How to obtain car title loans

The car titles They can offer you the possibility of quickly accessing a loan, since your vehicle will be the guarantee of the loan, since you will have to deliver the title to the lender and they will keep it until you complete the full payment of the money they have lent you.

Car titles for short-term loans

Therefore the car titles They can be the fast track if you need funds urgently, but you need to pay attention to the following details:

  1. However, although you will get the money you need almost immediately, you should also think and evaluate the reason why you apply for the loan because it will generally be more expensive than another type of loan and also if you cannot finalize the payments, the lender will not It will return the title to you and therefore you will lose your car.
  2. You should also think that the characteristics of your vehicle must match the amount of money you are requesting as a loan.
  3. Although some lenders will allow you to access the loan even if you continue to pay another loan for the purchase of that vehicle, it is best for you to have finished any other previous loan.
  4. Since it is a short-term loan, the lenders will agree to grant you the loan if the borrowed money can be easily and quickly recovered.
  5. Also consider that most lenders will loan you up to 25 or 50% of the value of your car.
  6. As it is a short-term loan, the repayment term is generally between 15 and 30 days with the possibility of renewing it for another period and with new interest rates.
  7. As for the interest rates, they are generally quite high and even like payday loans, it is possible that you repay the money borrowed several times.
  8. Losing your vehicle is the greatest risk and a probability if you cannot meet the payments, since in this situation the lender has the right to take possession of your car, he can sell it and from the money obtained take part of the money that you owe him.

For all these reasons, before deciding on a title loan, try all the other alternatives that, although less attractive in terms of speed, will be less expensive and less risky.

Options to loans car titles

  1. You can check with a credit union or your bank to obtain a personal loan that is cheaper and less risky, since the interest rate will be lower.
  2. If you need to get money fast, you can think of an alternative in a temporary job that will give you that extra money you need. It may not be the most attractive but you can evaluate this possibility that it will be without risk of losing your car and you will not lose money due to high interest rates.
  3. As a guaranteed loan, you can think about using a credit card that will not lead you to risk losing your car.
  4. Depending on the value of your car, you can also think about selling it and then buying a lower value and reserve the difference.

But if none of the alternatives are your possibility and you have no other option to think about a title loan, then take some time to evaluate how you will make the payments and all the questions that the loan implies to reduce the risks as much as possible.

Money loans for car title

  1. Loans of money by car title They have different terms depending on the agreement made either with a credit institution or between family members.
  2. If you turn to a credit institution, they can loan you money as a personal loan for the purchase of an important or non-essential item.
  3. You will get a secured loan because if you cannot pay the loan that is guaranteed, your car as an asset will go to the lender.
  4. The lender can take possession of the title of your car if you do not pay the loan.
  5. You will deliver the title of your vehicle to the lender, whether it is your car, motorcycle or truck.
  6. In return, you will accept the payment of a fee proposed by the lender,
  7. The lender will give you a maximum of 30 days to repay the loan in full.

Car registration

When you buy your car you must make your registration in the Automotive Registry, because depending on where you live its name will be different but you will always have to register it, for example:

In the United States you must register it in the DVM (Department of Motor Vehicles that corresponds to your state, in the SOS (Secretary of State, in the DOR (Department of Revenue, in the MVD Division of Motor Vehicles or in the local entity that you corresponds.

To register your car you need:

1.The title of the car in your name.

  1. You must perform a smog verification and emission test.
  2. You must allow the safety inspection of the car.

How to replace a lost title

You may have lost your car title and need to replace it with a duplicate title.

  1. You must complete the replacement car title form. The form can be obtained from the DMV (local Department of Motor Vehicles or you can also download it from the official DMV website.
  2. Once you have completed the form, you will send it with the corresponding payment either by mail or you can present it in person.
  3. If you present it in person remember that you must have your identification.
  4. The title of your vehicle may indicate a state that differs from that of your residence so when you request the duplicate make sure it matches the place of your current residence.
  5. Make an inquiry with the local DMV because if you need a duplicate of your title quickly, many states have an urgent service, they can process your title in three days with an additional cost, but it depends on each state.
  6. If you later find the lost title destroy it because your duplicate title works as an override of the previous one.