Getting cash by using a car title is always a viable way to get cash quickly and easily. Once your financial need is sorted, you are left with the responsibility of repaying the loan as per the terms and conditions and thus get back the title. To have it smooth, you need to follow keenly and make sure the debt is paid on time. Immediately you finish repaying, the company will remove the lien on the title and thus you can get it back.
After you’ve cleared the loan, how do you reclaim your car title?
Review the terms of the loan
After full payment of the loan, the lien over your car title is removed. This process is spelled out in the loan agreement. You need to carefully read this legal document and find out what you need to do to get back your car title.
Payback the car title loan promptly
Signing up for the car title loan means that you have allowed the lender to have the full mandate over your car and that in case you don’t honor your part of the bargain, the loan company can repossess the car. Thus for you to get back the title, you must pay the principal amount, the interest and other charges as stipulated in the agreement. Try to pay off the amount accordingly so that you don’t attract extra charges, if you have a problem raising the monthly repayment, you can look for money from another financial institution that charges less interest, then clear the title loan.
Obtain proof that the loan is indeed settled
Most car title loans will supply the requisite documents once you’ve repaid the loan in full. They usually give you a repayment history, payoff date, and other relevant information. Other lenders would give a completion certificate and all these you need to keep safe in case there is a problem with restoring back the title.
Receive your vehicle’s title
After paying the loan in full, the lender will sign your vehicle’s title signifying a release of the lien on the vehicle and mail it to you. The time it takes to get back the title depends on one institution to another and thus you must find out from them. For instance; in some states, it can take up to ten working days to get the title.
To clear the lien, submit the title to the relevant government agency
Generally, you have to work closely with the state’s department for motor vehicles to clear the lien over the title. The process varies from one state to another and thus you’ve to complete a form, attach the title and mail it to the DMV along with a processing fee. The DMV will then remove the lien and issue you with a new title in your name.