When unexpected expenses happen, an auto title loan can be the perfect solution. Many lenders can get you the money you need within a day, allowing you to take care of the situation and carry on with your life. But what if you’re missing the title to your car? Can you still get a title loan without a title in hand?
How to Request a Copy of Your Lost Title
Fortunately, if your title is lost or damaged, there’s a simple solution: you only need to contact your local DMV and ask for a replacement. It’s a relatively easy process, but you may need to provide some additional information. The specific requirements will vary from state to state, but you might be asked to provide one or more of the following:
- A completed copy of the appropriate DMV form
- A government-issued photo ID (for example, your driver’s license)
- Your vehicle’s VIN
- Your vehicle’s license plate number
Some states might also charge a small fee, so be sure to check with your local DMV first. You can send your application, documents and any payment through the mail, or, alternatively, you could apply in-person at your local DMV office. Lastly, many states will offer you the option of submitting your request online.
Obviously, applying in-person or online is quickest, but that doesn’t mean you’ll receive your title any sooner. In most states, it’ll take about 2-3 weeks for you to receive your title and, unfortunately, there’s typically no way to expedite the process.
Do You Need Your Title to Get a Title Loan?
This isn’t necessarily an easy question to answer, as it really depends upon the situation.
Do you already have a loan associated with the car? For example:
- You borrowed money to buy the car
- You already have a title loan with another lender
In both these situations, a lender already has a lien on the title. In many states, they’ll be the ones holding your title and you won’t be able to get a copy until the loan has been repaid in full. But don’t worry, you could still potentially borrow the money you need.
Some lenders will be willing and able to pay off the existing lienholder, but only if your vehicle holds enough equity.
However, if you don’t have an existing loan and there’s no lienholders on your title, then you’d need to get a copy of it from your local DMV. The form and the exact procedure will vary from state to state, as will the amount of time it could take, and you may be able to request a copy online.
If you live in California, you’ll need to submit an Application for Duplicate or Transfer of Title form (Reg 227). Once the DMV has received your request, they’ll start the process of sending you a new title. Be aware that, in California, it could take three to four weeks for your new title to arrive.
What Other Documents Will I Need for a Title Loan?
The lender will need to see the title to ensure you’re the legal owner and to apply their lien. A lien doesn’t mean they own your car, but they will have a stake in it. So if, for example, you were involved in a car accident and your vehicle was written off, the insurance company would be legally required to pay the lienholder first.
What other documents might be required for a title loan? The list will vary by lender, but it’s typically something like this:
- Proof of income – usually pay stubs, bank statements, or government award letters
- Proof of residence – mail dated within the past 30 days
- Vehicle photos – some lenders might also require an on-site inspection
- References – these can be either personal or professional
The quicker you can get the documents to the lender, the quicker the loan can be funded.1
Introducing the ChoiceCash Auto Title Loan, Serviced by LoanMart
There are a lot of title loan lenders in the market, and it can be hard to choose the right one, but few of them offer the flexibility and benefits of a ChoiceCash title loan, serviced by LoanMart.
- A loan decision in minutes1
- No credit? No problem!
- Flexible income options1
- No inspection required
- Same day cash in your hands1
- Payments that can go down2
- Borrow more after 3 months1 2
- No prepayment penalties1 2
When you apply for a ChoiceCash auto title loan, whether it’s online or by calling 855-277-4847 toll-free, you’ll find out in minutes how much your vehicle prequalifies for the loan.1
You’ll need to give permission for a credit check, but don’t worry, as long as you’re not in an active bankruptcy it won’t play a major part in the decision making process. This means that you won’t be turned down on the strength of your credit alone.
Plus, if you already have a lien due to an existing loan and your vehicle has enough equity to cover it, ChoiceCash can pay off that loan for you.1
Once you’ve been approved, a loan officer will then go through your options and discuss the next steps.
They’ll also let you know which documents you’ll need to submit. In terms of income, whether you’re employed full-time, self-employed or receiving benefits, you could be eligible for a loan.
Unlike some lenders, there’s no need to drive your vehicle anywhere for an inspection. All that’s required for a ChoiceCash auto title loan are photos of the front, back and sides of your car, plus the odometer and VIN.1
Your documents can be submitted via a secure website, email or even SMS text message, providing even more flexibility for potential borrowers. Your loan officer will review the documents and, once approved, it only remains for you to sign the agreement.1
Again, there’s no need to drive to a store or office, as it can be signed completely online.
There’s greater flexibility in terms of funding too. You can choose to pick up your funds at any participating money transfer location near you, have your money transferred directly into your bank account, or have a check sent directly to your residence.
ChoiceCash – The Loan That Can Help You Save and Pay You Back
There’s one huge advantage that a ChoiceCash auto title loan, serviced by LoanMart, has over the competition: it can help you save more by putting money back into your pocket every month.2
Here’s how it works. When you make your regular payments on time, your interest rate can be reduced, and as your rates are reduced, so are your payments.2 You could see your payments nearly halved over the lifetime of the loan.2
What if you need more money in the future? Don’t worry, ChoiceCash has you covered. You could be eligible to borrow more money after just three months – and at the lower rate of interest you’ve worked so hard to achieve.1 2
Thinking of paying off the loan early? That’s no problem either. With no prepayment penalties, you needn’t worry about surprise charges when you make your final payment. All you’ll pay is the outstanding principal balance, plus any interest and fees that were already due on the loan.1
With these outstanding benefits, a rapid approval process and cash within 24 hours, it’s easy to see why a ChoiceCash auto title loan, serviced by LoanMart, is the best choice for anyone needing money in a hurry.1