Table of Contents
- How can I Get a Title Loan if the Title is Not in My Name?
- Why Do I Need a Title Transfer to Get a Title Loan if the Title is Not in My Name?
- Can I Get a Title Loan if the Title is Signed Over to Me?
- What Documents Do I Need Besides My Car Title to Apply for a Car Title Loan?
- Do I Need Perfect Credit to Get a Title Loan if the Title is not in My Name?
- What Can I Use My Title Loan Funding For?
- Where Can I Apply for a Title Loan Online?
One of the most common questions that future borrowers will ask is “can I get a title loan if the title is not in my name?”
While this is a common issue with a lot of potential borrowers, it is not an unsolvable one. The title will need to be in your name when you apply for a car title loan. However, many title loan experts are experienced with this issue, especially for online loan approval. If the title is not currently in your name, the loan agents can help walk you through the process to transfer the car title in your name. It may be easier than you think to do, and you’ll be able to get the cash you need with your car title.1
How can I Get a Title Loan if the Title is Not in My Name?
If your vehicle’s title is not currently in your name, it may cause some issues during the approval process for a title loan. It is possible to apply for a car title loan with some current issues on your title, as long as you choose a loan option that is willing to work with you.
If your car title is not currently in your name, this could look like a loan agent walking you through the transfer process for a title loan and assisting you with the proper documentation that can be found at your local Department of Motor Vehicles (“DMV”). Once your documents have been approved and the title transfer fees are paid, you are free to apply for a car title loan and get a cash advance based on the value of your car.1
Why Do I Need a Title Transfer to Get a Title Loan if the Title is Not in My Name?
If you are looking to apply for a car title loan, you may be searching for the right way to “get a title loan if the title is not in my name” and seeing information about title transfers.
But besides applying for a title loan, there are a multitude of reasons why a vehicle owner might need a title transfer. Typically, title transfers for vehicles can be done at the DMV.
Some of the most common reasons why a vehicle owner might need a title transfer are:
- Death of Owner
- Marriage or Divorce
- Inheriting a Vehicle
- Purchasing a Vehicle
- Paying off a Loan or Refinancing a Loan
While a title transfer may seem like a complicated process, it doesn’t have to be. For most vehicle owners, the title transfer process is just filling out a little bit of paperwork and paying a small fee to the DMV. With many title loan options, a loan agent can help walk you through this process when you apply to make your life a little bit easier! If you are already struggling with cash, you don’t need to add the stress of the title transfer process on top of that.
Can I Get a Title Loan if the Title is Signed Over to Me?
A vehicle title may have been signed over to you during a private sale. A seller will often release ownership of the vehicle after the sale has been made by signing over the vehicle title to you. Once the vehicle title has been signed, the buyer is then required to take the title to the DMV to register their vehicle under their name to signify this change.
If your vehicle’s title has been signed over to you, it can be used to apply for a car title loan! As long as the vehicle is registered in your name and the title has been successfully transferred, it can be used to apply for a car title loan.
What Documents Do I Need Besides My Car Title to Apply for a Car Title Loan?
Title loans can be one of the most flexible loan options to apply for. During the approval process, your vehicle’s title will be the collateral for the loan, which helps make the loan secure. Secured loans can offer many advantages including a flexible approval process, but there are still a few documents needed to apply for the loan.
These documents can help a loan agent verify your information, and they will speed up the approval process if you are applying online.
Typically, a borrower can expect to need these documents during the approval process:
- Proof of ID: Many future borrowers will use their driver’s license as identification, but other forms of government or state-issued IDs can be accepted. This includes passports or even military IDs if applicable.
- Proof of Income: Your eligibility for a loan and your loan amount is not solely based on credit when you apply for a title loan. Instead, your income and the value of your vehicle help determine those factors, so income is important to prove during the approval process. Many borrowers choose to use pay stubs or bank statements, but alternative income such as disability income can be accepted.
- Proof of Address: For this required document, a utility bill or a recent credit card statement can help prove your address. Or, feel free to use a rental agreement or house deed.
- Photos of the Car: While an in-person inspection is often required to apply for a car title loan, an alternative option can be offered to qualified borrowers. Bypass the in-person inspection by simply submitting a few photos of your vehicle and odometer during the online approval process!
Do I Need Perfect Credit to Get a Title Loan if the Title is not in My Name?
While you may be concerned about your vehicle’s title not being in your name, another concern that many borrowers have is about their credit. Weak credit history can prevent borrowers from qualifying for many traditional loan options. However, title loans can work differently during the approval process.
With a traditional loan, the lender will use credit history and score to determine if a borrower is a risk or not to lend to. Since title loans are secured loans through collateral, the value of the collateral will help offset the risk to lend to a borrower that does not have a strong credit history.
Credit history may be considered during the approval process for a title loan, but you can expect your loan eligibility to be more so based on these factors:
- Value and Equity of Your Vehicle
- Your Income
Your loan amount and your eligibility for a loan will depend mostly on those two factors. During the approval process, a loan agent will take a look at your monthly income and see what you can afford each month for a loan payment. They will also assess the value and equity of your vehicle through the documents and information you provide through the loan inquiry. Even if you are not confident with your credit history, you could still qualify for funds through a title loan.
What Can I Use My Title Loan Funding For?
Another common question that many borrowers have is about their funds and how they can spend it. While your financial emergency may look different than another’s, a title loan can be used to cover a variety of unexpected expenses and financial crises.
Some of the most common ways that a borrower will use their title loan funds are:
- Paying for an Unexpected Expense
- Debt Consolidation
- Covering the Cost of Surgery or Existing Medical Bills
- Funeral Expenses
- Wedding Costs or Venue Expenses
- Travel and Vacation
- And Much More!
Where Can I Apply for a Title Loan Online?
With this day and age of online shopping, why not take advantage of applying for a title loan online? While there are many loan options out there, LoanMart can help walk you through the title transfer process and prioritize your needs during the approval process. It may be simpler than you think to transfer your car title and get the financial help you need! With title loans serviced by LoanMart, there are just three simple steps in the approval process:
- Submit a Loan Inquiry Online or Over the Phone with a Representative
- Send in a Few Documents to Verify Your Information and Vehicle
- Get Approved and Get Your Cash!1
The experts at LoanMart are waiting and can help you get your title ready to apply for a loan. Ready to get started? Fill out a loan inquiry with title loans serviced by LoanMart today by heading over to the website, or by calling a loan agent at 855-422-7412.