For anyone who owns a vehicle, the cars title is extremely important. It contains all the legal information about the car or truck and its ownership. But that isn’t all!
The cars title is valuable for more than just the information. Find out what it says, what it can do, and where to go if you lose it!
Basics of Your Cars Title
The car or truck title contains all the important details and facts about your vehicle. It is essential that you possess the car title, because if you don’t, then you don’t actually own the car. The title should list
- Legal Owner’s name and address
- VIN number and other identifying information
- Make, model, and year
- License plate number
- Any outstanding liens against the vehicle
The title does not just prove the vehicle is yours, but also shows its complete history of ownership.
What Else Can it Do for You?
With a car or truck title in your name, you can use it as collateral for a car title loan.
This is a financial transaction where you borrow money based on the value of your vehicle, in exchange for the lender holding the paperwork. Once the loan is paid back, the title is returned until the next time a loan is needed.
One of the best things about a title loan is that the car secures your loan, so you don’t have fill out piles of paperwork or wait in line at the bank.
What If I Lose My Cars Title?
Getting a new legal copy of your title is as easy as contacting the Puerto Rico Department of Transportation and requesting one.
It costs a few dollars, and takes a few days to arrive in the mail, but can be requested online anytime.
For more detail on how to replace a missing or damaged car title, read this blog.
If you do have your title, contact PR Title Loan today to see how much of a loan it qualifies you for!