When You Can Or Can't Apply For A Car Title Loan
Getting a car title loan might be something you're considering if you need to cover emergency expenses quickly. Here's a brief overview of when you can and can't apply through Nevada Title and Payday Loans, Inc. when you need help.
You can take out a loan if you have a car, a lien-free title, and a valid state-issued ID. You will only be eligible for a loan if you are over 18, have a lien on your car title, and bring your car to the inspection.
There are a few essential conditions that we require to get a car title loan, and in this article, we'll carefully review each one so that you're in good standing when you apply with us.
When Can I Apply For A Car Title Loan?
In general, if you meet the following criteria, you can apply for one of our loans:
- You are over 18
- You have a valid form of government-issued ID
- You have a car in your name
- Your car title is lien free
Let's take a closer look at each of these requirements.
Age
Your age is an essential determiner for getting a loan. Minors, those who are under 18, cannot be held legally responsible for getting a loan (and vendors aren't allowed to sell to them anyway). The only exception is for student loans, and, well, we don't offer those. If you're 18 or older, you can apply for one of our loans.
Valid Identification
Of course, verifying your identity is another matter entirely. Confirming your legality and originality is essential to building a bond of trust and is also required by law in many states. You can use any of the following to meet this criterion:
- Driver's license
- Passport
- Military ID
- Student ID
- Non-driver's license
A Car
A car title loan, unsurprisingly, relies on your car title to secure the loan. Specifically, a car title loan places a lien against the title, the legal document proving ownership, using it as collateral. To have a lien-free title for a car, you must first have a car.
Using your lien-free vehicle title as collateral is a sensible option in cases where your credit isn't strong enough to support you for other unsecured loans. In this case, your car does the important work of confirming your willingness to repay the loan on time and in full.
Your Lien-Free Title
A lien is an entity's legal claim of ownership against an asset's value, pending payment by the debtholder. For example, a dealership might place a lien against a new vehicle you buy to ensure you complete your payments according to the agreement you signed. Similarly, lenders place a lien against your car to ensure you will repay the loan entirely over time.
If there's already a lien against your vehicle, it cannot be used as collateral, and you cannot take out a car title loan with us. Check your paper or electronic title to see if a lienholder is listed (a dealership, a tow truck company, etc.) and pay them accordingly, following the proper legal procedure to remove it. Once done, you're in the clear to apply for one of our loans.
How To Get Started
If you're interested in a car title loan, here's how you can jumpstart the application process:
- Fill out our online form – When you complete the form online, your info is sent to the nearest Nevada store location, which will then facilitate the rest of the loan process.
- Wait for a call – A representative will call you back to review the loan process and answer any questions you have about the loan process.
- Head to the store – Once you're done on the phone, you will head to the store with your required items to continue the process. When you arrive, you'll be greeted by a store representative who will inspect your vehicle.
- Find out if you qualify – After assessing everything, they will determine if you qualify for approval. If you do, you can expect to receive your money that day or the following day.
Apply For Your Loan Today!
Nevada Title and Payday Loans, Inc. offers emergency resources you can rely on when you need funds following an emergency. Now that you know exactly what you need to apply, you're ready to decide to get a car title loan. Disaster can strike at any time, and it's always prudent to know your borrowing options in case you need to rely on them.
If you're ready to get started, complete the online form on this webpage to begin securing your short-term financial future today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.