Because of their short-term loan process monthly payments, car title loans are often an ideal solution for people in need of financial assistance. If you are thinking about a title loan you may be wondering if the car needs to be paid off for a title loan.
If you would like to learn more about how title loans work, how to start the application process with Max Cash Title Loans, and whether your car needs to be paid off to receive a title loan, continue reading below!
Can You Get a Title Loan with a Car That is Not Paid Off?
Car title loans are a secure loan that provides borrowers with a quick and easy way to obtain a fast cash loan amount through the use of their vehicle title and value of your car. But what happens if you are still paying off your car with a current auto loan?
Unfortunately, you may not be eligible to take out an auto title loan if the current car loan has not yet been paid in full. This is because this means the vehicle is not 100% yours and still has a lienholder. However, a lender may be able to workaround an existing title loan, or a loan on the car itself. But otherwise, to be eligible for a title loan, borrowers must provide a clear title for their motor vehicle.
Are Title Loans on Financed Vehicles the Same as a Standard Title Loan?
Essentially, yes, it is. A title loan on a financed car works much like a normal title loan. Having a title loan on a financed car means you can receive money using your vehicle’s equity. A title loan for a financed car ensures that you can use your car’s title as collateral for the fast cash you need.
First, you will have to complete a title loan application and provide a title loan lender with personal information, as well as information about your automobile. After a lender approves your title loan application, you can receive your money. You will then need to repay your loan by each monthly due date, otherwise, you will lose your car, truck, or SUV.
Are You Eligible for a Title Loan on a Financed Vehicle?
This question depends on the direct lender. The requirements to get a title loan vary depending on the lender. Before choosing a lender, ask if they service title loans on financed vehicles. If the answer is yes, we encourage you to learn more about the conditions of the loan terms. If you feel comfortable with the conditions, then you can also submit a title loan application.
Things to Consider When Applying for a Title Loan if Your Car is Not Paid Off
If you are unsure about whether to apply for a title loan on your financed car, there isn’t any need to stress. Let’s take a look at a few things beforehand to consider helping you make the best possible choice.
Will a Title Loan Provide the Money You Want?
Title loans are great for car owners who need immediate cash. If you need money straight away and are eager to use the equity on your financed car as collateral, a title loan may be a terrific option for you.
Are You Able to Repay a Title Loan?
Beware the consequences of failing to repay an auto title loan on a financed car. Failure to repay a title loan may result in having your vehicle repossessed. Before applying for an auto title loan, be sure to make a clear and concise repayment plan so that you can plan ahead and make your monthly payments on time.
What Are Your Expenses?
You will also want to analyze your expenses. By doing so, you can determine whether an auto title loan on your financed car can help you pay for your expenses. You may also want to evaluate how a title loan might affect your long-term expenses.
What Are the Prerequisites of a Title Loan?
Additionally, review the terms of your title loan agreement. If there is any confusion about any of the title loan conditions, reach out to a lender for assistance. This allows you the opportunity to get the insight you need so that you are able to make an educated title loan decision.
Does a Lender Meet Your Expectations?
Lastly, choose the lender that matches your financial needs. When making a final decision, choose a lender that feels right for you and makes you feel the most comfortable with all facets of the title loan process.
How Title Loans Work with Max Cash Title Loans 2
An auto title loan is a secure loan that’s obtained when a lien is placed on your car’s title. Using the value of your vehicle, as well as proof of income, title loan lenders will determine your capacity to repay a specified amount of money.
One of the best things about title loans is that whether you’ve got a bad credit score or concerns about your credit check, you may still qualify for an auto title loan! Credit is not a significant factor with title loan requirements. Furthermore, as you maintain monthly loan payments, the borrower will be able to keep driving their vehicle throughout the installment loan agreement.
While the application process may vary depending on the title loan company and state laws, here is what you will typically need for an online title loan application:
- Proof of Income
- A Clear Title
- Pictures of the vehicle
- A Few References
- A Government-Issued Photo ID
- Proof of Residence
- Valid Car Insurance
One of the best things about working with Max Cash Title Loans is that we try to find title loans that work for our customers.5 That means, no prepayment penalties, no additional fees, and options to refinance at the same competitive interest rate at a later date. 4
Contact Max Cash Title Loans for a Title Loan Today!
If you want a title loan that has your best interest in mind, contact Max Cash Title Loans today. 2 5 We’re available seven days a week for your title loan needs, and we also offer a quick online application form to make the process simple. Whether you live in California or South Carolina, contact us today to learn more about how we can help you!