What Are Your Chances Of Getting An Auto Title Loan Without A Title?Fast Action Finance SEO
Car title loans are a fast and convenient way to get cash against your vehicle. There are many reasons why someone would need quick cash and sometimes the traditional sources of credit take too long; or one has a bad credit rating that makes is difficult to borrow.
In such cases, it makes a lot of sense to go for auto title loans which are not dependent on your credit ratings and which have a rapid turn-around time. You may however be wondering what your odds are in getting an auto title loan without an auto title. In this article we explain to you the importance of the auto title and why the lack of one might jeopardize your chances of getting a car title loan.
Auto titles are meant to prove ownership
If you do not have an auto title, it is very difficult for your auto title provider to prove that the car actually belongs to you. In that case then, as a prudent financial institution, it becomes impossible for the provider to give you with an auto title loan. For auto loan providers to provide you with the auto loan facility, they require that you have an auto title that shows that you are the outright owner of the automobile.
The auto title also helps the provider to know if there are other debts attached to the automobile. Usually, if there are other debts that are attached to the auto title, most auto title loan providers will offer refinancing options for those loans, which means that they will help you consolidate all your debts into one which you then pay off easily. If you are the outright owner of the car and have other debts attached to the automobile, do talk to an auto title loan provider and see what options they may have for you.
Unclear auto titles may hinder your ability to get an auto loan facility
If your auto title is not clear as to the ownership of the vehicle, then this may also create additional complications in getting your auto title loan. For example, if an auto title shows that the car is registered to several different owners, most auto title loan providers may require that all the registered owners of the car be enjoined in the loan application process.
In such cases then, it helps to have an agreement with all the registered owners of the vehicle about taking an auto title loan before approaching the auto loan provider. Similarly, if an auto title loan provider cannot prove outright ownership of the vehicle from the auto title provided they are very unlikely to provide the loan facility to you.
Missing or lost auto titles
If you have misplaced or lost your auto title, you should consider approaching a service centre to reapply for another auto title. This makes it much easier and faster for you to get an auto title loan from a provider.
Spending some time straightening out the paper work around your car will pay off when you go to apply for an auto title loan as it means you will have fewer complications and are likely to get your money much more quickly. Also, having your car’s paperwork straightened out is good for other things such as insurance claims and other legal processes around your car. Even if you are not considering applying for an auto title loan, it is a good idea to have your car’s paperwork up to date.
As you can see, not having a clear auto title or not having one at all creates considerable difficulties in getting a car title loan in Massasauga. Ensuring that your paper work is clear and up to date before applying for an auto title loan increases your chances of getting the loan facility in time to meet your cash needs.