Are you considering getting a title loan without registration? Car title loans can be excellent funding option for individuals who need money quickly. If you are thinking about obtaining a title loan, you may wonder what exactly is required to qualify for one.
You might also be concerned about whether you can get a title loan without registration. We all misplace items every now and again so even though your car does need to be registered to get a title loan on it, you can easily get a replacement registration card at the DMV.
Max Cash Title Loans cares about equipping you with the knowledge you need to make the best decisions for your future!
What Is Necessary for a Car Title Loans?
Car title loans are a type of installment loan that tend to be far more accessible to a wider array of people because of their secured nature. Title loans are secured by the equity value in the borrower’s vehicle. The borrower’s vehicle being used as collateral is what allows people with subprime credit score and past bankruptcies to still possibly qualify!
Since your car is used, the two most important qualifying factors are the value of your vehicle and your current income. This also means that it’s necessary for you to provide the lender with vital information about your car like it’s make, model, mileage, year, and condition along with some important documents like the title of ownership and the registration card.
How to Get a Registration for Your Car
If you are concerned that you won’t qualify for a title loan because you don’t have a registration card for your vehicle, don’t worry as you can get one easily enough from the DMV!
If you’ve simply lost or misplaced your registration, then it is a straightforward process to get a replacement from your local DMV. All you need to do is fill out an application and, most likely, pay a small fee.
Some of the information you will need to provide in the application to get your duplicate registration include:
- Your name and address
- Your driver’s license information
- License plate number
- Vehicle identification number (VIN)
- Make, model, year, and color of the car
- Proof of insurance
In most states, the fee to get a replacement vehicle registration card is pretty minor. It usually only costs around $20.
However, if you have realized you never registered your car in your state to begin with it will likely take a few more steps. To get a brand new registration, you will need:
- The car’s title
- Car insurance
- Pass an emissions test/smog check
- Pass a vehicle safety inspection
Required Documents for a Car Title Loan
For a lender to approve you for a car title loan, you will need to provide some important documentation. Now that you are aware that registration is necessary, what other documents are required for qualification?
These are typically the documents that lenders will ask you to provide:
Government Issued Identification
Some form of photo identification is necessary for loan approval. This is used to confirm your identity and be sure that you are over 18 years of age. This government ID can be a driver’s license, a passport, a military ID card, a social security card, or a state-issued ID.
Proof of Residence
Car title loans aren’t available in every state. Each lender will need to verify that you live in the state where you are attempting to get a title loan. Proof of residence is necessary for all lenders. This can be shown through a household utility bill, a lease agreement or a mortgage statement, a credit card bill, or a certificate of voter registration.
Proof of Income
Other than the equity in your car, the most important qualifying factor for title loan approval is your ability to repay the loan according to the set terms. The way you can show your ability to pay off the loan is through proof of income. Some of the documents standardly accepted as proof of income includes pay stubs, social security statements, pension or retirement account statements, or a few tax returns.
Title of Your Car
Providing the title of ownership to your car to the lender for them to place a lien on it is mandatory for a car title loan. The title also has important information about your car like the make, model, and year. However, even though the lender places a lien on your title, you can still drive your car. Keep making the monthly payments on time to keep your normal driving routine. When you’ve paid the loan’s balance in full, the lien will be removed and your title will be returned to you.
Pictures of Your Car
The lender would usually like to see some pictures of your car. These pictures can be used to help verify the vehicle’s condition. It’s a good idea to get a few different angles. This helps the lender see everything from the front, back, and sides.
Lastly, the lender will most likely ask for a few references. They can be either personal or professional to assure your character and financial reliability.
Max Cash Title Loans is Here for You!
Max Cash Title Loans does the research on your behalf. Our loan agents can utilize their years of experience in the industry to be able to find you the best deals.1 They work hard so you don’t have to!
Max Cash Title Loans offers their customers a whole myriad of benefits:
- Affordable terms that could give you longer to pay off your loan!4
- Super competitive interest rates industry wide.4
- Funding is as little as one business day!
- Friendly and knowledgeable customer service available 7 days a week.
Are you interested in seeing if you qualify for a car title loan? Check out this simple online inquiry form!