What is a Lien on a Title Loan?

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Are you in need of some immediate emergency funding but keep running into roadblocks along the way? If you own a car with a clear title in your name, then it could be time to consider a title loan for your funding needs. Curious about a lien on a title loan? Let’s break it down for you.

It is possible to get the quick cash you need through a lien on your car’s title with a title loan. We can walk you through what a lien on a title loan is, how a lien makes it possible for you to obtain a loan, and how you can obtain a title loan of your own to meet your funding needs.

Max Cash Title Loans offers our customers a wealth of educational resources and assistance. This is to help borrowers make an informed decision about their loan. We believe this kind of decision, especially when it comes to your personal finances, is a well-informed one!

How Does a Lien on a Title Loan Work?

In order to understand what the purpose of a lien is, it is crucial first to know what a title loan is. A car title loan is a secured personal loan. This type of loan uses the value of the borrower’s vehicle as collateral for the loan. 

The car’s equity is claimed as collateral for the sum that you borrow through the placement of a lien on your car’s title.  The lender places the lien on your car. Then, they become the lienholder, which means they have the right to the equity in your car. 

Even though this temporarily gives the lienholder use of your car as collateral, the lien does not replace your name on your car’s title. The lien can be removed at the end of the loan and your title is returned to you.

The Process of Getting a Lien on your Car’s Title

Getting a lien placed on your title is incredibly easy. We can walk you through what happens each step of the way.

Qualify for Your Title Loan

Firstly, after filling out the online form and sending in your required documents, you will be notified if you are approved for a title loan. If you are, you can find out how much you qualify for. You will be able to review your contract. That way, you can fix any issues before signing it.

Have a Lien Placed on Your Title

Secondly, before receiving your money, you will be asked to hand over your car’s title to the lender. This is to place a lien on it. The lienholder keeps your title for the duration of the loan. However, you can drive off with your car like normal if you make your payments on time.

Make Your Monthly Payments

Despite the lien placed on your vehicle’s title, you can continue driving your car as you usually would throughout the life of the loan. Just make your monthly payments on time. The monthly payments are determined ahead of time. That way, you can work out a reasonable payment schedule with your lender before signing off on the terms.4

Have the Lien Removed

After you have paid your final scheduled installment so that the loan balance is down to zero, the lender will remove the lien that they placed on your title. Then, they will return the document to you completely free and clear. From there you can move on with your clean title back to normal!

Required Documents for Title Loan Approval

Other than your car’s title, there are a few more documents that are vital to the title loan qualification process. These documents are necessary for you to be approved and for the lender to be able to draft a contract for your title loan. 

Firstly, you will be asked to send in the following documents in whatever way is most convenient for you, either by scanning them to email to the lender or taking pictures to text in with your mobile phone, etc. 

  • Official Photo Identification: Your driver’s license, passport, military ID card, state-issued identification, permanent resident card, etc. 
  • Proof of Address: A credit card statement, household utility bill, mortgage or lease agreement, a certificate of voter registration, etc.
  • Proof of Income: A few recent pay stubs, pension and/or social security statements, billing invoices for self-employed work, tax records, etc.
  • References: These can be either personal or professional.
  • Pictures of Your Car: A couple of pictures of your car from various angles and in good lighting to confirm its overall condition. 

Picking a Lender to Be Your Lienholder

If you decide that you would like to utilize your car’s equity for a loan by getting a lien placed on your title, Max Cash Title Loans can assist you in finding a lender who can offer you competitive interest rates and quick funding.1, 4 

Max Cash Title Loans puts a premium on putting the customer first. You are our number one priority, which is why we offer a myriad of benefits to the customers we work with for their title loan needs.

Max Cash Title Loans could give you access to:

  • Interest rates that are competitive industry-wide! 4
  • Flexible payment schedules that can last up to three years.
  • Funding in as little as one business day after approval.
  • An entirely online qualification process!
  • Excellent customer service with extended hours, seven days a week.
  • Educational resources to improve financial literacy.

Max Cash Title Loans can be the helping hand you need in this trying time. We hope that we can assist you in navigating the landscape of the title loan industry so that you can be successful, not only in your title loan needs but in building a prosperous financial future. 

See if you pre-qualify for your very own title loan by filling out our easy inquiry form today! Getting pre-qualified is absolutely free and requires no obligation on your end.