Title Loans With Expired Registration - Are They Possible
Can you get a title loan 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. 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 in case you don’t repay the loan.
Here’s what you will need to bring with you to get a title loan without registration:
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 you can get a title loan with registration. To ensure approval, you’ll need a few other things, like the title to your car, proof of income, and insurance coverage. Car Title loans may be worth it to some borrowers for two main reasons. If your credit score is low, that's not a problem as most title loan companies don't check your credit score. Secondly, you can get a title loan approved quickly as there's much to verify other than your car's title and proof of income. But what about if you have a car that doesn’t have current tags or a vehicle you need to renew the registration. 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 if you hold the title.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, so long as you have the title in your name that shows you own the vehicle.
- A valid government-issued driver’s license or proof of ID to verify your name, age, and address with the lender.
- Address verification from a utility bill or bank statement with your address on it if it does not appear on your valid government-issued ID card or driver’s license.
- Proof of income proving you can repay the loan. For instance, pay stubs, alimony or annuity statements, or bank statements.
- Recent photographs of the outside, interior, and under your vehicle's hood. You should also take a picture of the odometer, VIN, and model number.
Title Loan With Expired Registration - What You Need
You may get a title loan without the car being registered just as easily as you can get a title loan with registration. If you hold the title to your vehicle, you can use it as collateral to secure the loan. So if you want to take out a loan on your vehicle, here’s what is required:- You must be 18 or older and have proof of age, such as a valid driver’s license or photo ID. Only adults can apply for title loans in any U.S. state.
- You must have a lien-free vehicle and hold the title to it in your own name. Some lenders may work with you if you are financing a vehicle but have a certain amount of equity built up in it over your remaining loan balance.
- You must have enough equity in your vehicle for the lender to find it suitable as collateral for the loan amount you want to take out with them.
- You must have proof of income with a valid vehicle registration to show you can pay back the loan. That doesn’t necessarily have to be wage or salary income from employment. For example, if you have a regular pension or worker’s compensation annuity, bring some official form proving the income amount to the loan office. For some lenders, bank statements showing a history of income that meets their requirements will work.