What Do I Need To Know About My Missouri Vehicle Title?

When you buy a car in Missouri, you need to sign a few papers, and one of them is a Missouri vehicle title. A car title is an important document proving your car ownership and allowing you to borrow cash from a financial institution. But there are a few more things about a Missouri vehicle title that you need to know and keep in mind, especially if you consider using your title as collateral to get a car title loan in Missouri. Continue reading to learn more about it.

Here's What You Should Know About Your Missouri Vehicle Title

1. Your Car Title Should Have Your Name On It

A car title is a legal document. It shows a couple of things. Firstly, it shows who the legal owner of the vehicle is. If your name isn't on that title, then, in the eyes of the law, you don't own that vehicle. When you purchase a vehicle in Missouri, you must work with the seller to get that title transferred to your name. This means you’ll need to file a few forms to the DMV. However, it is vital. If you don't do it, you are only causing problems later on.

2. Your Title Includes Important Details About Your Vehicle

The title of your vehicle should have important information, such as:

• Details of the car. This consists of the VIN, model of the car, model year, and the manufacturer.
• The license plate number (i.e., your vehicle's registration number)
• The name and address of the vehicle's owner.
• The weight of the vehicle.
• The vehicle's condition (we will discuss that more in the next paragraph)

All of the information on the title, especially the VIN, needs to correspond to the vehicle. If it doesn't, you will need to work with the DMV to change the information. Some information is a little bit easier to change than others.

3. A Car Title Can Be Salvage Or Clean

Most people will have what is known as a 'clean' vehicle title. This means that the vehicle is 100% roadworthy and safe to drive. It means that the car is essentially unaltered. Having repairs carried out does not remove the clean status. However, if your vehicle repair used major parts from another vehicle, it may do.

Rebuilt or reconstructed means that the vehicle is a Frankenstein of parts. At some point, the vehicle may have been destroyed in a crash. A mechanic may have used components from several different cars to make it roadworthy again. In most cases, the VIN of each of these vehicles must be noted. The DMV will be able to work them onto your vehicle's title.

If a title says 'salvage,' it means that the vehicle has been damaged in an accident, considered a total loss, and then repaired or salvaged.

4. A Vehicle Title May Have A Lien On It

When you have a lien on your car title, you have some debt against the title. The lien states that the vehicle cannot be sold unless the debt is repaid. Legally speaking, somebody else will also have a stake in your car when you have a lien. You are most likely to have a car title lien if you purchased your vehicle using financing. Until you have paid off your vehicle, that lien will remain.

You will need to talk to the DMV about getting the lien removed when any debts or charges have been paid. This is important, particularly if you eventually want to use your car's title as loan collateral.

5. You Can Use Your Missouri Vehicle Title To Get A Loan

If your title is clean and lien-free, you may be able to qualify for a vehicle title loan online in Missouri. A title loan is a secured loan where your title serves as collateral. Depending on what the Missouri Title Loans, Inc. inspectors value your vehicle at, you may be able to borrow up to $15,000.

Title loans are an option for those who need to borrow cash quickly. If the vehicle's title is in your name, you could be signing a loan agreement in just 30-minutes. You could have access to money in a few hours.

As a secured loan, we welcome inquiries from those who have bad credit. We like to judge people on their current personal situation rather than on a few missed payments they may have had months, sometimes years, ago. There are no income requirements either. You could be unemployed, but you still may be able to get a vehicle title loan online.

Get Access To Emergency Cash Today

A Missouri vehicle title is an important document. Make sure that you keep it safe. It proves that you legally own your vehicle. It may also be helpful if you need to borrow cash in an emergency. If you are looking for a vehicle title loan online, fill in the inquiry form on our site. You may be able to get up to $15,000 in your bank account today.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.