The title of a car is a legal document providing proof of ownership of a vehicle. The car title contains all the information related to the car including the vehicle’s VIN number, odometer reading at the date of vehicle purchase, vehicle weight class and complete personal detail of the owner of the car including name, contact number, and address. The vehicle title is considered as one of the most important documents for the automobile. It is not only the proof of car ownership but is also a mandatory requirement when one wishes to sell the vehicle or to get the auto title loan to overcome financial crunches. The vehicle title must be stored in a safe place because replacing a lost title is usually a time-consuming process.
How you get the vehicle title?
When an individual purchase a vehicle, new or used, they receive a title which states that they now own the vehicle. While purchasing the vehicle with the dealer, the vehicle owner needs to pay a title fee and the state sends the document within a few weeks of purchase and in case of buying a used vehicle from an individual, the owner complete the transfer of title and you need to apply for the new title through the DMV of the state.
The vehicle title is considered as the most important document for the auto title loan as the loan is secured with the vehicle title as collateral. Most of the lender asks the borrower to provide with vehicle title with their name on it. If you don’t have the vehicle title on your name but have a question like “is it possible to get the title loan with the title not in my name” well the answer to this question is a big “No.”
Your car title needs to be in your name to qualify for an auto title loan. The lender can help the individual through the process of transferring the vehicle title in their name. A certain situation like buying a new car, inheriting a vehicle, paying off the loan or receiving a gifted vehicle demands for transferring the vehicle title. Transferring the vehicle title required an average time of two to three weeks, one can either consider transferring the vehicle title on the name of the lender to get instant fund without any delay.
Transferring the vehicle to the family member is an easy process and requires both the parties to visit the DMV and complete the vehicle title transfer application. The vehicle can either be normally transferred to the family member or can be gifted. In case of loss of vehicle title, the vehicle owner needs to fill the form 227 to apply for the duplicate copy of the vehicle title. In case of transferring the vehicle title of the deceased family member, the state asks for the death certificate of the vehicle owner to transfer the vehicle title. Getting the vehicle title transfer requires plenty of time. The legal documents of the vehicle are really important and have some significant roles. Therefore, one must store them in a safe place.
The vehicle title is mandatory for selling the vehicle or getting the approval for the auto title loan in case of emergency or financial crunches. Look for an auto title loan company who can help with the procedure of vehicle title transfer and also help in getting the loan approval ASAP!