Title loan with no car? Read this!

July 22, 2021
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Donny Raw
Posted in Finance
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In times such as these, when you might want money immediately for something, at any point of time, many people often consider car title loans as one of the best options available out there. Amidst other queries, some people have a unique question which is, can I get a title loan without car?

This question can be understood in quite a few different manners, but let’s start by replying to what will be considered as the actual meaning of the question. Can I get a title loan without car? No, the entire concept of a car title loan is based on the fact that there exists a ‘car’, and the owner of the car would like to borrow some money in exchange of the title of that car. By not having a car in consideration, the loan would be nothing but a bother.

There are certain other ways you can regard the question above.

Can i get a title loan without a car, but another vehicle?

That makes much more sense and also does seem to have a sane answer. Yes, one can get a title loan on vehicles other than cars. It also depends on the moneylender you are contacting for the loan, but usually loans on other vehicles aren’t uncommon.

Even though the general norm is getting a loan on cars for a number of reasons, such as:

The amount one gets on car titles, more often than not is quite sufficient for emergencies.
The amount of car loans, added along with the interest, is much easily payable as compared to the loan on other vehicles.

Can i get a title loan with a new car?

This is one other way this question can be interpreted as. If you are wondering about getting a title loan on a new car, when you only have the bill, the answer is NO. A bill does not verify the fact that you own the vehicle, and so you cannot get a loan just with the bill.

Can i get a title loan with a car that hasn’t been paid for?

There are lenders who give loans on such cars, because the car has to be paid by you, sooner or later, so if you cannot repay the title loan, you will just pay for the car and its ownership will transfer to the lender.