When an unexpected expense puts pressure on your budget, you may start looking at different ways to borrow money. If you own your vehicle outright, car title loans in Missouri are one option you may consider.
A car title loan is a secured loan that uses your lien-free vehicle title as collateral. With Missouri Title Loans, Inc., qualified borrowers may receive up to $15,000* based on the value of their vehicle. You can also keep driving your car while repaying the loan.
But how do title loans work? What do you need to qualify? And what determines how much you can borrow?
This guide covers the basics of title loans in Missouri, including eligibility requirements, vehicle qualifications, the application process, and what to consider before accepting a loan.
Key Takeaways
- A Missouri car title loan is a secured loan that uses a lien-free vehicle title as collateral.
- Your vehicle must be fully paid off and the title must be in your name.
- Qualified borrowers may receive up to $15,000*, depending on the vehicle's value.
- Missouri Title Loans, Inc. currently accepts qualifying cars, trucks, and vans.
- You'll need a state-issued photo ID, lien-free vehicle title, and the vehicle for inspection.
- All credit types are welcome to apply.
- You can keep driving your vehicle during repayment.
- Approval and loan amounts aren't guaranteed and require a complete application and vehicle evaluation.
Important Things to Know about Car Title Loans in Missouri
What is a Title Loan?
Title loans are short-term loans that can help you get over a temporary financial rough patch.
Using your vehicle as collateral, borrowers turn over a title to a lender in exchange for a loan, which can amount to hundreds of dollars or thousands. The loan amount depends on the value of your vehicle.
The good news: You keep your car. Though lenders have your title during the course of the loan, it’s still entirely yours to be used during the loan’s complete duration, typically about 30 days.
Title Loan Advantages
- Title loans can be obtained quickly and easily, usually in as little as 30 minutes from beginning to end.
- This time frame is perfect for people who need cash now for either unexpected expenses (medical bills, for example) or high-cost projects (such as necessary home repair work).
- Car title loans in Missouri are also beneficial because of their short-term flexible nature as far as the amount of the loan. There are no hidden fees with a straightforward title loan; what you discuss is what you get.
- Another major advantage is that credit status does not matter. All credit is welcome when filling out an application for a title loan — bad, good, or nonexistent.
- Taking out a title loan also does not impact your credit score in any way. Missouri Title Loans, Inc. works with all types of credit and income situations.
- A car title loan in Missouri also does not require the borrower to have a checking account.
- Furthermore, your name must be on a title, but there’s no problem if there is another name on the car title as well. If the title has an “and” between the names, both of the people on the title are needed to sign the loan. If an:” or” is between the names, either person can take out the car title loan in Missouri.
There are no restrictions on the type of project or the amount you chose to spend. The power is in your hands, and at Missouri Title Loans, you may receive a total loan of up to $15,000.
Guidelines for Getting a Car Title Loan in Missouri
Here’s all you need for a car title loan in Missouri: borrowers must be at least 18; a state-issued ID such as a driver’s license; a lien-free title to a vehicle that you own completely; your vehicle for an inspection; and a small amount of your time.
Can You Get a Missouri Title Loan With Bad Credit?
Missouri Title Loans, Inc. currently welcomes applicants with all credit types.
Unlike a traditional unsecured loan that may focus heavily on credit history, a car title loan is secured by your lien-free vehicle title. Your vehicle's value therefore plays an important role in the title-loan process.
However, welcoming different credit types isn't the same as guaranteed approval.
You must still submit a complete application, meet the lender's requirements, and complete the vehicle evaluation before a lending decision and applicable loan amount can be determined.
How Car Title Loans in Missouri Work
Here’s a step-by-step process of working with Missouri Title Loans:
- Either call a Missouri Title Loans store or use the company’s website to fill out a car title loan inquiry form.
- A representative from Missouri Title Loans, Inc. will call you within a few minutes after you complete an easy application. That starts the process. They will discuss the process in-depth with you and answer any questions you may have about a car title loan in Missouri and working with the company.
- From there, you will be asked to visit one of Missouri Title Loans’ stores nearest to you and you can pick which one would be the most convenient to drop by.
- Another option is having Missouri Title Loans, Inc. come to you, especially if you started the application process online or if you don’t have time to stop by the office.
- A representative will take a few minutes to appraise your vehicle during an inspection. A loan decision will be made right then and there.
- You get your cash and drive away in your car. Remember, the entire process could take as little as 30 minutes.
Get Started with Missouri Title Loans, Inc. Today!
A car title loan in Missouri is easily obtained from your car, truck, or van through Missouri Title Loan company’s swift yet thorough and considerate process. You can get started today by filling out a short inquiry form on our website or calling us directly to get up to $15,000 cash in just a few minutes!
Frequently Asked Questions
Can I get a loan with my car title in Missouri?
You may qualify if you own an eligible vehicle outright, have a lien-free title in your name, and meet the lender's other requirements. Missouri Title Loans, Inc. requires a state-issued photo ID, lien-free title, and the vehicle for inspection.
How much can I get with a Missouri car title loan?
Qualified borrowers may receive up to $15,000*. Your actual borrowing amount depends on factors including the value of your vehicle and approval of your complete application.
What vehicles qualify for title loans in Missouri?
Missouri Title Loans, Inc. currently accepts qualifying cars, trucks, and vans. Motorcycles, boats, trailers, and similar vehicles aren't accepted.
Does my vehicle need to be paid off?
Yes. The vehicle must be fully paid off so you can provide the required lien-free title.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
