November 30, 2017
You may have already heard that car title loans are a great way to get quick cash when you need it in Kansas City, Independence, Shawnee, or someplace else. What you may not know is exactly how car title loans work or what you need to get one. Fortunately, the answers are simple enough.
Whether you get a car title loan in Kansas City or another city, the general outline is the same. You use the value of your vehicle as collateral, which means that there are no credit checks or other hoops to jump through. All you need is a car with a lien-free title and a photo ID to get a loan ranging from $150 to $5,000, depending on the value of your vehicle. But what if your car still has a lien? Unfortunately, the “lien-free” part is an essential component of getting a car title loan. In other words, title loans with liens on the vehicle are extremely uncommon.
What is a lien? The short answer is that it’s any claim that someone else has over your car. If you bought your car from a dealer or financed it through a bank and you’re still making payments on your original purchase, then there is a lien on your car. If you refinanced your car in order to borrow some additional cash or to get better interest rates, then there may still be a lien on your vehicle.
But wait! I have a lien on my car or truck, but I still need quick cash in Kansas City! Unfortunately, lenders tend not to issue title loans with liens on a vehicle for a very good reason: Because you’re using the value of your car as collateral for your loan, you need to be the sole owner in order to get a car title loan in Kansas City, Shawnee, Independence, or pretty much anywhere else. If the bank or the car dealership still owns an interest in your car, then you can’t use that value as collateral toward a car title loan.
It’s unfortunate that title loans with liens are rare, as it’s difficult to get the quick cash you need if you don’t have a car with a lien-free title. There may be other routes that you can take, however. We recommend talking to a reputable title loan company about your options before you make any major financial decision.
If you need quick cash in Kansas City, Independence, Shawnee, or anywhere else in the KC Metro Area, and you do have a car with a lien-free title or just want to learn more about how the title loan process works, contact Midwest Title Loans in Kansas City today, or get started now by filling out our Online Title Loan Information Sheet. We can help you get the cash you need when you need it or answer any questions you might have about the title loan process and your financial options.
Car Title Loans with Liens: What You Need to Know