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If you need extra money this month to pay your rent on time or some other pressing bill, you may have already considered inquiring for a title loan. Title loans serviced by LoanMart are one of the best online loan options out there, as you could experience a quick and simple approval process.
But what if you don’t have a car title? Can you still get title loans online without the title?
Why You Need a Car Title for Title Loans
Your car title is one of the most important documents you receive when you buy a car. The certificate of title is typically issued by the Secretary of State or the Department of Motor Vehicles (“DMV”) and proves that you legally own the vehicle. Without a car title in your name, you cannot get a title loan and you are limited in what you can do with the car. For example, you cannot sell the asset or trade it in for a different one.
Whether your title is missing or currently in someone else’s, obtaining a new document is easy! And once you have a car title in your name, ensure it is kept safe and accessible. It is advisable that you keep important documents in a file organizer or fireproof safe.
How to Replace a Missing Title for Title Loans
Losing your car title may cause undue stress, as being without one may hinder your ability to obtain a title loan. But know that you can easily request a duplicate copy at a Department of Motor Vehicles location near you.
If you need emergency funding as soon as possible, it is recommended you visit in-person, as you could obtain a temporary copy that same day. You will generally need to provide a government-issued photo ID, your car registration, a request form, and money for the duplication fee.
How to Request a Title Transfer for Title Loans
While you may own a car, you cannot prove it is yours without a car title–not can you obtain a title loan. If the car was a gift or was bought from a private seller, the title is likely in someone else’s name. But by visiting a local DMV, you could get a new title that names you as the sole owner of the vehicle.
But before visiting the DMV, you will need the current owner of the car to sign the back of the car title to release ownership of the asset. Once the title is signed, gather your supplementary documents. You may need to provide a government-issued photo ID, your car registration, a title transfer form, and money for the transfer fee.
What Else Do I Need Besides the Car Title to Qualify for Title Loans?
Now that you know how to obtain a new title when you didn’t have one previously, you may wonder what else you need to qualify for title loans.
Title loans serviced by LoanMart have flexible qualification requirements so that almost anyone in need of financial relief could get it without delay.1
To be eligible, you will need the following in addition to your car title:
- A qualifying car
- A consistent source of income
Cars of any year could potentially qualify with title loans serviced by LoanMart, but the car must have sufficient equity.1 Equity is the true value of your car when you subtract the market worth by the remaining loan amount you owe on it.
Income is just as important as the car, as you must be able to make continuous payments on time. Title loans serviced by LoanMart usually accept a wide variety of documents as proof of income. So if you are retired or currently unemployed, you may still qualify if you can show proof of income through bank statements, government award letters, and more.1
Are Credit Checks Required with Title Loans?
The idea of undergoing a credit check to get a title loan may make you slightly nervous if your credit is less than ideal. But rest easy knowing that title loans serviced by LoanMart do not require good credit for approval!1
A hard credit check is a required step to obtain any financial loan, but your credit score is not a primary factor in the qualification process. The main factors that are looked at closely include your car’s equity and value and your ability to make loan payments promptly each month. So if you filed for bankruptcy previously and are no longer in credit counseling, you could still be deemed eligible.1
Starting the 3-Step Title Loan Process
If you are interested in obtaining a title loan but are without a title, you now know how to replace a missing title and how to request a new title in your name. Once you have a new title in hand, you can inquire with title loans serviced by LoanMart to obtain fast and affordable emergency cash!1
The approval process only consists of 3 simple steps, take a look:
- Step 1: Call (855) 422-7412 or complete an online title loan form to start the process.
- Step 2: Take pictures of your documents and upload them online.
- Step 3: Get fully approved and receive your title loan money!1
Inquire with title loans serviced by LoanMart today and take back control of your life!1