If you are thinking about getting a car title loan in Missouri, one of the first things to know is whether you need to own the vehicle.
The short answer is yes.
To use your vehicle for a title loan, you generally need to own it outright. That means the car title should be lien-free, in your name, and connected to the vehicle being inspected.
If the title is still in someone else’s name, or if another lender is listed on the title, you may need to fix that before starting the title loan process.
Here is what to know before you begin with Missouri Title Loans, Inc.
Do You Need to Own Your Vehicle for a Title Loan?
Yes, you generally need to own your vehicle outright to use it for a title loan.
A title loan uses your vehicle title as collateral. Because of that, the title usually needs to show that you are the legal owner and that there are no active liens on the vehicle.
In simple terms, the car should be paid off, and the title should be in your name.
Submitting an inquiry does not guarantee approval, a specific loan amount, specific terms, or funding.
What Does Lien-Free Mean?
A lien-free title means there is no active lender or legal claim listed against the vehicle.
Your title may be lien-free if:
- The vehicle is fully paid off
- Your name is listed on the title
- No lender is listed as the lienholder
- There are no active judgments or claims against the vehicle
- The title matches the vehicle being inspected
If you are still making payments on your car, your title may not be lien-free yet.
In that case, the vehicle may not be ready for a title loan review.
Can I Qualify For A Title Loan If The Title Is In Someone Else’s Name?
You can’t use someone else’s title to get car title loans in Missouri. Aside from being lien-free, your car title must also be registered to your name. Suppose that title is registered to someone else. In that case, you must visit your local Missouri DMV office to have it transferred to you. Once that process is complete, you can use the title to apply for a title loan.
Must I Bring My Car When Applying For A Title Loan?
Yes, even though it’s called a ‘title loan’ and you’re using your car title to apply for it, your car is still an essential part of the process. Remember, a car title loan could get you up to $15,000, but that depends on your vehicle’s fair market value. A loan representative will take a few moments to physically inspect your vehicle and determine its fair value as part of your application process.
How Is The Value Of My Car Determined?
A representative will physically inspect your car to determine its fair value as part of the application process. They’ll calculate that value based on two factors: the condition of your car and referring to a nationally recognized pricing guide. You can get as much as $15,000 with car title loans in Missouri. However, the amount you qualify to borrow will depend on your car’s worth.
What Else Do I Need To Get A Missouri Title Loan?
Aside from your lien-free car title and the vehicle ready for inspection, you must also provide valid identification when applying for a Missouri title loan. That way, the loan representative can verify your identity, your age and confirm that you’re the rightful owner of the car and its title. You can provide your driver’s license to fulfill this requirement but don’t worry if you don’t have one. Another state-issued ID will also do just fine in this case.
Do I Need To Have A Checking Account To Get A Missouri Title Loan?
You don’t need a checking account to qualify for a title loan. Plus, getting started with the process is simple. Suppose you own your car and have all the required items to apply for a title loan. In that case, you only need to take the first step by filling out the online inquiry form.
Soon after you submit that form, a loan representative will call you to get the application process moving. That includes setting a time and place to meet so they can assess your car and determine its worth.
A few moments after that, you’ll learn whether or not you qualify for the title loan and how much you can borrow with it. Then, you could get the cash you need on the same day or by the next business day. Remember, you get to keep your car even if your loan is approved. Simply put, you’ll drive away in the vehicle you brought to the meeting with the loan representative!
Got What You Need? Start Now!
The best time to get car title loans in Missouri is right now! No matter the time of day, you can get started with Missouri Title Loans, Inc. by filling out the online form with your required information.
Remember to keep your phone nearby to catch that call from the loan representative. Follow their instructions, and before you know it, you’ll finalize your loan application quickly!
Frequently Asked Questions
Do I need to own my vehicle for car title loans in Missouri?
Yes, you generally need to own your vehicle outright. The title should be lien-free and in your name.
What does lien-free mean?
Lien-free usually means the vehicle is paid off and no active lender is listed on the title.
Can I use a title in someone else’s name?
No, the title generally needs to be in your name before it can be reviewed for a title loan.
Do I need to bring my car?
Yes, your vehicle is needed for inspection. The inspection helps review the vehicle’s current value.
What are the title loan requirements?
You generally need a state-issued photo ID, a lien-free car title in your name, and your vehicle for inspection.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
