your car’s registration. But keep in mind that unless you are applying for a registration loan, you can’t use vehicle registration to get a loan against your car.
Apply for Title Loans With No Title on You Today
Don’t wait to explore your options if you need title loans without the title on hand! Call Max Cash at 833-207-9052 or submit a short form online at any time of the day or night. Our agents are available 24/7 to take your call!
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