When you received the title for your car, you might have tucked it away in a safe, drawer or cabinet. After all, you might not have really thought about needing it anytime soon. However, there are a few different situations in which a car owner might need his or her vehicle title. These are some of the situations in which this might be the case.
1. Taking Out a Title Loan
Have you ever heard of a title loan? Basically, this type of loan uses your car as collateral so that you can borrow money, often without a strict credit check. If you do decide to take out one of these loans, you will generally have to hand over the title to your car. The title lender will then hold the title or put a lien on it; this is done to help guarantee that you will pay your loan back, which makes it possible for these lenders to loan money to individuals who might not have otherwise qualified.
2. Selling Your Car
Another situation in which you will definitely need the title for your car is if you decide to sell it. After all, the new owner will want the title as proof that he or she owns the car. He or she might also need the title in order to register the car, get a license plate, and more. If you are going to be trading your car in at the dealership, you will also need to have possession of the title before you will be able to do so.
3. Junking Your Car
If your car is older and if it needs a lot of mechanical or body work, then you could be thinking about selling it to a junk car buyer or a scrapyard. This can be a good way for you to get cash for your old car, but you will probably need your title. Then, you can prove that the car is yours and that you have the right to sell the car for scrap.
As you can see, there are a few different situations in which you might need to have possession of your car's title. Therefore, if you don't have your car's title, then you may want to contact your local registration and title office. Then, you should be able to get advice about what steps you will need to take so that you can get another copy of your vehicle title. Contact companies like R L Jones Insurance Services Inc for more information.
