If you own your vehicle outright and need money for an unexpected expense, you may be wondering, “Can I get a loan with my car title?”
The short answer is yes. A car title loan allows qualified borrowers to use the value of a fully paid-off vehicle to secure a loan. With Missouri Title Loans, Inc., you may qualify for up to $15,000* depending on your vehicle's value and the approval of your complete application.
You don't have to give up your vehicle while repaying the loan. Qualified borrowers can continue driving their car while the vehicle title is used as collateral.
This guide explains how a loan with a car title works, what you need to apply, how your potential loan amount is determined, and what to consider before borrowing.
Key Takeaways
- A 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.
- Missouri Title Loans, Inc. offers qualified borrowers title loans of up to $15,000*.
- Your potential loan amount depends on the value of your vehicle.
- You'll need a state-issued photo ID, lien-free title, and the vehicle for inspection.
- All credit types are welcome to apply.
- You can keep driving your vehicle while repaying your title loan.
- Approval and loan amounts aren't guaranteed and require a complete, approved application.
What Is a Loan With a Car Title?
A loan with a car title is a secured loan that uses your vehicle title as collateral.
To qualify, your car must be fully paid off, meaning there can't be an outstanding auto loan or other lien attached to the title. Missouri Title Loans, Inc. requires the lien-free title to be in the applicant's name.
Unlike selling your vehicle, getting a title loan doesn't mean giving up your transportation. You can continue using the vehicle while repaying the loan according to your agreement.
Because the loan is secured by the vehicle, its value plays an important role in determining how much you may qualify to borrow.
Who Can Get A Loan With Their Title
Anyone who owns a vehicle with a clean title can get a title loan using their car’s title. Those who may benefit the most from this type of loan are those who have less than perfect credit making them ineligible for a traditional bank loan.
Others that may benefit from a loan like this, are those who need money now for an emergency, like hospital treatment, a home repair, or a car repair.
Most title loan businesses can get you money either the same day or the next business day. That is much faster than a traditional bank offers as most banks can take several days or even weeks to reach an approval status.
A loan using your car title may be an option for you when you don't have any other options available.
Loans like this are also a resource for those with credit issues since most lenders welcome all credit.
About Car Titles
The one thing that most title loan lenders will have in common is their request for a clean car title in your legal name. If your vehicle title is not in your name, you can request a transfer at your local tax office.
Typically, you must have a bill of sale and will be expected to pay the personal property taxes to transfer the title into your name before you can get a loan with car title.
How a title loan business operates can vary. Regulations regarding title loan companies may differ from one state to another. It is important to research lenders in your area for specifics.
Title Loans In Missouri
Missouri Title Loans Inc. offers both title loans and installment loans so obtaining the money you need for an emergency can be quick and efficient. With just a few requirements, you may be eligible to receive a maximum of $15,000 in title loan funds. Installment loans can provide up to $1,500 but will require a different set of items for approval.
There are benefits to working with a loan company such as this, they are fast, convenient, and responsive to your needs.
There are three items required to get a loan with a car title. First, you will need either a government-issued ID card or a valid driver's license. You will also be required to have a lien-free title in your name, and a vehicle to be used as collateral. Only those over 18-year-old can be considered.
You can get started online by filling out an inquiry form. Then, someone from the loan office will contact you. Next, you will arrange for an in-person meeting at either a nearby office or at a location of your choice. The representative will inspect your vehicle to determine the amount of a loan you can obtain.
After you have been approved, you will get your cash either that day or the next business day.
It Doesn't Take Long
The process with this Missouri title loan company is fast and can be completed in under a half-hour once you meet with the representative. You can keep your car while you repay your loan.
Missouri Title Loans Inc. works with those with good, bad, or non-existent credit. The company also doesn't report title loans to credit bureaus so it won't affect your credit score. A checking account isn't required either to get a loan with car title at Missouri Title Loans Inc.
Emergency Help When You Need It
This type of loan should be used for emergencies where you need money quickly. These would be situations like a hospital bill, a car repair, or a home repair that can't be put off.
Find Out If You're Eligible
It doesn't cost anything to find out if you're eligible to get a loan with car title. You can submit a title loan inquiry form online at Missouri Title Loans, Inc. and talk to a representative. You aren’t obligated to take the offer if don't like the terms. The online request form is easy to fill out and available now!
Frequently Asked Questions
Can I get a loan with my car title in Missouri?
Yes. Qualified borrowers who own an eligible vehicle outright and have a lien-free title in their name may apply for a Missouri car title loan. Approval isn't guaranteed and requires a complete application and vehicle evaluation.
How much can I get for a loan on my car title?
Missouri Title Loans, Inc. currently offers qualified borrowers up to $15,000*. The actual amount depends on factors including the value of the vehicle.
What do I need for a Missouri car title loan?
You'll need a state-issued photo ID, a lien-free vehicle title in your name, and the vehicle for inspection.
Can I get a title loan with bad credit?
Missouri Title Loans, Inc. states that all credit types are welcome to apply. Approval and loan amounts still depend on meeting the lender's requirements.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
