Title Loans With Expired Registration - Are They Possible
Title loans are a great way to borrow cash, but can you be approved without the car being registered or if the car's registration is expired? The short answer is: Yes. While getting approved may be more difficult if you don’t have active registration from the DMV, it’s still possible if you meet all the other requirements. Read on to find out what you’ll need to pull it off. Title loans with expired tags have loan amounts that start at $500, and some lenders will offer up to $10,000. Similar to a typical car title loan, the loan is based on your vehicle's resale value, and you can typically borrow 50% to 75% of that amount. These loans allow you to get a quick cash infusion to handle your situation, using the equity in your automobile as collateral for the lender if you don’t repay the loan.
Can You Get A Title Loan Without The Car Being Registered?
The good news if your tags are expired but you own the vehicle free and clear is that you can get a title loan with expired registration as easily as a typical auto equity loan. To ensure approval, you’ll need a few other things, like the title of your car, proof of income, and insurance coverage. Some lenders may also require a vehicle inspection if you want to borrow more than $2,000.
Not every state allows car title loans, which means if you live in New York or Colorado, you can’t get a title loan or registration loan, regardless of whether your vehicle is registered. But if you live in a state that allows you to take out loans using your car, truck, or SUV as collateral, the good news is you can get the cash you need without the up-to-date vehicle registration. As long as you have the pink slip to your vehicle you're in good shape.
What if your lender requires you to renew your car's registration before being approved for a car title loan? This doesn't happen often, but some companies will want you to be current on the registration before they're added as a lienholder to the pink slip. In this case, it's not a big deal to renew registration online with your local DMV, and sometimes the process can be completed in less than an hour. So, don't stress if your required to renew your registration to get a vehicle title loan. Contact your state's DMV to pay your bill; most states will process your paperwork in 24 hours or less!
Here’s what you will need to bring with you to get a title loan without registration:
- A vehicle with a title in your name. Even without the registration, you stand a good chance of being approved with a lien free vehicle that shows you as the sole owner.
- A valid government-issued driver’s license or proof of ID. We need to verify your name and age to ensure that the information matches what's on the car's title.
- Address verification from a utility bill or bank statement. Title loans aren't allowed in all states and we need to confirm that you reside in the state where you're applying.
- Proof of income proving you can repay the loan. Verify income with pay stubs, alimony, annuity, or bank statements.
- Recent photographs of the outside, interior, and under your vehicle's hood. You still need to show proof of the vehicle if you don't need to bring your car in for an inspection. We'll also need a picture of the odometer, VIN, and model number.
Title Loans With Expired Registration - Do I Need Good Credit
Good credit is never needed for a title loan, and the same is true if your registration has expired. These secured loans use your car's estimated resale value as security, and that collateral is far more important than your credit score. Even if you have a FICO score of 500 or lower, you can still be approved for a title loan, and we won't check your credit score during the pre-approval process.
Some lenders may require a soft pull of your credit, but even in this scenario, it's often necessary to look for major credit issues or to confirm your personal information. The bottom line is, don't worry about your bad credit interfering with your chances of getting approved for a title loan.
Title Loans Without Registration From Express Car Title Loans
You can get approved with Express Car Title Loans even if you have expired tags or no active registration. We’ll first recommend that you go to the DMV and renew the registration, as that’s the quickest way to get approved if you don’t have current tags. However, if you can’t afford to get up to date registration or if you don’t have the time, feel free to reach out to us at 888-864-7180 and we’ll do our best to get your application across the finish line!