Do you need quick cash?
Are you considering a title loan on your vehicle?
Car title loans are popular options for those in need of cash quickly, but what if you don’t have your vehicle’s title? Is a title loan still possible?
The answer is yes, there are a few scenarios where you can get a title loan without having the title in-hand! While it may not be easy to secure a loan without a title, it is possible and can provide relief for borrowers with bad credit scores. These include:
- Refinance an existing title loan – Receive a title loan on a car already used as collateral for an existing loan. In this case, you would not have possession of the title due to the current loan.
- Second-Lien title loan options – In this case, a vehicle that already has one title loan is used as collateral for a second. Due to the first title loan, you would not have possession of the title. This option may be difficult to get, as it is not offered by every title loan lender.
- Replacement/Duplicate Titles – Sometimes a title is lost or stolen. If you no longer have your title, you can go through the proper channels to get a replacement. Then a title loan will be within your reach.
The Key – Prove That You Own the Vehicle
The key to using your vehicle as collateral and getting approved quickly is to prove that you own the vehicle. We want to help you understand your options and what your payments would look like with our online title loan calculator. If you are interested in applying for a title loan without title but have questions or concerns, give us a call and speak with a representative today! See how we can help you receive your funds today!
We offer loans up to $20,000, and some lenders may provide up to $50,000. The loan amount depends on your ability to repay and your car’s value.
Montana Capital provide up to 70% of your car’s value, while the industry usually offers between 25% to 50%. Borrow responsibly, choosing terms that fit your financial situation wisely.
Reasons and Solutions for Qualifying for a Title Loan Without the Title:
Title Loan Refinances
If you already have a car title loan, you won’t have your vehicle’s title since it is used to secure the loan. Here is how a refinance can help!
But What Is a Title Loan Refinance?
If you have a current title loan, a refinance is an option that may provide you with more funds even without a title in hand. A title loan refinance takes your original title loan’s balance and transfers it to a new lender or to a new loan with the same lender. It comes with a new contract to be signed and may come with different terms and or interest rates. If you refinance your title loan with a different lender, your new lender will acquire the title from the previous lender and hold it until you have paid off the title loan. If you refinance with the same lender, the title stays with that lender.
What You Need to Do
Getting an auto title loan refinance is similar to applying for a title loan outright. You will need to:
- Complete the title loan application
- Submit important car documents
- Sign and submit your contract
Here is where a refinance is a little different: Funds from your new loan must be used to pay off the balance of your previous loan. What remains is yours to use as needed. Once the new title loan is paid off, your vehicle’s title will be returned to you.
Second-Lien Title Loan
Second-lien car title loans are less common than a refinance and may be a complicated process. However, a second-lien title loan doesn’t require a title in hand. Here is how it can help.
What Is It?
Second-lien car title loans refer to getting an additional title loan for a vehicle that already has a title loan. In other words, it is not a clear title.
A second-lien title loan does not replace the original. This differs from a refinance, where there is only one lender at a time. Both title loan lenders use your vehicle as collateral and are entitled to be repaid according to the loan terms in your contract.
Second-lien titles are a rare option because of the increased risk to lender number 2. If the borrower defaults and the vehicle is sold, the second lien holder may not get all of their money back and take a loss.
What You Need to Do
Applying for a second-lien title loan is similar to applying for a traditional title loan. However, you will provide proof of your existing lien instead of providing your vehicle’s title.
Lenders who do offer this financing option often have their own procedure, but few lenders will take the following into account:
- The balance on your vehicle’s existing lien
- How much you are looking to borrow
- How much your vehicle is currently worth
See if you qualify for a second-lien title loan by applying online!
Replacement or Duplicate Titles
Have you lost your title and need it replaced? While this can feel stressful, there is a solution!
What Is It?
A replacement title is a great option if your vehicle is lien-free and you want to use your vehicle as collateral for a title loan. Your state’s DMV can help you replace your title, making you eligible for the title loan.
What You Need to Do
You must contact your state’s DMV (Department of Motor Vehicles) and report that your title has been lost. This is fairly common, and the DMV will be able to assist you.
