7 Common Car Title Mistakes To Avoid For Car Owners
When you buy a vehicle, you’ll have to sign several documents, and one of them is your new car title. Car titles are legal documents displaying information about you (the owner) and the vehicle's age, make, model, VIN, and so forth. But unfortunately, mistakes often happen when dealing with car titles. In this post, we’re going to introduce you top seven most common title mistakes. Stick with us to find out more about it.
Top 7 Car Title Mistakes To Avoid
1. Trying To Sell Your Car With A Damaged Title
You cannot hand over a damaged vehicle title when selling your car. Sadly, everything from incorrect markings to rips and tears to water damage can void the document. Be mindful about where you store your certificate. You need to keep it flawless to ensure the transaction goes smoothly.
If you're trying to sell your vehicle and notice the title is damaged, the best thing to do is fix the issue before putting your car on the market. Request a duplicate title from the Department of Motor Vehicles.
2. Forgetting To Transfer The Car Title Into Your Name
Forgetting to transfer the title into your name isn't just bad practice — it's also illegal. It might not seem like a big deal, but you don't want to face the bout of negative consequences. When you realize you've forgotten, it's imperative to correct it. You'll be doing yourself (and anybody who owns the car after you) a favor!
3. Losing Your Car Title
Number three on our list is, without a doubt, the most common car title mistake of them all. Ideally, you shouldn't lose it! But if you've already made that error, don't feel too bad. It's an easy one to fix. All you need to do is head to your nearest DMV office and apply for a new one.
4. Crossing Out Mistakes On Your Car's Title
When people spot a mistake on their car title, their first thought is to cross it out or use correction fluid. However, this instantly voids your car title! So, here's what to do instead. When you notice a mistake, head to your local Department of Motor Vehicles office and submit a request to resolve the error. Make sure you bring your incorrect document with you, as you'll need to hand it in when you apply for a new car title.
5. Forgetting To Transfer The Title To Your State Of Residence
Your title is issued in the state you bought the vehicle. If you live in a different state, it's crucial to transfer it to your area of residence to avoid any paperwork issues down the road. Again, you can do this at any time by heading to your nearest DMV office.
6. Getting The Wrong Person To Sign Your Title
When you sell your car, the buyer could back out if there's a different name on the title. Likewise, you could halt proceedings if you realize the title has another buyer's name on it.
Whatever the case may be, having the wrong person sign your title is a huge mistake that automatically voids your vehicle title. Therefore, you'll need to go to the local DMV and register for a new one. Unfortunately, you'll need to pay the fees, and you can't sell the car before this happens. To avoid such errors in the first place, always take care when signing documents!
7. Not Knowing About Car Title Loans
Finally, people often forget that they can borrow money using their car titles when in an emergency! If you're in a pinch and don't have a fantastic credit score, an auto title loan from us at Cash Cow is an option.
So, how do cash title loans work?
Well, provided your car title is currently lien-free, you can borrow between $300 and $1,400 based on the value of your vehicle. We analyze your car's condition, age, make, model, odometer reading, and customizations to establish the specific amount you qualify for.
Once we've approved your application, you keep your vehicle (and can use it as normal) while you repay the loan. We just place a lien on your title. It couldn't be simpler.
Submit Your Inquiry For Car Title Loans Now!
Take the tips given above into consideration and avoid typical car title mistakes many people make. And if you're struggling to pay a high utility bill, medical bills, urgent travel costs, home repair, or another emergency problem, start the online title loan process by completing our straightforward inquiry form on this website. You will receive your money on the same or very next bank working day.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.