Can I Get a Title Loan with Expired Tags?
Is It Possible to Get a Title Loan with Expired Tags?
The answer to your question is no! Borrowers must have a current car registration certificate to apply for a title loan. Vehicle tags ensure that you are the owner and the car is safe to drive. If your vehicle isn’t currently registered in your state, you can go to your local Department of Motor Vehicles to fill out a registration request. A front desk clerk may require you to submit a few documents and pay a small fee, but you’ll be free to apply for a car title loan once your vehicle is registered.
However, there’s still the issue of your expired tags. Renewing expired tags can be quite expensive, and a title loan may be the perfect solution to cover the charge on your credit card to pay for new tags. Use your vehicle’s title as collateral for the loan to get the funds you need for that situation. It can be that simple!
What Will Happen if I Don’t Update My Expired Tags?
Being a car owner can be frustrating. You have to make sure you have insurance, the car title is in your name, and be up to date with your tags. It can be expensive to maintain your vehicle every year and pay to update your registration.
So, you may be tempted to give up keeping your vehicle registration up-to-date and avoiding expired tags. If you choose to continue driving with expired tags, you are in for some trouble. In the United States, driving around without legitimate tags is against the law. And as you may know, nothing good comes from breaking the law. If a police officer pulls you over, you may have to pay off some additional fees. That means not only do you need to pay to get your tags up to date, but you also need to pay the fines. So, you’d have plenty of debt from not wanting to get new tags.
It’s okay if you don’t have the money to pay for new car tags; you have several payments to keep track of, so separating some funds for that expense is difficult. Thankfully, as you may know, you can get a title loan to pay for new tags! However, you must get the tags before applying for a title loan. Consider asking a relative to cover the cost upfront!
What Kinds of Vehicles Qualify for an Auto Title Loan with Expired Tags?
Assuming you decide to get a title loan to pay for new tags, you may wonder what kinds of vehicles can qualify for a car title loan, or whether you even can get a title loan without registration being current. Borrowers from all sorts of financial backgrounds are welcome to apply for a title loan, even if they don’t have a luxury car. The loan amount a borrower might receive is largely determined by the vehicle’s value and ability to pay off the loan.
Title loan lenders determine the value of a car by its demand on the market and the amount of equity it has. When speaking of equity, it is important to understand that it can be split into two categories:
- Positive Equity
- Negative Equity
In addition to determining your vehicle’s equity, you also need to consider how the consumer market will view your car. It is no secret that the value of your vehicle is directly proportional to its demand in the market. Here are a few things to consider when determining your vehicle’s value:
- The Make, Model, and Style of Your Vehicle
- The Year a Manufacturer Released Your Car
- The Current Mileage Listed on Your Vehicle’s Odometer
- Any Surface or Cosmetic Damage Done to Your Car
- Any Modifications or Alterations Made to Your Vehicle
Be aware that you can put those details from your car into an online calculator to find a rough estimate of your vehicle’s value. Once you do that, you could determine if your car has enough value to qualify for an auto title loan.
How Does the Approval Process for a Car Title Loan Work?
Now that you know how beneficial title loans can be, you’re finally ready to replace those expired tags! Fortunately, the approval process does not have to be complicated. If you choose to acquire a car title loan serviced by LoanMart, you could take advantage of a simple online application.
Take a look at the three-step process to inquire about a title loan serviced by LoanMart:
- Begin a Title Loan Inquiry Online or Over the Phone
- Submit a Few Required Documents
- Get Cash if You Qualify!
Contact a title loan agent from LoanMart for more details.
No matter which title lender or provider you choose, you could potentially qualify for the money you need for your expired tags! Speak with a lender if you have questions about how to get a title loan with expired tags.