A title loan is a short-term financial solution that involves using your vehicle as collateral to secure a loan. The amount you can borrow is based on your vehicle’s value, among other factors, and you maintain possession of your car while repaying the loan. One question that often arises is whether you can get a title loan with expired tags. Explore the answer to this question here, along with some valuable tips to help you navigate the title loan process.
What are Expired Tags, and Why Do They Matter?
Before delving further into this subject, it’s crucial to understand what expired tags are and why they might be a concern when applying for a title loan. Expired tags refer to the registration stickers on your vehicle’s license plate, which indicate that your vehicle registration is outdated. Driving with expired tags can lead to fines, penalties, and even having your vehicle impounded.
Many lenders take expired tags very seriously because they want to know that the vehicle used as collateral complies with state laws. A car with expired tags also has a higher risk of impoundment, which could complicate the loan repayment process. Furthermore, expired tags suggest vehicle neglect, making lenders view you as a higher-risk borrower.
Can You Get a Title Loan with Expired Tags?
The short answer is it depends on the lender and your specific circumstances. Some lenders may not approve your title loan application if your tags are expired, while others are more lenient. However, even if you find a lender willing to accept your car as collateral with expired tags, you may be required to renew your vehicle registration and apply the new tags as a condition of the loan.
VIP Title Loans, a trusted and reputable Texas title loan company, is willing to work with borrowers who have expired tags. We understand that financial challenges may cause you to fall behind on renewing your vehicle registration, and our team is committed to helping our clients navigate their way to back financial stability.
What Else to Keep in Mind When Applying for a Title Loan
In addition to addressing the issue of expired tags, you must meet several other requirements to qualify for a title loan. Be prepared to present the following during the application process:
- Full car ownership and clear title
- Proof of income
- Valid government-issued ID
- Proof of auto insurance
- Good car value determined by a vehicle inspection
Choose VIP Title Loans for Your Texas Title Loan Needs
At VIP Title Loans, we make the title loan process as straightforward as possible. With our low interest rates, flexible payment options, and commitment to customer service, we stand out as a top choice for title loans in Texas. If you have expired tags and need financial assistance, please call us at 817-265-2274, fill out our online application form, or visit one of our five convenient locations in the DFW Metroplex. Our knowledgeable and friendly staff will work with you to find a solution that fits your needs best.