Can I get an auto title loan if I am still making payments on my vehicle?

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There are many people out there that are in need of the “quick cash” option that an auto title loan offers. However, they do not completely own the vehicle. Now, there are certain situations where this is still possible for someone who is searching for an auto title loan without actually having the title due to the fact that there is a lien on the title since the vehicle is being paid for. This article will go over all the available options where this is possible.


Can I get an auto title loan on a traditionally financed vehicle?

If the vehicle is traditionally financed through a dealership or a bank, this can still be an option. Some lenders may need to have the vehicle qualify for an amount that is double the amount owed on the vehicle on a “black book” scale. If this is the option that you qualify for, you would need to take out the full doubled amount that the loan qualifies for. So, if you owe $5,000 on a traditionally financed vehicle, and the vehicle qualifies for $10,000, you would need to take out an auto title loan in the amount of $10,000. In that event, the lien holder would receive $5,000 for the payoff, and the customer would receive the $5,000.

Another lender may have an option to where they can work with a traditionally financed vehicle without the customer needing to take a loan out that is double the amount owed. One option would be where a lender could match the current rate that you have on your traditionally financed vehicle for the amount that you owe. Then, they would give you a different rate on the amount that you would receive “in pocket”. Once the two rates are established, the lender would then present you with a rate met directly in the middle of both rates. This would be your actual interest rate.


An Auto Title Loan Buyout (also known as a car title loan refinance):

An auto title loan buyout is a pretty simple process as long as all three parties (The Consumer, The Current Lender, and The New Lender) come to an agreement. First the consumer would need to make the loan officer aware of their current auto title loan. After that, they would need to provide the loan officer with their current lender’s information so that the loan officer can call and obtain the buyout information (see below for acceptable buyout information). Next, you would need to come to an agreement with the loan officer on the rate and payment as well as any additional funds that would be dispersed to the customer on top of the buyout amount. Now, keep in mind that you would only be able to receive additional funds on top of the buyout if the vehicle holds enough equity to do so, and if your monthly income is sufficient enough to afford the payment. However, if you do not want additional funds on top of your buyout, then this will not affect you.


Acceptable buyout information

  • The current buyout amount
  • The 10 payoff amount
  • The Per Diem (the amount of your loan cost per day)


Making payments to a private seller:

If this is the case, the only way that this would work, is if the private seller would be willing to switch the title in your name in order to pay them. This is a very rare, however, very possible situation.


Auto title loans are high interest loans. If you are in search of something in the range of what a traditionally financed rate would be or what a bank would offer, then this might be something that you would need to think about before you take the next step in obtaining an auto title loan. We open our doors to many people with many credit histories. Given the fact that an auto title loan lender is taking a bigger risk, these rates tend to be much higher. However, since we offer NO PREPAYMENT PENALTY FEES, these rates may not affect you as bad as you might think. The ways these loans work, is if you pay the loan back early, you do not pay the full term interest. Since these rates are compounded daily, you would be able to break the interest down to the day that you pay it off. In the event that you would pay it off early, you would only pay interest for the amount of time that you had the loan out for – not the amount of time that you signed the contract for. In the end, this could save you a ton of money in interest.

Apply now to see if this is an option that can work for you!