Car title loans and motorcycle title loans both require you to have a clean title to the vehicle you own. If you do not have the title, you need to order one from your state’s DMV. If you still owe money on your vehicle, the car title loan will not be allowed without, typically, refinancing the amount owed into the new car title loan.
Call or Apply Online
Online car title loans are possible, but they do not eliminate the need to visit an actual title loan lender. It can help speed up the process and have all of your paperwork completed and ready to sign prior to your arrival at the title loan lender’s office. This visit is essential as it’s the only way the lender can look over your car and appraise the fair value of the car or motorcycle.
Bring Paperwork
When you apply for a car title loan or motorcycle title loan, you need to bring paperwork with you. You need the title, a government issued photo ID, a recent paystub or proof of income, and proof of residency. Typically, you’ll want the title, your state-issued driver’s license, and a utility or property tax bill. For proof of income, your pension check, paycheck stub, or bank statement should suffice. You may also be asked to bring proof of automobile or motorcycle insurance. If something happens to the vehicle before you’ve paid back what you owe, the company wants to make sure their investment is protected by insurance.
Typical Car Title Loan Terms
With online auto title loans, you borrow the money and have a set number of days in which you pay back what you owe plus the fees charged for borrowing the money. If you do not make this payment on time, you need to contact the lender. Failure to pay up and ignoring their calls will lead to your car or motorcycle being repossessed. If this happens and you want to get your car back, you need to pay the amount due, plus any late fees, towing expenses, and charges for changing the locks and issuing new keys.
