Is It Possible to Get Car Title Financing Without a Clear Title?
Across the United States, auto title loans are a popular loan option that allows borrowers to use their vehicle title to secure money. While the requirements may vary from state to state, one qualification stays the same– the car title must be in the borrower’s name at the time they apply.
But what if you don’t fully own your car and have outstanding loans against it? Could you still get a title loan without a clear title? Read below to see how that’s possible!
Is a Clear Title Necessary to Obtain Car Title Loans?
A vehicle title in your name is one of the main requirements for an auto title loan. There are various types of car titles out there, and a clear title is simply one option. If you currently do not have a clear title, don’t think that title loans are not an option for you.
Here are some of the several types of vehicle titles that drivers may have:
- ● Clear Title: This type of car title indicates that the vehicle owner has no outstanding loans on the car. The driver owns the vehicle, meaning the equity is 100% of the market value. A clear title is often required for car title loans, but if you don’t have one, you may still be able to qualify through certain title loan providers. Go online to find out which title loan lenders are okay with borrowers not having a clear title.
- Salvage Title: A salvage title is issued to a car by the insurance company after a heavily damaging accident or incident. Vehicles with a salvage title are considered a total loss and may or may not run. Also, cars with a salvage title are typically worth less money, which is excellent for people looking to purchase a vehicle on a budget.
- ● Junk Title: A junk title is similar to a salvage title but indicates that the car was sold to a junkyard. This vehicle is also just as inexpensive as a salvage car, so it could be suitable for people who don’t have a lot of money but need reliable transportation. However, many car enthusiasts suggest only selling junk cars for scraps and parts rather than taking them out on the road.
- ● Reconstructed/Rebuilt Title: A reconstructed or rebuilt title is given to vehicles that have been heavily repaired or improved. That vehicle title is issued by an insurance company or the establishment that repaired or rebuilt the car.
Don’t worry if you don’t have a clear title, as you may still be able to get a title loan! As long as your car has enough equity and you have a reliable source of income, you may qualify for a car title loan without a clear title!
Do I Need to Get Through a Vehicle Inspection to Get a Title Loan Without a Clear Title?
Borrowers that want to get a car title loan must subject themselves to a vehicle inspection. That is required to verify the car’s condition and to determine its current value. It can be a huge inconvenience for most car owners to drive to a physical location just to get a car inspection done. Thankfully, plenty of title loan lenders can offer an online alternative!
Instead of traveling to a physical location for a vehicle inspection, you could just take photos of your car using a smartphone at home! Just make sure you include clear and visible images of your car’s hood, rear, driver’s side door, passenger-side door, odometer reading, and Vehicle Inspection Number (VIN #). Generally, you can locate the VIN # on the interior dash of your car; however, depending on your car’s make and year, you could also locate it on the inside door, the front end of the frame, or under the hood.
Once you complete this step, you may be ready to collect the money you need for an emergency!
What Do I Need to Obtain a Car Title Loan Without a Clear Title?
Are you ready to get a title loan? You only need to submit a few documents to apply for one! But don’t worry, they are documents you could easily find around your home without breaking a sweat!
Borrowers would only need to have:
- A Photo ID
- Proof of Address
- Proof of Income
- Vehicle Insurance
- Pink slip or Vehicle Registration
After you send your information, you may be good to go! Contact your local lender to start on your title loan today! While on the phone with them, don’t hesitate to ask questions about eligibility and if they have an online option available!
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