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.
Keeping this in view, can I get a title loan if I just bought a car?
If you have a car title signed over to you, you can inquire for a title loan and get quick emergency money! After approval, many eligible borrowers receive their title loan money in as little as one business day!
Correspondingly, can you get a title loan with the registration?
What is a Vehicle Registration Loan? With a registration loan, you use your vehicle’s registration to borrow money. Lenders may approve you for this financing option even if you don’t own your car outright. The amount you receive will be based on your income and the most recent value of your car.
How can I get a title loan without a clear title?
An auto title loan is a loan that is typically secured using the title of the vehicle as collateral. Some lenders, like Speedy Cash, offer what is called a second lien title loan, which allows you to apply for a title loan without a clear, lien free title.
How much can you borrow with a title loan? You can usually borrow 25% to 50% of the value of the car. According to the FTC, the average loan amount is $100 to $5,500, but some lenders allow you to borrow up to $10,000, and even more. Once you’re approved for a loan, you’ll give the lender the title to your car.
Documents You’ll Need
- Original vehicle title showing sole ownership.
- Government-issued identification matching the name on the title.
- Utility bill or other proof of residency matching the name on the title.
- Current vehicle registration.
- Proof of vehicle insurance.
- Recent pay stubs or other proof of ability to repay the loan.