Can I Get A Title Loan On A Car I Just Bought?

Using your new car for a loan is convenient for tackling a financial emergency. When unexpected expenses appear, securing a title loan can help you get fast cash for your urgent needs.

A title loan on a car uses the borrower’s lien-free car title as collateral for a lump sum of cash. This loan requires the borrower to own their car outright – meaning they don’t owe any payments on the vehicle – and to have a title free of any outstanding liens.

Thankfully, you can get a title loan if you just bought a car in cash and don’t owe anything on it. Keep reading to learn how the car title application process works and how you can get a title loan in Wisconsin today!

Learn How To Get A Missouri Title Loan With A New Car

Getting Your Lien-Free Title

Those who qualify for a title loan on a car need to have a certificate of title from the state of the Wisconsin Department of Transportation – or DOT. You’ll need to apply for this immediately upon buying your vehicle to avoid any unnecessary legal troubles because having a car with a title not in your name makes it seem like the vehicle is stolen.

If you bought your car through a licensed dealer in WI, the dealer should have submitted the title paperwork for you. If you purchased your car through an independent seller, they’ll need to have given you the vehicle title, signed by the seller, and included the odometer reading. You'll have to go to the DMV if you need to transfer a title in your name.

How To Apply For A Lien-Free Title

If you have just purchased a vehicle, your next step should be to have the lien-free title transferred to you in your name. If you need to apply for a lien-free vehicle title, you can easily apply for your lien-free title either online, in person, or via mail. Each process has a fee, which is outlined below.

• Online: Once you purchase a vehicle, you can apply online for your vehicle title. You’ll need to print the required documents, have a legal Wisconsin ID and social security number, and provide your date of birth. You must also have the vehicle title signed by the seller and include the odometer reading unless the dealer mailed this in themselves.
• In person: For those applying in person, you’ll need the Certificate of Title signed by the seller and with the odometer reading, a lien release if there is a lien holder previously listed, your legal Wisconsin ID to prove you are of legal age, and the payment.
• By mail: Mailed-in applications take longer to process, but it is still an option if you need to apply for a lien-free vehicle title. You will need the same documents as the online application, but you will mail everything to the Wisconsin Department of Transportation.

How Much Money Can I Get For A Car Title Loan?

Once you have the lien-free title in your name, you can apply for a title loan on a car. A title loan through Wisconsin Auto Title Loans, Inc. can get you up to $15,000, depending on the state of your vehicle. The application process is quick and easy, after which a trusted team member inspects your car.

The best part is you don’t even have to look for one of our many Wisconsin title loan locations. If you’d prefer, one of our loan representatives will meet you at a location of your choice. After they determine the value and condition of your vehicle and if your application is approved, you will have your cash in hand that same day or the next business day at the latest.

What Do You Need For A Title Loan In Wisconsin?

Another benefit of getting a title loan on a car with us is our requirement list. We don’t require you to bring in a long and complicated list of items for this loan. You only have to bring in three items to determine if you can get through the process. To get through the process, the only required items you need are the following:

• Your driver’s license or state-issued photo ID.
• The lien-free title for your car.
• Your car for inspection.

How To Apply For A Title Loan In Missouri

To apply for your car title loan, you’ll complete the following steps:

1. First fill out the online form on our home page.
2. One of our knowledgeable representatives will then contact you to get more information and answer any questions you may have. 
3. You’ll then coordinate with the representative to meet either at one of our locations or any other location you choose.
4. At the in-person meeting – regardless of whether it is at the store or not – you’ll need to present your documentation and vehicle for inspection. The representative will assess everything and determine if you qualify for approval.
5. If everything pans out and is approved, you can fill out the last of the paperwork. Once done, you can have your cash on the same day or the next.

Get Your Emergency Cash From A Title Loan Today!

You can get a title loan on a car you recently purchased or a car you’ve had for ages, so long as you own it outright. Once you have the lien-free title in your possession, the process is quick and easy, and you could end up with up to $15,000 in your pocket by the end of the day. If you face a financial problem, complete the online inquiry form 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.