A clear title means that you have complete ownership over your car. But times, you might find you’ve committed your car title for speedy cash from a lender who lets you drive it but still you don’t own it. So, one of the most common questions people ask is if they can get a car title loan without a clear title.
This a very complicated process and most title loan lenders will give you an astounding “No.” The good news is that at HyperLend, we’re always ready to match you with the right title loan offer that will address your borrowing needs. Read on to know more about how to get a title loan without a clear title.
Can you get a Car Title Loan if you don’t have a Clear Title?
As we’ve mentioned earlier, it’s almost impossible to qualify for an online title loan without a paid-off pink slip. If you’ve to use your car as collateral, you must be able to prove to the lenders in question that it’s free of liens. The car should be free of debts. If it’s jointly owned, the lender will need to know that all the parties listed as owners have agreed to use the car as collateral.
I want a Title Loan but can’t remove any liens or other obligations from my Title?
When owning a car with a lien against it, it’s imperative you get to the bottom of the issue causing this scenario. And in the US, a lien can only be gotten rid of by the party that created it. So, what do you do if you want to remove any liens from your title?
- Clear your Debt
If you are dealing with legitimate lien holders, the easiest way is to pay off your debts. Credible lien holders relinquish their hold on your car immediately after you clear the debts that you owe them. Even if they won’t do so, you can always take legal actions against them. Consider that this is the same situation as if you’re late on a title loan payment and facing repossession.
- Negotiate a better payoff
Sometimes you may not have enough money to pay off your debt completely. The good news is that many lenders are always ready to negotiate. They would prefer to give you a discount on your debt so as you can pay immediately, rather than pursuing the costly process of repossession.
- Correct any mistake
No human is perfect and at times lien holders and even title service companies will make mistakes. You may have settled your debt but still haven’t received the clear vehicle title. Make contact with the lien holder and let them understand you’ve honored your contract, but still haven’t received your end of the deal.
Even in some instances, you might be the holder of a vehicle whose previous owner didn’t honor the deal with the lien holder. Let them understand you’re the new owner and they will probably rectify the mistake.
- Dispute It
Sometimes you may not come to an understanding with the lienholder. More importantly, some liens are tailored to expire after some years. Conduct conclusive research and understand the terms of your contract with the lienholder. If the lienholder has violated the contract, pursue legal measures to dispute it.
What can I do if I have Lost my Vehicle Pink Slip?
Losing stuff happens all the time and it’s understandable. But what happens when you lose your title’s pink slip? If the car is already titled to you, it’s quite a simple process of filling out a couple of paperwork with the DMV.
But if there are lienholders involved, the process becomes a bit complicated. If you have a car that a third party showed you bought but still don’t own the title, the easy way to resolve the problem is contacting the lienholder and asking them to request a replacement. The condition with the aforementioned scenario is that you should be dealing with a credible seller. Always remember, most of such titles don’t identify you as the owner of the vehicle.
The other way you may consider is getting a court order. The process involves providing information on the car’s identification number and the model of the car. This should not be the first step of action as it is costly and involves many other processes. Another method is by posting a surety bond, especially when you’ve got a late car model that has some value. The surety bond can be obtained from a bonding or insurance company and comes with twice the fair market value.
By doing so, the state is obliged to offer you a certificate of title. They also look out for your interest in case someone claims their ownership of the car, and you know you’re protected. For more information on how to get a title loan without a clear title, contact us.