Is it possible to get a title loan without a car title? A lien-free vehicle title is one of the few requirements for a title loan, so you will need one if you wish to borrow emergency cash from the value of your vehicle.
In this guide from Delaware Title Loans, Inc., we will explain the title loan process to show how you can get approved for this secured loan. We will also review how borrowers without a car title can get approved for emergency cash through title loan alternatives.
Is It Possible To Get A Title Loan Without A Car Title?
In short, you won’t be able to get a title loan without a car title. This is one of the main requirements for this type of loan, as the document is used to secure it.
It would also be impossible to qualify for the loan if your title has liens attached to it. This means that those still making payments on their vehicle might want to consider a different type of loan. To get approved for a title loan in Delaware, you must own your vehicle outright by fully paying off any liens, debts, or judgments.
You can also only get approved with a title attached to a car, truck, or van; motorcycles, boats, trailers, etc., are not accepted.
Can Your Vehicle Title Be In Someone Else’s Name?
If you’ve just paid off your car but the title isn’t in your name, you'll need to do a title transfer. Usually, you’ll get a release of lien from the lender, which you’ll need to take to your state’s DMV. There, your title will be updated, and ownership officially transferred. Keep in mind, the process can take anywhere from a couple of weeks to a month.
The title must have your name on it for you to use it as collateral when taking out a loan. You can’t bring a document that belongs to someone else – you have to be the owner and have a document to prove it.
You don’t have to be the only person listed on the document. You might share ownership of the vehicle with someone else, and that isn’t a problem if you can get the other person's official permission to use the title for securing the loan. This typically happens if your names are connected by ‘and’. If there’s an ‘or’, you might not need approval from the other person.
What Are The Requirements For A Title Loan?
A clear title is an essential requirement for a title loan, but it’s not the only one. You also need to be over 18 years old to qualify. Even if you own a car, you won’t be able to use it or its title as collateral while you are a minor. You will also have to prove your vehicle’s value to determine how much you can borrow.
Here are the required items for a title loan:
- A driver’s license or other state-issued photo ID
- A lien-free vehicle title in your name
- Your vehicle for a quick inspection
Can You Get Title Loans For Bad Credit?
Your credit score is another factor that doesn’t determine your ability to qualify. Lenders usually consider the borrower’s credit when the client chooses to opt for an unsecured lending option, as such loans are riskier for the lender.
A title loan is secured by the title itself. That’s why most lenders are willing to work with clients who have a poor or no credit history. Showing your ability to repay demonstrates your creditworthiness, but it's less important when the loan is backed by collateral.
While we may do a soft credit check, you will be able to get approved for a title loan regardless of your credit score.
How Much Can You Borrow With A Delaware Title Loan?
With Delaware Title Loans, Inc., you may qualify for between $300 and $15,000. Approval requires a vehicle inspection to assess your vehicle's value.
During an in-person meeting, one of our verification agents will evaluate the car’s market value. They will assess not only the make, model, and year but also the overall condition of the vehicle. To determine the car’s worth, some lenders may use online resources such as Kelley Blue Book and NADA Guides.
Most lenders would offer between 25% and 50% of the vehicle’s value. However, some companies can offer up to 100%.
Title Loan Step-By-Step Guide
If you own your vehicle outright, you can begin the title loan process today and get approved before the day is over. Our straightforward approval process enables you to get verified in just a few simple steps. You can start with us right now on this website before getting approved in person in less than 30 minutes.
The following are the steps involved in the title loan process:
- Submit your information through our online inquiry form
- Answer a phone call to discuss title loan terms
- Bring your required items to the nearest Delaware store location for verification
- Get your vehicle inspected for its value to determine how much you can borrow
- If approved, sign the loan documents to finish the process
- Receive your title loan cash later the same day or by the next business day
Title Loan Alternatives For Those Without A Car Title
As we mentioned above, you cannot meet title loan requirements without a physical title. If you don’t have a vehicle title or haven’t paid your car off yet, you can still get emergency financing through alternative options.
One alternative we offer at Delaware Title Loans, Inc. is a signature installment loan. This unsecured loan option allows you to borrow money after providing your signature and agreeing to repay the loan in fixed installment payments. You can get approved for up to $1,500 the same day you apply without needing collateral.
Why Choose Delaware Title Loans, Inc.?
Our company has been in business for decades already. We are committed to helping clients who have found themselves in a challenging financial situation get the extra cash that they need in the shortest timeframe.
All of our representatives are friendly professionals who are always ready to answer your questions and guide you through every step of the process. We know you might not have much free time, especially during an emergency. That’s why we’ve made sure the in-person process doesn’t take long. In fact, you could find out your qualification amount in just 30 minutes.
We have over 30 years of experience that allows us to understand the best way to get you the emergency help you need. Begin our simple approval process for title loans today by starting online and visiting us in person for swift verification!
Get Your Title Loan In Delaware – Receive Up To $15,000 Today!
As long as you own your car outright, you can easily get approved for a title loan at Delaware Title Loans, Inc. Get approved today, regardless of your credit score. You can even keep your car during loan repayment.
Ready to get started? You can begin the easy approval process online with our simple loan form. You can then visit us in person and get approved in less than 30 minutes. Get access to fast emergency cash within 24 hours with our Delaware title loans!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
