Having a car may allow you to tap into the equity within it and get fast emergency cash. But do you need a car title or registration to get a loan?
Car Title vs. Registration to Get a Loan
Both the car title and the car registration are important, as they prove ownership of the car. But what is the difference between these two documents?
- Car Title: This document establishes a person or business as the legal owner of the car. This is one of the most important documents you will receive when you purchase a new or used car. There are four types of car titles: clean, clear, salvage, and reconstructed.
- Car Registration: This document is required by the state as proof that you have registered your car and paid the fees. Having a car registration means you own the car and it is fit for the road. Every year or every few years (depending on your state), you must renew your car registration and pay the registration fee. Failure to do so could result in a ticket, penalty fees, and even impoundment!
Differences Between Car Title Loans vs. Registration Loans
If you’re interested in getting a secured loan using your car as collateral, know that you may have two options. You could inquire for a title loan or a registration loan. Both options offer quick financial relief for emergencies but the process and the requirements can differ greatly.
CALL OUR TEAM
Registration loans require that you use your car registration and they can only be obtained in the state of Arizona. Most registration loan options require that you leave your car in a secure lot during the repayment process, which means you may be without a car until you repay the loan in full.
On the other hand, car title loans require a car title in your name and they are available in most states. Best of all, when you work with ChoiceCash Title Loans, you get to keep driving your car during the repayment process!
ChoiceCash Title Loans are one of the best secured loan options out there, due to the various benefits awarded to qualified borrowers. Keep reading to learn about the advantageous benefits of obtaining a car title loan during a stressful financial situation.
Benefits When You Get a Car Title Loan Over a Registration Loan
Car title loans typically offer a quick approval process, similarly to registration loans, but ChoiceCash Title Loans also offer flexible qualifications and rewards!
Take a look at some of the reasons why you may choose to use a car title to get a loan:
Flexible Title Loan Requirements
Many loan options require good credit, which can exclude a lot of people from getting the financial support they need. If you have bad credit or even past bankruptcy, you could still potentially be deemed eligible for a car title loan through ChoiceCash Title Loans.
Take a look at the three main qualifying factors for a car title loan:
- A car title in your name
- A qualifying car
- A consistent source of income
Free Title Loan Estimate
If you are interested in getting a car title loan, know that you can easily find out if you qualify and how much money you are eligible to get using your car title. Use the straightforward car title loan calculator to answer a few questions about your car. You will need to know your vehicle year, make, model, style, and the current mileage on the odometer.
If your car qualifies, you could get a free title loan estimate with no obligation within minutes!1
Fast Title Loan Approval Process
The 3-step process to get approved for a car title loan is swift and hassle-free. Step one is inquiring, which involves filling out an online inquiry form or calling (855) 277-4847 to speak with a loan agent. If your car has enough equity in it, it could be pre-approved.
The second step is turning in your documents for a car title loan. With ChoiceCash Title Loans, you could easily upload all of your documents online using a printer or your phone. Just scan your paperwork onto a computer or take clear photos using your smartphone.
The third and final step of the approval process is getting your information verified by a title loan agent. Once your documents are turned in and everything is in order, your agent will draw up a personalized contract. This contract will include all of your repayment information, so be sure you understand what is expected of you before signing. Once you sign, you can choose how you want to receive your approved car title loan money! With ChoiceCash Title Loans, you could be able to get your money in just 24 hours!1
Car Title Loan Rewards
Car title loans are a form of installment loan, which means you make several payments over a specified period of time. Payments typically remain the same throughout the repayment process, but not with ChoiceCash Title Loans!2
By continuously making your car title loan payments on time, you could get low payments and rates that get lower every single month that goes by!2 This means that every time you make a car title loan payment, you can pay less and keep more in your pocket2 By the time you make your last payment, you could be paying half as much as your first car title loan payment!2
And if you ever need a little additional money, you could inquire for it. If you are approved for more emergency funding, you could get it at your current low rate!2
Flexible Loan Repayment Terms
ChoiceCash Title Loans give you the freedom to repay your car title loan when it is most convenient for you! If you ever want to pay off your loan sooner to save on interest and be debt free, you can do so! There are no prepayment penalty fees for being a responsible borrower.
No Hidden Loan Fees
Registration loans can come with a lot of hidden fees, but ChoiceCash Title Loans are an alternative transparent loan option. There are no hidden fees in your car title loan agreement, nor any balloon payments!
Does Your Name Need to Be on the Car Title and Registration to Get a Loan?
Car title loans require your car title, not your car registration. But what if your car title is not currently in your name? If your car was given to you or you bought it off someone, you will need to request a title transfer before you can inquire to get a car title loan.
To start the car title transfer process, you need to speak to the current owner of the car and ask them to sign the back of the car title. By signing the back, they release ownership of the car. You will then need to apply for a new car title by mail or in person at your local DMV (depending on your state).
You will typically need these documents on hand to request a new car title:
- Government-issued photo ID (state ID or driver’s license)
- Signed car title by the current owner
- Money for the transfer fee
- Proof of car insurance coverage
- All vehicle documents from seller (including the bill of sale)
- Completed car title transfer form
Before going to the DMV in person, verify what you need by visiting your states DMV website. If you inquire for a new car title in person, you will likely get a temporary car title that same day. Your new car title with your name should arrive in the mail within a few days.
Once you receive your official car title in your name, you could proceed with inquiring for a car title loan with ChoiceCash Title Loans!
Use a Car Title or Registration to Get a Loan Today
While you could use your car registration to get an emergency registration loan, they may not be available in your state. Plus, you could lose ownership of your car while you make payments. Car title loans are similar to registration loans, but may be far better!
ChoiceCash Title Loans offer flexible requirements, so just about anyone with a qualifying car could be deemed eligible!1 The inquiry process for a car title loan is fast and hassle-free for your convenience. Choose between starting the inquiry process online or over the phone.
If you qualify for a ChoiceCash Title Loan, you could get your emergency cash in as little as 24 hours!1