Does My Title Need To Be In My Name To Get A Title Loan?

Daniel Joelson

Daniel Joelson

Total Posts: 336

Published Date: February 24, 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.

Many individuals wonder whether they can secure a title loan when the vehicle’s title is not in their name. This is a common question because title loans offer a quick way to access cash using the equity in your car. However, having the title in your name is crucial for getting this type of loan.

Ownership and Title Loans

To qualify for a car title loan, you must be able to prove ownership of the vehicle. The vehicle’s title serves as the collateral for the loan, providing security to the lender. When you apply for a title loan through our network, the lending company will become the lien holder on the title until the loan is repaid.

Transferring Title Ownership

If you have recently acquired a vehicle and the title is not yet registered under your name, you will need to transfer the title to qualify for a title loan. Here’s how the process typically works:

  1. Obtain the Signed Title: If the previous owner has signed over the title to you, take this signed title to your local Department of Motor Vehicles (DMV) to initiate the registration process.
  2. Required Documentation: When transferring title ownership, you will typically need the signed title, a bill of sale, your driver’s license, and payment for taxes and transfer fees.
  3. State-Specific Requirements: Each state has specific requirements for transferring vehicle ownership. Be sure to check with your local DMV for detailed instructions and applicable fees.

Fees for Replacing Lost Titles

If you have misplaced the title to your vehicle, you will need to apply for a replacement title. Replacement fees vary by state and can range from $5 to $95. Contact local DMV to determine the exact fee amount and process for getting a duplicate title.

Timing for Title Transfer

After submitting your replacement title application and paying the required fees, you can expect to receive the new title by mail. The processing time varies by state but generally takes up to 30 days. Some states offer expedited services for an additional fee if you need the new title sooner.

Securing a Title Loan with Proper Ownership

Once you have the title transferred into your name, you will be eligible to apply for a title loan using your vehicle’s equity. The title loan company will add their name as the lien holder on the title, providing them with security for the loan.

Benefits of Title Loans

Title loans offer several benefits, including:

  • Fast Access to Cash: Online title loans provide a quick way to access cash based on the equity in your vehicle.
  • Affordable Payments: Enjoy manageable monthly payments tailored to fit your budget, with loan terms typically ranging from 24 to 48 months.
  • Low Interest Rates: Our extensive network ensures competitive interest rates, helping you save money over the life of the loan.

Frequently Asked Questions About Title Loans and Title Ownership

  1. Does the vehicle title need to be in my name to get a title loan? Yes, in order to qualify for a title loan, the vehicle title must typically be in your name. This ensures that you have legal ownership of the vehicle and can use it as collateral for the loan.
  2. What should I do if the vehicle title is not in my name? If the vehicle title is not in your name, you will need to transfer ownership and have the title reissued in your name before applying for a title loan. This process involves completing a title transfer with your state’s Department of Motor Vehicles (DMV).
  3. Can I get a title loan if the vehicle title is in someone else’s name? Generally, you cannot get a title loan if the vehicle title is in someone else’s name. The title must be in your name to demonstrate legal ownership and qualify for a title loan.

Quote from Daniel Joelson, Consumer Finance Expert: “To secure a title loan, the vehicle’s title must be in the borrower’s name. This ensures that the borrower has legal ownership of the vehicle and can use it as collateral. If the title is not in your name, you’ll need to complete a transfer of ownership before applying for a title loan.”

Conclusion about Applying for a Title Loan

If you are considering a title loan but do not have the title in your name, take the necessary steps to transfer ownership at your local DMV. Once you have the title in your name, contact us to explore title loan options that meet your financial needs.

Contact us today to learn more about securing a title loan with proper title ownership. Our team is committed to helping you access the cash you need quickly and affordably.

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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.

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