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How to Get Your Car Title After Paying Off Your Title Loan

If you just paid off your title loan, that’s a significant milestone. No matter the time taken to make the entire payment, it signifies how hard you’ve been working. The next step is to secure your car title from the lien holder. Besides, you don’t want someone else’s name to appear on your title. Read to know how to go about it.

Who Is a Lienholder?

The institution you choose to borrow funds from to pay for your vehicle is the lienholder. A lien is a tactic used to safeguard the right of a lending institution or property seller when a borrower or buyer fails to make payments on a loan.

Therefore, if you fail to make all the payments, the lienholder has the right to take possession of the car in question. On the other hand, after successfully paying the entire loan amount, the financial institution should notify your state’s Department of Motor Vehicles (DMV).

You should also notify your insurance company about the change of ownership after clearing your loan. Note that when a lending institution has a lien against your car, they influence the type of insurance you carry. In most cases, they will require a borrower to carry a more robust coverage since they still have some financial interest.

As such, they might require you to have collision and comprehensive coverage instead of just liability insurance until you pay back the title loan. 

Once you become the outright owner, you can determine the auto insurance coverage that best suits you. Take time to review the policy with your insurance company. Your insurer should also give you some vital tips to help you pick a suitable package for you and your loved ones.

Process of Obtaining a Title Loan 

Most people wonder when do you get a car title after paying off the loan. Well, the procedure involved varies from state to state. Some will require you to do some grunt work, while others will take care of everything. You can check with your DMV and lending institution for your state’s title loan requirements. In other states, it depends on whether the lender still uses the traditional paper title or has transitioned to the electronic lien and title program.

For states that expect you to do some filing, your financial institution should avail the lien release coupled with formal documentation as evidence that the loan is paid in full. Take the documents to your state’s DMV so that they can hand over an updated title in your name as the new owner.

If your state doesn’t require you to go through such processes, a notification from the motor vehicle department about the change of ownership will do. They will mail you the title automatically after the notice, and nothing is required on your part. In most cases, they are the states that utilize the ELT system in their electronic titles and records. The program helps states update vehicle details faster and maintain an efficient lien system. 

How Long Does It Take to Get Your Title After Paying off Your Loan?

The time to process your title also differs from state to state since the motor vehicle departments have different procedures. In states requiring you to file paperwork, you can receive your new title in two to six weeks. States that automatically mail your title take about 15 to 30 days. If you feel the process has taken longer than expected, you can always make a follow-up call.

Key Takeaway

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan in your area, we are able to help you with our large referral network.

All of our referral partners are in compliance with the CFPB.

If you are unsure when do you get a car title after paying off the loan, the above tips should guide you on the proper steps. Once you get the title under your name, you can drive comfortably knowing you are the sole owner. Reach out today or call us at 844-242-3543 to help you get your car title.

 

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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