If you’ve recently relocated from one state to another, you may still have an out-of-state title. While this might not be an immediate problem on a day-to-day basis, it might become an issue if you wait too long to register your vehicle or you’re looking to use your vehicle for an auto title loan. So what should you do if you have an out-of-state title?
What Does It Mean to Have an Out-of-State Title?
When you’re in the process of moving across the country, registering your car in your new state is probably pretty low on your list of priorities. That’s why most states will give you time to register your vehicle after you move.
For example, the majority of states will give you 30 or even 60 days to re-register your vehicle, while Colorado, Idaho, Kansas and South Dakota will give you up to 90 days. On the other end of the scale, you’re required to re-register immediately if you’re relocating to Arizona, while Massachusetts, Minnesota and Missouri require re-registration as soon as you’ve established residency. As always, it’s best to check with the relevant DMV before you move.
What happens if you’re unable to re-register the vehicle in time? For starters, when you go to register your vehicle, you’ll be required to pay a late fee. You can also be fined for driving without valid registration and for not having your tags on your license plate. Again, the penalty will vary from state to state, and also by the type and frequency of the offence.
For example, if you’ve registered but have simply forgotten to change your tags, the fine is typically fairly small. However, repeat violations can result in points on your license and increased insurance rates.
Can I Get an Auto Title Loan With an Out-of-State Title?
The answer really depends on the lender, with many requiring you to have already registered your vehicle in your state and in your name. Some, however, may be willing and able to register the vehicle and obtain a new title on your behalf. In that situation, since you’re taking out an auto title loan, they’ll be added to the title as a lienholder at the same time.
Again, depending upon the lender, they might require you to also provide proof of residency. This is usually mail, dated within the previous thirty days, with your name and physical address. Many lenders will accept utility bills, such as gas or electricity billing statements, or even credit card or loan offers.
If you don’t have any mail yet, speak to your lender about any alternative solutions they might be able to provide.
Once the loan is funded, the lender will be added to your car’s title as a lienholder – but what, exactly does that mean?
Firstly, it doesn’t mean they own the vehicle or that they can simply claim it or take it whenever they want. However, if you’re involved in an accident, the lienholder is entitled to receive any payout first and you’ll then receive anything remaining.
Similarly, if you stop making your payments, the lender may be entitled to repossess your car. That being the case, it’s obviously very important to contact your lender if you find yourself experiencing a financial hardship, as they may be able to work with you.
What Other Documents May be Required by the Lender?
Besides your title and proof of residency, your lender will also require you to submit a small number of other documents with your application. These typically include:
- Proof of Income – usually pay stubs, bank statements or award letters. Your proof of income is used to verify your income and to confirm you can afford the payments.
- Vehicle Photos – all four sides, plus the VIN and odometer. Many lenders no longer require on-site inspections and will accept photos to verify the condition of your car.
- Photo ID – typically government issued. Your lender will need to see your ID as a form of identity verification when it comes to funding.
- References – either personal or professional. Many lenders will only contact your references if they’re unable to contact you.
Again, the specifics will vary by lender, but it’s a good idea to have these nearby in case they’re needed.
Where Can I Get an Auto Title Loan in my State?
There are many different auto title loan lenders in the United States and it can be hard to know which loan is the best option. Customer service, available loan amounts and affordable payments are all important factors, so it’s reassuring to know there’s one loan option that stands out from the rest.
A ChoiceCash Auto Title Loan, serviced by LoanMart, not only rates highly in terms of customer service, available loan amount and affordable payments, but also in terms of the benefits available to borrowers.
With a regular loan, whether it’s an auto title loan or some other form of secured or unsecured loan, you receive your money and you use it as needed. However, once the money’s gone, so are the benefits, leaving the borrower with the repayments.
A ChoiceCash Auto Title Loan works differently. When borrowers make their payments on time, they may be eligible to have their interest rate reduced and their monthly payments can go down as a result.2 In this way, borrowers are able to save a little more every month without worrying about how to cut their spending.
Lastly, if borrowers find themselves needing emergency funds in the future they may be able to borrow more – and at the same low rate of interest they’ve worked hard to achieve. 2 As long as they still qualify and their vehicle holds enough equity, they could be eligible to borrow more. 2
Applying for the loan is an easy, straightforward process. You can get started by going to www.choicecash.com or by calling (855) 914 2945 toll-free and providing some basic information about yourself and your vehicle. You’ll find out in minutes if you’ve been pre-qualified and how much you could borrow.1
Your loan officer will then let you know the next steps. This will involve sending any required documentation (such as pay stubs or any of the other documents mentioned above) and, once those documents have been verified, you only need to sign your agreement and then collect your money.
There’s no on-site vehicle inspection required and your money can be deposited directly into your checking account, so there’s no need to even leave your home. The entire process, from start to finish, can be completed from the comfort of your own couch and in just 24 hours or less.1
If you need your money quickly, don’t settle for a regular loan without any of the additional benefits that a ChoiceCash Auto Title Loan, serviced by LoanMart, has to offer.2 Visit www.choicecash.com or call (855) 914 2945 toll-free to get started – you could be pre-approved in minutes and be holding your money in hours!1