The Simple Secret To Qualifying For Title Loans In My Area
December 3, 2021 | Emma Frost
The simple secret to qualifying for title loans in my area is having a lien-free title in your name. That’s right, it really is that simple. If you have a lien-free title in your name and the vehicle to match, you would be well on your way to qualify for title loans in my area.
Even though the secret is relatively simple, it warrants some explanation to make sure you understand what lien-free means. This is especially important if you are thinking about acquiring a title loan in the near future.
A Lien-Fee Title: The Secret To Qualify For Title Loans In My Area
As we’ve mentioned, the secret to successfully acquiring a Wisconsin auto title loan is a lien-free title in your name. Having the title to your vehicle is simple and obvious since the loan type in question is named after this required item. The reason that a title loan is named as such is due to the fact that a title is required as collateral for the loan.
However, the important point here is that you can’t have any title when you are attempting to qualify for a title loan. Instead, the title must be lien-free and in your name.
What Does “Lien-Free” Mean?
The simplest way to explain what lien-free means is that you must fully own the vehicle.
Whenever a title has a lien, it means that a loan company, bank, or third party is using the vehicle as collateral until you pay off a loan on the vehicle. After you pay off the amount of money you owe, you will receive a release of lien that you use to apply for a new title that is lien-free.
This lien on the title may be due to a vehicle being financed or because you used the title to acquire a loan from a lending company or a bank.
So, a lien-free title is one that is completely owned by you. No other party or lender has the right to the title since you alone are the title owner.
Why Does A Title Need To Be Lien-Free?
The answer to this question is very simple. If your title already has a lien on it, it means that you are not the full owner. Since you are not the full owner, the title is not proper collateral since you don’t have the full rights to it.
With the title being lien-free, the title loan lender is able to confidently use the title as collateral without the risk of running into any complications due to the ownership of the vehicle.
What If My Vehicle Is Not In My Name?
As we mentioned above, the other aspect of the title that must be satisfied is that it must be in your name. If your title is in another name, it cannot be used for a title loan since you do not legally own the vehicle.
If the vehicle is not in your name, you can get the title transferred to your name at your local DMV. This may be relatively easy if the title owner is a family member in your area or if you can get the original owner to transfer the title to you. Once the title is transferred over to your name, you will be able to apply for a Wisconsin title loan near me.
How To Get Started Applying For Title Loans In My Area Now
If you have a lien-free title in your name, you already have the secret for qualifying for auto loans in my area figured out.
Now, to actually request one of these loans, you will also need your government-issued ID and your vehicle itself.
The process for title loans from Wisconsin Auto Title Loans, Inc. is easy:
- Fill out our inquiry form for instant online title loans so that a representative from the nearest location can receive your information and call you.
- During this phone call, the representative will confirm your information, explain your requirements, and set up an appointment at a location of your choice.
- Once it is time for your appointment, you will meet with the representative who will look over your items and determine if you qualify.
- If you are approved, you can get the money you need on the same day or the following business day.
Submit Your Title Loan Inquiry
If you are looking for title loans in my area and have a lien-free title in your name, all you need to do to request a title loan from Wisconsin Auto Title Loans, Inc. is to submit your inquiry now by filling out the online title loan form!