What is an Auto Title Loan?
If you are in need of quick emergency cash, you may be considering your loan options. An auto equity loan is an excellent loan option that offers quick financial support1 through flexible qualification requirements.
If you’re worried that you won’t be eligible for a traditional bank loan due to a low credit score, turn to auto equity loans! Despite having low or unestablished credit, you could still be deemed eligible for funding through a secured auto equity loan. All you need to qualify is a car and a consistent source of income.1
Want an Auto Equity Loan but Have No Title in Your Name? No Problem!
If you have a car but the title is not in your name, you may be ineligible for an auto equity loan. During the repayment process, the car title is used as collateral to secure funding. If the car title is not in your name, then it does not legally belong to you and you can’t use it to obtain an auto equity loan.
Luckily, the process to get your name on the car title is simple and only requires a few steps! To request a title transfer, the current owner of the car has to release ownership by signing the car title. Then, depending on your state, you may request a title transfer in person at your local Department of Motor Vehicles (DMV) or by mail.
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Typically, you will need the following to complete the title transfer process:
- Government-Issued Identification
- Signed Car Title
- Completed Title Transfer Form
- Money for the Transfer Fee
Once you receive a new car title with your name on it, you may do what you wish with it, including inquiring for an auto equity loan!
Want an Auto Equity Loan but Have No Title because it is Lost? No Problem!
If you have no title for your car because it is lost, know that you need a duplicate copy in order to qualify for an auto equity loan. The process to replace a car title is simple enough, all you have to do is request a duplicate copy at your local DMV or send an inquiry by mail (if allowed in your state).
Generally, you will need the following for a duplicate title request:
- Government-Issued Identification
- Car Registration
- Completed Title Replacement Form
- Money for the Replacement Fee
Once you receive a copy of the car title, you may inquire for an auto equity loan!
How to Obtain an Auto Equity Loan with No Title?
If you want an auto equity loan but you have no title in your name, you must go through the title transfer process first. Once your name is on the car title, you legally own it and have the authority to use it as collateral for emergency funding.
The inquiry process for an auto equity loan is quite simple and can be started right from the comfort of home! To determine your eligibility, a loan agent will need to know the specifics of your car. You will be asked to provide the vehicle year, make, model, style, and current mileage.
A loan agent will then use analytical tools to determine the current estimated value of your car using the details you provided. If your car is worth enough money on the market, you may receive a preapproval to use the title to obtain an auto equity loan!
Documents Needed for an Auto Equity Loan with No Title
If you have no title in your name, make sure you request a title transfer or a duplicate copy before you inquire for an auto equity loan. Once you possess a car title in your name, you can start gathering your documents together to help speed up the approval process.
Take a look at some documents you may be asked to provide, aside from just the car title:
- Photo Identification: As proof of identity, you may show a government-issued ID such as a state ID, driver’s license, or passport.
- Proof of Address: To inquire for an auto equity loan, you need to show proof of address through credit card statements, utility bills, a house deed, a rental agreement, etc.
- Proof of Income: As proof of income, you can show paycheck stubs, bank statements, benefit statements, etc.
- References: For an auto equity loan, you may be asked to provide professional or personal references.
Conclusion
- If you are in need of fast emergency cash, consider using a car title to obtain an auto equity loan!
- If you have no title, know that getting a duplicate copy or a title transfer is easy!
- Once you get a new title, you may start the inquiry process for an auto equity loan at any time by calling 855-422-7412 or using the online questionnaire.
When you choose title loans serviced by LoanMart, you could potentially get approved and receive your title loan the same day!1, 3 If you have payment due dates coming up and need some extra funds to meet the deadlines, inquire for a convenient and fast auto equity loan!
