Table of Contents
If you are trying to get a car title loan and you only have the bill of sale from your car’s transaction, you might be wondering can you get a title loan with a bill of sale. Unfortunately, you cannot get a car title loan with just your bill of sale. However, you may be able to get a car title loan by using the vehicle’s title by inquiring about a car title loan serviced by LoanMart.
What is a Bill of Sale?
The bill of sale is like a receipt for the car you purchased. Not all states require it, but some state Department of Motor Vehicles (“DMV”) require you to obtain a bill of sale. It can be an important part of the vehicle process for both the buyer and the seller. It leaves a paper trail just in case anything happens with the car.
One requirement to get a title loan is that the borrower must provide a qualifying vehicle title as collateral. There are no substitutions for this requirement, meaning you cannot get a title loan with just a bill of sale. So, if all you have is the bill of sale in your name, you will have to obtain the vehicle title in your name as well. There are several ways you could obtain a vehicle title using your bill of sale.
Bill of Sale and Transferring a Car Title
If you have a bill of sale because you just purchased a vehicle, you can use that bill of sale to get your vehicle title in your name. After you purchase a vehicle from someone, one of the first things you should do is transfer the title to your name. Most states have a certain deadline for you to submit all the transfer documents in order for them to be accurate. Make sure you do not miss those deadlines by visiting your state’s DMV website.
Transferring the title also ensures the car rightfully belongs to you. It helps ensure the safety of the seller in case anything happens to the car in your possession. If it gets into a wreck or something else happens to it, the owner of the car can be held accountable for the damages if their name is still on the title.
Before you apply for a car title loan, make sure you have the car title in your name before you begin the process. If the car title is not in your name, you will not be able to use it to get a car title loan and pay your bills.
Lost or Stolen Car Title
If you only have the bill of sale because you’ve lost your title, or it was stolen, you can request a new car title from the DMV. By submitting information like the vehicle’s registration card and the bill of sale, you can get your new car title to apply for a car title loan.
Check with your local DMV to see if they print the same day or if you will receive a new one in the mail.
Car Title Loans Serviced by LoanMart
Once you use your bill of sale to obtain your vehicle title in your name, you can begin the title loan process! Getting a car title loan serviced by LoanMart can be easy and swift. By using a qualifying car title in your name, you may qualify to receive money to put towards your bills, repairs, rent, debt, and even more.1
If you have little to no credit, or a bad credit history, a car title loan can be a perfect financial solution for you because credit history won’t determine eligibility! So many people choose title loans serviced by LoanMart for their car title loan needs because of how easy it is to qualify.
What Do I Need to Qualify for Title Loans After I Get a Title from my Bill of Sale?
In order to qualify for a car title loan, all you need is a vehicle title in your name and a source of income.1 Once you’ve qualified, a title loan representative will contact you to send in additional documentation to confirm your identity and ownership of the vehicle. You will need:
- Vehicle’s title
- Proof of income
- Vehicle registration card
- Proof of car insurance
- Proof of residency
- Pictures of the vehicle
- Personal references
That’s all you need to qualify!1 No long wait times or mountains of paperwork to fill out. There are no hidden requirements or fees. LoanMart believes in providing great customer service, so we make sure we’re always honest and up-front with everyone during the process.
How to Get a Title Loan Serviced by LoanMart
Choose how you want to begin your title loan process with these easy ways:
- Apply Online: CLICK HERE to fill out a fast online inquiry form. All you have to do is enter a few basic pieces of information about you and your car.
- Call: Call (855) 277-4847 to speak with a title loan expert now!
After you have completed your inquiry form, either online or over the phone, you will receive a pre-approval decision and amount.1 After that, all you have to do is send in your documents, sign your contract, and get your money!