Provide Required Documentation
To receive a duplicate title, you will need the following to prove to the DMV that you are the car’s legal owner.
- Photo ID (license, non-driver ID, military ID, etc.)
- Ownership Proof (bill of sale, registration, etc.)
- Payment (debit, credit, check, or money order)
Applying for Your Replacement Title
Each state’s process will vary, but the replacement application process can typically be completed by mail or online through the DMV’s or the SOS’s (Secretary of State) website. Check out your state’s process and requirements below:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, D.C.
- West Virginia
- Wisconsin
- Wyoming
Replacement Title Tip
If your car is financed, your lender may be able to help! Contact your loan company to see if they can provide you with a copy of your title.
How Long Getting a Replacement Title Takes
Your duplicate vehicle title turn-around time will also vary by state. While some states can provide these instantly, most usually take between 15 and 30 days. If you need extra cash fast, see if your state provides expedited processing. This is sometimes available for a fee.
If you have not received your car title after 40 days, contact your DMV for information regarding the status of your application.
Signing Over a Car Title
Unfortunately, if a car title isn’t in your name, it isn’t actually yours in the eyes of the law. This means you cannot sell or use the vehicle as collateral for a title loan until you have the pink slip in hand with your name on it. If you are considering a title loan, this can be a problem if the title was never signed over to you.
If you recently bought a car, had one gifted to you, or are looking to gift or sell one to someone else, signing over a car title is simple if you follow the required steps.
1. Release Vehicle Ownership – The buyer and the seller must sign the title before a notary, who will then notarize it.
2. Create a Bill of Sale – The bill of sale shows how much the buyer purchased the vehicle for and is used by the DMV to calculate sales tax. A bill of sale typically includes the date of sale, the name and address of the buyer, the odometer reading, and the sale price.
3. Bring the Signed Title to the DMV – The DMV will register the title and create a new title and registration. Buyers will receive a temporary registration the same day and their official title by mail within a few weeks.
Gifted Vehicle Tip
While some states may still charge a title transfer fee, simply list the purchase price as $0 for gifted vehicles.
What You’ll Need
When a title is signed over, you will need to provide similar information as you would for a replacement title, including:
- Photo identification
- Proof of name
- Registration application
- Signed vehicle title
- Title and registration fees
- Proof of insurance
- Bill of Sale (if applicable)
- Lien release (if applicable)
Of course, each state is different, so you will want to double-check your state’s requirements from the list above.
Car Title Loans Without Title FAQs
Why Is a Car Title Important?
Car titles are important for many reasons. Your title is what legally proves you are the owner of a vehicle. Without the title, you would be unable to sell the car or use it as collateral for a title loan unless you get it replaced.
How Do I Get Auto Equity Loans if I Still Owe on the Car?
To receive a title loan on a financed vehicle, you have to find the right lender. While many title loan lenders won’t risk a loan on a financed car, some are willing to take the risk with adequate equity in your vehicle and proof of income to offset the risk. To calculate your vehicle’s current equity, divide the balance by the vehicle’s market value. You can use sites like Kelly Blue Book or Edmunds to find your car’s current value.
Car Title Loan Without Title- The Bottom Line
When you require quick cash, auto title loans may be an option. We offer flexible qualifying criteria and can often be paid out within one business day. In fact, the entire loan process can be completed within 5 hours, assuming it’s a business day, and your title loan application is reviewed, approved, all documents are received, and your agreement is signed before 2:00 PM in your lender’s local time.
Without a title, getting funding can be tricky but not impossible. Evaluate your options. Which is right for you: a replacement title, a title loan refinance, or a second-lien title loan?
All of these are possible solutions as long as you provide proof of ownership and your vehicle meets lender requirements. Speak to our representative to learn more about online title loans, or apply today for a free title loan estimate!
Written by
Samantha Hawrylack
Samantha Hawrylack is a writer for Montana Capital Car Title Loans and a personal finance expert. Sam received her Bachelors of Science in Finance and her Masters in Business Administration from West Chester University of Pennsylvania. She began her career in the financial services industry and shifted to an entrepreneurial role where she could directly impact clients. Sam has an impressive background in personal finance and business management.