Can You Explain What A Lien-Free Vehicle Title Is?
If you are looking at ways to get some emergency cash you will likely consider a vehicle title loan. Getting a loan using vehicle title can be a straightforward process but you will need a clear title to be approved.
One of the requirements a lender will request when getting a title loan is a lien-free vehicle title. The legal term “lien-free” could be confusing but it basically means that you own your vehicle free and clear.
Understanding What A Lien-Free Title Means
When buying a car, truck, or some other vehicle, you will most likely take out a loan to purchase the car. You may put down a few thousand and then finance the rest through a bank or a car dealership.
So, technically, you don't own the car. The bank or finance company does. The car will only become yours when the final loan payment is made.
The bank or financial institution will keep your title until the loan is satisfied. Once the last payment is received the title will then be transferred into your name, signifying you have been released from the lien.
That is what title loan companies want to see before considering any borrower for a loan using vehicle title.
Other Ways Your Title Could Be Tied Up
There could also be other reasons why you don't have a lien-free vehicle title besides owing the financial institution that helped you buy the car. Some people will add other people to the title because they loaned them money or are married. That is not a clear title in your name.
In some states, the state could put a lien on the title for things like unpaid parking tickets and unpaid personal property taxes relating to the vehicle.
Some court judgments can also amount to a lien on your vehicle. Such judgments can be from a family court or traffic court.
Another reason there could be a lien on the title is if you took out a loan on the vehicle somewhere else with another lender. If that is the case, that lender will have a claim to your title until it is paid off. Therefore, you wouldn't have a lien-free vehicle title.
Checking Your Title
If you aren’t sure if any liens were placed on your title or what name is listed, you may want to double-check to make sure you have a lien-free vehicle title before applying for a loan. You can get a free copy of your credit report to make sure it states your vehicle is paid off or can check with your local tax office to make sure everything is up-to-date if you suspect it isn't.
Getting A Title Loan
Many places offer title loans but that doesn't mean they are all the same. Some offer different loan amounts, while others aren't as convenient or easy to communicate with.
At Home Title Loans can connect you with a direct lender in your area that fits your needs. These lenders can offer maximum title loan amounts of up to $15,000 on the same day or the following business day. And you can be approved in as little as a half hour.
Qualifying for a title loan will typically require three things, although every loan company is different and some may require more. Generally, the requirements include a driver's license or state identification, a lien-free title to your vehicle, and possession of that vehicle for a quick inspection.
If you have access to such requirements, At Home Title Loans can connect you with a lender in your area, to discuss your emergency cash needs.
Getting a list of possible lenders is as easy as filling out a form, calling their toll-free number, or using a chat feature. If you are worried about your credit or using your vehicle, don’t be, many title loan lenders will accept those with bad or no credit and allow you to keep your car while you make payments.
About The Process
Finding vendors through At Home Title Loans is easy. To get started, simply submit an inquiry through the online form and receive a call to discuss the title loan process.
Most lenders will call you right away to verify your information and set up an appointment to look at your documents, inspect your vehicle, and validate the VIN number of your vehicle. The inspection will determine how much money you can obtain in a lien-free vehicle title loan.
Some lenders will even meet you at a location you choose if you rather not come into the store.
At Home Title Loans
At Home Title Loans provides access to licensed vendors that offer vehicle title loans to those who need emergency cash quickly.
Send An Inquiry
So, if you need quick cash, let At Home Title Loans connect you with a licensed vendor that can help. To get started or to find out more, fill out the online form, call, or use the chat option. You are not obligated to take out a title loan if you inquire, simply let the representative know you have some questions about the title loan process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
