Can You Be Turned Down for a Title Loan in Missouri?
Title loans in Missouri have become more popular in the last few years. But can you be turned down for a title loan in Missouri? Possibly. More and more borrowers are appreciating the simple and straightforward process, quick approval, and flexible qualifying requirements that enable the lender to accommodate them in more complicated situations.
But being simple and quick has created a sort of myth around title loans – as if you can simply walk into a store and come out with one, not putting in any effort.
Which is decidedly not true. So, let’s consider in what cases you can be approved or turned down for a title loan in Missouri.
How to Qualify for a Title Loan in Missouri
With Missouri Title Loans, Inc. specifically, you’ll need to provide only 3 required items:
- A driver's license or state-issued photo ID;
- Your vehicle for inspection to determine the maximum loan amount;
- That vehicle’s lien-free title in your name to prove car ownership and act as collateral.
Possible Reasons for a Denial for a Title Loan in Missouri
While title loans have minimal requirements, this doesn’t mean that the approval is guaranteed. There may be a few reasons to deny your application.
1. The Value of Your Vehicle Is Not Enough for a Title Loan
When determining the amount you’re eligible to get, a lender needs to evaluate the condition of your vehicle and establish its market value. If you’re looking to get more money than the value of your car, there’s a chance that you’ll get rejected.
2. Issues with the Title
Another important qualifying requirement is that the title to your vehicle should be lien-free and in your name. If the title has someone else’s name on it or if it has a lien, the chances are you’ll be rejected for your title loan in Missouri. You can go to the DMV office to get the title transferred in your name to fix the issue. But if your title has outstanding loans or judgements against it, you won’t be able to get your title loan until the car is fully paid off.
3. You Are Younger Than 18 Years Old
Another important qualifying requirement for a title loan in Missouri is to be of legal age and be able to prove it with an appropriate documentation. If you outright own a vehicle, it’s registered in your name, but you’re younger than 18, your application is likely to get rejected.
What You Should Do Before Signing Up for a Title Loan in Missouri
To minimize the chances of being turned down, take the following steps:
- Make sure you’ve got all the required items on hand before starting the application process;
- Take a good look at your car and make sure it’s in decent condition;
- Ask the loan representative to clarify any terms that you have trouble understanding after kicking the process off.
3 Common Misconceptions about Being Turned Down for a Title Loan in Missouri
There are a few misconceptions associated with title loans in Missouri which are believed to reduce chances to qualify for one.
1. Bad Credit
Some people believe they’ll be turned down for a title loan in Missouri if they have bad or non-existent credit. The truth is Missouri Title Loans, Inc. is open to borrowers of all credit types.
As long as the required items you provide meet the lender's standards, you can get approved regardless of what your credit looks like – it can be good, it can be bad, or you may have no credit at all.
2. Unemployment
Another common myth about being turned down for a title loan in Missouri is unemployment. Some believe that they have no chances to be approved if they’re unemployed. Missouri Title Loans, Inc. specifically, doesn’t require the borrower to provide proof of income, so the case of your employment isn’t likely to come up in the first place.
This is because title loans are secured loans – you’re providing an asset as collateral to protect the lender. Since the lender knows their money’s protected from the get-go, your employment status largely isn’t going to influence their decision.
3.Giving Up Your Vehicle
Many people believe that they’ll get turned down for a Missouri title loan if they aren’t willing to give up their cars. The truth is – since it’s your title that serves as collateral, not your car, the title itself will stay with the lender. You get to keep your vehicle and drive it as usual as long as you keep making timely payments. The car title will go back into your possession after the loan is paid in full.
How to Get Started with a Title Loan in Missouri
Missouri Title Loans, Inc. has multiple store locations across the state and you can easily choose the one you wish to work with from our location webpage.
After that, you can easily get in touch by submitting a filled-out form on the website. When the form gets processed, a loan representative will get in touch with you.
The loan representative will provide more in-depth information about the loan application process, answer your questions, and set up an appointment for you.
Bring your car and documents (the ID and lien-free car title) to the appointment. The loan representative will appraise your vehicle and assess the documents to determine if you qualify for the loan.
If they approve you, you’ll finish the final paperwork – and get the cash!
Get Started Today!
Getting an auto title loan in Missouri is effortless and hassle-free if you know what you should do to get approved or what can disqualify you. So, keep in mind the information presented above to get up to $15,000 quick title cash in no time. To get started, fill out an application form on our website 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.