If you're trying to get a title loan without the title in hand, you might be wondering whether you can use your bill of sale to qualify. Unfortunately, you can't use a bill of sale only to get a title loan, but it is a crucial stepping stone to qualifying for this loan type. After all, you can't get a vehicle title without a bill of sale!
This guide from Texas Car Title and Payday Loan Services, Inc. will explain how to get a title loan with a bill of sale. We will explain how to use a bill of sale to access your car title and how to then get approved for a car title loan.
Can You Get A Title Loan With A Bill of Sale Only?
As we have already mentioned, you cannot get a title loan without the title in hand or with a bill of sale only.
These loans are named title loans for a reason, you need to prove you own the vehicle outright without any outstanding judgments or liens. The only way to do that is with a lien-free vehicle title.
That said, you need a bill of sale to conduct the title transfer. Consider it an indirect requirement of a title loan.
How To Get A Bill Of Sale
While a bill of sale doesn't directly allow you to get a title loan, you do need one to transfer a vehicle title into your name. The steps are slightly different depending on your state. Some allow you to draft your own using a generic form, while others require a specific form. In Texas, you will need to complete Form VTR-346.
You can get Form VTR-346 from the Texas Department of Motor Vehicles’ website or your local county tax collector's office.
Here is the information you must provide on the Form VTR-346:
- Date of the sale
- Sale price
- Buyer information
- Seller information
- VIN
- License plate number
- Vehicle description
- Signatures from the buyer and seller
How To Use Your Bill Of Sale To Get A Car Title In Your Name
Once you have the bill of sale, you can use it to acquire a vehicle title in your name (i.e., the document you need to acquire a title loan). You must get a title transfer for car loans to ensure your vehicle title is in your name before applying.
The following are the steps involved in getting a title transfer using your bill of sale in Texas:
- Sign title — The seller must sign on the "Signature of Seller" line. It is on the back of the title and relinquishes from the vehicle ownership.
- Gather your documents — You will need your government-issued identification, signed title, and the completed title transfer application form.
- Request a transfer — Your local DMV office will have different requirements than others. Some let you conduct the process online, while others necessitate heading into the Department of Motor Vehicles’ office in person.
- Pay the fee — Like the bill of sale form, title transfer fees vary by state. In Texas, you will be expected to pay $33 for the title application. If you complete the title transfer after 30 days, you will pay $25 and an additional $25 for each extra 30-day period in which you fail to apply for the title transfer. This penalty caps out at $250.
The Requirements For A Title Loan In Texas
You cannot get a title loan with a bill of sale, but you can when you have a lien-free car title. Now that you have a car title in your name, you can begin the process of securing a Texas title loan. First, you must ensure you meet the requirements for title loans in Texas.
Thankfully, you only need the following three required items for title loans:
- A state-issued photo ID with your full name and age
- A lien-free car title in your name
- A vehicle for a quick inspection
How To Get A Title Loan After Buying A Car
Are you looking for how to get a title loan after buying a car? You must first pay off the car entirely, as you need to have a lien-free car title to get qualified. Using a bill of sale to get a car title loan is not allowed, so make sure you get a title transfer to ensure the vehicle title is in your name.
Once you know you have everything you need to get a Texas title loan, you can begin the approval process. At Texas Car Title and Payday Loan Services, Inc., we keep the process fast and simple. You can start online and complete the process in person at one of our Texas store locations in less than 30 minutes.
Here is how to get a title loan after buying a car:
- Complete the online form found on this website. Since we also offer installment loans and payday loans, ensure you select the right one. You will need to provide your full name, zip code, email address, phone number, and vehicle details.
- Upon receiving your information, we will give you a call to discuss the process. We will explain title loan requirements, how much you can borrow, and other title loan details. During this conversation, you can ask questions to verify any details you don’t understand.
- After the phone call, gather your required items and bring them to the nearest Texas store location. While you can start online, you must complete the process in person. When you arrive, we will look at your documents and inspect your vehicle to establish how much money you can qualify for (up to $15,000).
- If you are happy with the amount of money you are approved for, we will show you where to sign the forms to confirm your agreement with the terms and conditions.
- You will receive the money you qualified for on the same day or the following business day.
FAQs About Texas Title Loans
How much can you borrow with title loans?
You can receive up to $15,000. However, that is the maximum loan amount, and not everyone will receive it. Your title loan amount will depend on your car’s value, as determined by its age, make, model, condition, and mileage.
Can you use someone else’s car title for a title loan in Texas?
No, you must use a car title in your name. As mentioned above, you must get a title transfer to ensure the vehicle title matches the name on your ID before getting approved.
How long does the title loan process take?
You can start the process online with our contact form in less than five minutes. After a short phone call, you can get approved in person in less than 30 minutes. You will have access to your emergency funds within one business day.
Get A Title Loan In Texas – Borrow Up To $15,000 Today!
While you can't get a title loan with a bill of sale only, you can utilize your bill of sale to transfer the vehicle title into your name. After you have the vehicle title in your name, apply for a title loan with Texas Car Title and Payday Loan Services, Inc. Receive loan approval the same day you apply, regardless of your credit score.
Ready to get started? Fill out our online inquiry form, and a loan representative will call you to guide you through the process. Apply online for title loans today to get fast financial relief!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
