In the U.S., a title is a document that establishes legal ownership of property; in this case, a vehicle. Vehicle titles are issued by each state and by the department that handles motor vehicles. While each state is different, the process of obtaining a title and the information included on a title is pretty standard.
Information on a Car Title
Car titles across the nation include similar information such as the name and address of the owner. At a minimum, a title will include identifying information about the vehicle like its VIN, or vehicle identification number, make, model, and year of manufacture. Vehicle identification numbers became the standard method for identifying vehicles in the early 1980s. All vehicles must have one and all states require it to be on the title. Other information on the title varies by state. Some may include the weight of the vehicle, the price when it was new, and the name of any lienholder if money is still owed on the vehicle.
Why You Need Your Car Title
Without your car title, you cannot prove that you own the vehicle. If you ever choose to sell it, you cannot do so without a title. To obtain a copy of a title that you have lost, you can go to your state department of motor vehicles and request a new one. You will need supporting documentation, and you will have to pay a fee, but you will have the document that proves that you own the vehicle.
In today’s economy, many people who own vehicles are using them to borrow money in emergencies. A car title loan is a secured loan that a car owner can obtain. Again, you must have the title to the vehicle to prove that you own it. Title loan companies like Embassy Loans will loan money to those who own vehicles that are less 15 years old and in good condition. It is preferred that the vehicle is paid off completely, but those with enough equity in the vehicle can still qualify. Car title loans are short-term loans that can be used in situations where you need money fast. Embassy Loans processes most title loans in an hour.
Your vehicle’s title is a very important document. You should receive it as soon as you purchase the car or truck. Keep it along with your other important documents somewhere safe. You never know when you might need it.