A title loan company is there to provide every help possible to its customers; however, the title loan must be in the name of the car owner. There are few lawful restrictions to follow during the deal, and the rules don’t allow offering asset on the amount that doesn’t belong to you. The truck, car, or motorcycle on which you take a loan must be in your name. So, what to do if it’s a title loan with a title not in my name? In this situation, if you don’t have the title but are still the owner, things can be sought out.
How title loan works
For the loan taker, few essential elements to consider are the vehicle’s equity, the client’s credit profile, and their capability to repay the loan. Any finance giver will consider these factors, and if they are trustworthy, there is no problem in signing the deal and having quick access to money. The process is simple; keep your vehicle as collateral with the company you own rightfully and take the amount. Once you pay back the loan, the car is yours again. The whole process is smooth and easy, considering both parties abide by their agreement.
A title loan with the title not in my name
It is a possibility the although you are the owner, the vehicle on which you take the title loan is not in your name, so there are few rules following which you can have the loan. The initial step is to transfer the title of your vehicle to your name. The process will not take much time. Besides, if the title is shared between two people, both are eligible for the loan in most cases. To have more information talk to our company representatives and we will be glad to offer help and suggestions as to how you can overcome the problem.
Transferring the title for loan
To get the title of your vehicle in your name, a few steps to follow are;
- Visit the nearest Department of Motor Vehicle (DMV), where transferring the name starts. You have to go yourself as sending posts won’t work.
- Visit the website of DMV before visiting to know the requirements to carry. You have to take your valid identification documents along with other vehicle papers to start the procedure.
- From the DMV, bring the current title and registration of your vehicle as needed in the deal.
- An amount of fee is charged when you can the title of your vehicle, make arrangements for it beforehand. You have to pay them as a transfer fee.
- Moreover, if a car’s title is changed recently, make sure to carry those papers as they would be of great help. It can be your marriage or divorce papers, too, if you have a car in your spouse’s name.
Once the car title is in your name by the DMV, you can get the loan quickly. For further assistance on a title loan with a title not in your name, contact Advantage Finance. Call us at (281) 410-5337; we look forward to speaking with you.