Car title loans In Plainfield Illinois
Summer is here and while we all wish we had money to take three months off of work and travel the world, sadly most of us can not. In fact, quite the opposite can happen during summer vacation where we find we must work harder and longer than any other time of the year. With children growing up and graduating High School or ready to buy that first car we can find ourselves in a bind when it comes to obtaining extra cash. So let’s say junior is headed off to college in the spring and despite your best efforts, you are falling short in the finance department. However, junior doesn’t seem to understand that money doesn’t grow on trees but even so you are planning on making the first year in college as amazing and trouble free as possible. The costs of a college education can add up quickly with the price of room and board, food, laundry, and Text books. This might be the best time possible to look into your options in regards to coming up with the extra cash that will not be covered by grants or scholarships. One option to get cash quickly is to get an online title loan.
The number one question we receive from people inquiring about doing a Plainfield title loan is regarding the legal ownership of a vehicle. As a result, we have compiled a list of commonly asked questions. Further, there are different types of power of attorney’s and laws regarding what a POA may do with property.
Can I do a title loan in Plainfield if the title is not in my name but I am the power of attorney over the person who is on the title?
While this might seem like a no-brainer the wording of laws can make understanding what a power of attorney may legally do with the property they have been entrusted with. If you are seeking a Plainfield car title loan and the title of the vehicle is not in your name but you have legal Power of Attorney for this property you will not be able to receive a car title loan in Plainfield until the car is in your name. You will need to visit your local DMV and transfer the title into your name only even if you are the legal Power of Attorney.
Can I do a Plainfield car title loan if the car is in another person’s name but I will be making the payments.
We get a lot of questions about this from people asking if they can do a title loan in Joliet / Plainfield if the car title is in another person’s name but they will be making the payments. Some people have even started the loan processes only for the lender to find out that the car title is in the name of a friend, family member, and even a roommate. Most car title loan lenders in Plainfield will not even consider a scenario like this especially if the car owner is not present. The person doing the loan Plainfield car title loan will need to be the person on the title and the one with proof of income. It might be possible to do the loan as a co-applicant but even the possibility of this is even low. It’s suggest that if the car owner has no source of income to call and ask if there is a Plainfield car title loan lender that will be able to process a co-applicant or if the car title will need to be transferred into your name.
What if there are two people listed as owners on the car title?
When there are two people listed on the car title this is where things can get a little tricky and it is best to call the Plainfield car title lender to ask before coming to fill out any paperwork. In many cases, the wording on the title makes all the difference as to whether or not you may do the loan on your own or if both owners will need to be present.
Please call so an agent will be able to assist you with these questions and inform you as to what documents you will need to bring, who will need to be present, and to see if you will even be able to process a loan at all. Once your loan is processed your will receive an instant car title loan estimate.