It happens to everyone you open your mailbox and find a bill that you weren’t expecting. And more importantly, you aren’t sure how you’ll pay. If you’re familiar with car title loans, you may have considered one. Perhaps you’ve already started the process with Max Cash Title Loans2. But you may have run into a snag; you don’t have your car title. Now you’re wondering if you can get a car title loan without your car title.
How Can I Get a Car Title Loan if I Don’t Have my Car Title?
If you are only missing your car title, all you need to do is go to the DMV and have them issue you a replacement title. Some DMVs are even capable of providing you with an expedited car title. Max Cash Title Loans may be able to direct you towards the nearest DMV capable of producing an expedited car title. Depending on the circumstances, Max Cash Title Loans can potentially assist you directly with your expedited car title.
If your car’s title isn’t in your name, it’s a bit more complicated. You’ll need to get the title changed to being in your name. The process for this varies by state, but generally involves the person currently on the title filling out some paperwork and you taking it to the DMV.
What do I Need for a Car Title Loan Besides my Car Title?
In addition to a qualifying car title in your name, you’ll need to find a few other pieces of documentation.
- Proof of Income
- Proof of Residence (Certain pieces of mail)
- Photos of your car (front, back, and sides)
- Government Issued I.D. (Driver’s License, State I.D., Passport, etc.)
Some car title loan companies require you to bring your car in for an in person inspection. Others understand that it isn’t always possible to drive all the way down to a brick and mortar title loan company. These lenders allow you to send in photos of your car in lieu of driving down to their shop.
How Do I Show Proof of Income for a Car Title Loan?
There are a lot of people out there that think the only way you can demonstrate proof of income for a car title loan is through a recent pay stub. There are actually a variety of ways to demonstrate your ability to pay back your loan. For example:
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- Disability
- Child Support
- Alimony
- Social Security
- Worker’s Compensation
Do Car Title Loans Have Hidden Fees?
Reputable lenders avoid putting hidden fees in their car title loan agreements. Instead, they try to make their loan terms simple and easy to understand. This means they won’t put a balloon payment at the end of your loan that requires you to pay a much larger payment than all your previous payments4. Nor do they include prepayment penalties, which punish borrowers for trying to pay their loan back early3.
How Much Money Can I Get for a Car Title Loan?
The amount of money that a lender can give you for your car title loan will depend on a few different things.
- Value of your car
- Length of the loan
- Your monthly income
The value of your car is calculated by taking into account things like the condition of the exterior, the interior, the number of miles, the make and model, etc. The worth of your car determines the absolute maximum amount of money you can potentially borrow. The length of the loan determines the size of the monthly payments. And your monthly income is used to calculate the amount of money you can afford to pay back each month. Note that some states place restrictions on the duration of car title loans, which can impact the size of your potential monthly payments.
What Happens if I Can’t Pay my Car Title Loan Back?
If you are having trouble making your monthly car title loan payment, you should contact your lender immediately. What happens to borrowers who default on their loans varies from state to state, but it usually follows the same general blueprint. Depending on the state, the lender may be required to send the borrower a right to cure notice, informing them that they have a grace period during which they can pay off the balance of their car title loan, after going into default. Once any applicable grace period is over, the lender can repossess the borrower’s car.
After they’ve taken the car, they will put it up for auction. The money raised goes towards paying off the balance of the loan. Depending on the state, the borrower may be entitled to any money that exceeds the amount they owe. In other states, lenders can continue to pursue borrowers if the auction doesn’t cover what they owe.
Is There a Way to Extend my Car Title Loan?
It may be possible to roll your car title loan into a new loan, depending on the state. If this is possible, it normally occurs at the end of the loan. Your lender will roll the balance of your loan into a one. While there may be some fees associated with this, you’ll have access to the whole duration of the new loan to pay it back.
A car title loan can be a great way to get the money you need to cover an unexpected expense in an emergency. If you’re worried you won’t be able to get a car title loan because you’ve lost your car title, you simply need to get a new copy from the DMV. Max Cash Title Loans may be able to assist you with that, as well as guide you through any other parts of the car title loan process that you may need help navigating. Contact us and get started today!
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