Car title loans can be excellent options for everyday people who need some quick funding without too much fuss. If you are currently considering getting a car title loan for your funding needs, you may be wondering about some of the specifics as to how they work and what you need to qualify. Do you need both the title and registration to apply?
Max Cash® Title Loans can help answer your questions. You can also get direction about qualifying for a car title loan. If you are concerned as to whether you need both title and registration to be approved, we can easily explain why:
- It’s necessary,
- How to go about getting the replacements you might need,
- And what else is required for approval!
We all misplace important documents and items from time to time. It’s understandable if you are concerned about your ability to qualify without certain items. Luckily, Max Cash Title Loans can give you the full rundown on what you need and how you can go about it to get a car title loan for your current funding needs.
How Do Car Title Loans Work?
Car title loans are a type of installment loan that is secured through the equity value in your personal vehicle. The secured aspect of title loans is what allows more people to qualify for them. Borrowers may even qualify for a title loan despite having a subprime credit score.
How car title loans work is simple enough:
- Get Approved
Once you are approved for a car title loan, you will be asked to hand over the title of your car. This is so that the lender can place a lien on it. After you’ve picked up the amount of money that you qualified for, you can drive off with your car even though the lienholder will be holding onto your title.
- Make Monthly Payments!
Throughout the duration of the loan’s terms, you can drive your car as you normally would as long as you continue paying your regularly schedule monthly payments according to the contract you signed.
- Get Your Title Back!
After you have paid down the loan in full, the lender will remove the lien they placed on the title of ownership, and you will get it back completely free and clear. Simple as that!
Are Both a Title and Registration Necessary for Car Title Loans?
Since car title loans are secured through the collateral value found in your car, things like your car’s title and registration are necessary in order to qualify for a car title loan. The title is necessary to prove you own the car. The title also is used as collateral for the loan.
Additionally, it is a legal necessity for the car to be registered in the state to validate your ownership of it. The two most important qualifying factors for a car title loan are your ability to repay the loan and the value of your car. Therefore, these vehicle-related documents are vital to the application process.
However, if you have misplaced your registration or title do not worry yourself too much as you can still qualify for a car title loan. It is perfectly possible for you to get replacement copies of your title and your registration at your local DMV!
How to Get a Replacement When you Need Both the Title and Registration Replaced
We all misplace things upon occasion, even important documents! Luckily, it is pretty simple to get replacements if you have misplaced your registration or your title. And once you have a new copy of either, you can get to seeing if you qualify for a car title loan.
To get a replacement vehicle title or registration, simply head to your local DMV where you should be able to fill out an application and pay a small fee to get the replacements you need.
The information needed for both your title and your registration should be pretty similar. There are some minor variances, including some proof of ownership to get a duplicate title. But overall, the application will likely ask you to provide:
- Your name and address
- Your driver’s license number
- License plate number
- Vehicle Identification Number (VIN)
- The make, model, year, and color of the car
- Proof of insurance
For many states, the replacement fee for a vehicle registration card is only around $20. However, the replacement fee for a replacement title of ownership will likely cost you a little more, closer to $50.
Other Requirements for a Car Title Loan
Now you know that two of the requirements for a car title loan include the vehicle’s title and that the car is registered in the state you are applying for a loan. Let’s take a look at what other requirements are necessary for a title loan.
Some of the other documents you will be asked to provide during the qualification process include:
- Government Issued Identification: Any kind of official photo identification will do like a driver’s license, passport, social security card, military ID, or state-issued ID card.
- Proof of Income: This document is meant to prove that you have the ability to pay off the loan in a timely manner. You can use recent paystubs, bank account statements, tax records, or social security account statements.
- Proof of Residence: You need to prove that you reside within the state that you are applying for a loan. This can be done with documents like a household utility bill, a lease agreement, or a credit card statement. You will be able use a certificate of voter registration as well.
- Pictures of the Car: A few pictures of your car are required. Take pictures of the front, back, and sides of the vehicle.
- Two References: These references can be either personal or professional!
Max Cash Title Loans Offers You Unparalleled Service
Max Cash Title Loans does the work on your behalf, so that you can be sure you are getting the best title loan deals around.1 You can expect unparalleled service with friendly and knowledgeable customer representatives! They are available seven days a week to answer any and all questions you have.
You can see if you qualify pre-approval today by simply filling out our easy online inquiry form today!