Can I Get A Title Loan Without A Clear Title?

Daniel Joelson

Total Posts: 346

Published Date: February 25, 2024

Daniel Joelson has been in the consumer finance space since 1994, he has helped to develop underwriting manuals for the financial sector. With a vast amount of Knowledge in consumer finance, he has been writing articles for all types of loans. With his knowledge, he is able to help many people to answer different financial problems.

One common question people have is whether they can get a title loan if their vehicle’s title is not clear. Let us explore what having a clear title means and what steps are needed to qualify for a title loan.

Understanding a Clear Title

Having a clear title means there are no outstanding loans or lien holders listed on your vehicle’s title. If you have paid off a previous loan and received the title back from the bank or finance company with their stamp and signature, then your title is considered clear.

Why a Clear Title Matters for Title Loans

To qualify for an affordable car title loan, you must have a clear title in your name. This is because the lender uses the title as collateral for the loan. If there are other lien holders on the title, it can complicate the loan process.

Steps to Get a Clear Title for a Title Loan

If your title is not clear yet because you have not completed the DMV transfer process, you can still work towards getting a title loan.

Here’s what you need to do:

Complete the DMV Transfer: Visit your local DMV office and submit the required paperwork to transfer the title into your name. This typically involves providing proof of ownership, paying transfer fees, and any applicable taxes.
Wait for the New Title: After submitting your paperwork, it may take up to 30 days to receive the new title in the mail. Once you have the updated title in your name, you’re ready to proceed with applying for a title loan.

Dealing with a Lost Title

If you have misplaced your title and need a title loan, you will need to get a duplicate title from the DMV. This process usually requires presenting your driver’s license to prove ownership and paying the necessary fees to get a replacement title.

Getting an Equity Title Loan

An equity title loan allows you to borrow money based on the equity of your vehicle. Here’s how to go about it:

Provide Vehicle Details: When applying for an equity title loan, be prepared to share details about your vehicle, including its year, make, and model.
Assessing Vehicle Value: Most lenders use resources like the Kelley Blue Book to determine your vehicle’s wholesale value and calculate how much you can borrow.
Ensure Title is in Your Name: To qualify for an equity title loan, the vehicle’s title must be in your name.

Essential Items for a Title Loan

When applying for a title loan, make sure you have the following:

Clear Title: The title must be in your name without any other lien holders.
Proof of Income: Demonstrate that you have sufficient income to support loan payments.
Vehicle Information: Provide detailed photos of your car, including the VIN and odometer reading.

Conclusion About Clear Title Loans

Having a clear title is essential for securing a title loan. If your title is not clear yet, complete the necessary steps to transfer the title into your name or get a duplicate title if needed.

Once you have a clear title, you will be ready to apply for a title loan and access the funds you need.

If you have any questions or need assistance with a title loan, feel free to reach out to reputable brokers like TFC Title Loans, who can guide you through the process and offer competitive rates.

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Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.