Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Car title loans are available for all circumstances, meaning you can be approved with poor credit or an older vehicle. But what about if you don't have the car's title in hand when you first apply? Or what if the car has been repossessed by your original lender or impounded because you owe money for parking or traffic fees? It turns out that these loans are possible as long as you can prove the vehicle exists and eventually sign over the title to your lender. No company will take on a title loan if there's no collateral acting as security, but they can pre-approve your application under the condition that you will add them as a lienholder to the pink slip.
Most borrowers will take out a title loan using their vehicle as collateral, and that's the only way to qualify for a vehicle equity loan. But what happens if you don't have the title or the car is not fully paid off? In this case, you can see if the lender is willing to bypass the inspection if you can still sign over the pink slip to them. Another option is a second lien title loan, which means having two lienholders on your car's title. Both of these options are not likely, but they're something to consider if you're in a situation where you need cash quickly but don't have the actual vehicle or still own money on the initial loan.
If you default, a title loan lender has the legal right to take your vehicle and keep it until you get current on payments. You will also have to pay applicable fees like towing and impound charges. Some states, like Florida, will even require you to update the pink slip or title information if there's been a change.
The requirements for a title loan on an impounded car often center around having the vehicle itself, making it nearly impossible to get approved for a title loan. To simplify things, consider the wording of "title loan" itself. A title loan requires security in the form of a vehicle to act as collateral. If you don't have the vehicle or if it's been impounded, then you won't have any security to use as collateral. Besides having the vehicle, you often need proof of income, registration and other documents from the DMV. But again, these additional requirements don't matter if you can't show proof that you have the vehicle!
In most situations, you will pay a significant amount in interest each month if you take out a title loan on an impounded car. Much like if you pawned a watch or boat, you're handing over the vehicle to the lender as collateral. In other situations, you can keep driving the car. However, the title loan company will insist on installing a tracking device to monitor the driving and whereabouts of your vehicle.
It's one thing to hand over a pink slip as collateral for a loan, but do you want a lender to know your every move if you take out a title loan without the title?
A licensed lender has the right to find the exact location of your vehicle and have it repossessed per the title loan contract. Don't find yourself in this situation. Only agree to a contract with a company offering online car title loans. Choose a lender with your best interest in mind and be willing to negotiate the terms and payoff amount. Move on if your title loan company is unwilling to negotiate the lending terms. Consider other unsecured loan offers, such as a personal loan or installment advance, as these choices won't involve you using a vehicle as collateral for the loan.
Another way you can pull out equity from your vehicle is with a second lien title loan. While these loans are difficult to get, they are possible with Car Title Loans 123. With a second lien title loan, you are either looking to pay off your original lender or get a 2nd lien on your vehicle with a title loan. The first option is often the best with a 2nd lien title loan because you can refinance an existing title loan with new repayment terms. If you're truly looking for a 2nd lien on your vehicle, that may be challenging because most lenders will deny your application if they're listed as the 2nd lienholder on a vehicle's title.
Do you have equity in your vehicle but don't have immediate access to your car or truck? Car Title Loans 123 can still help you get a quote for a title loan and we'll let you know what you can borrow and what the estimated payment terms are. Yes, you'll still need proof of the vehicle to get final approval, but why not start the application process, even if your vehicle is impounded or if you can't bring it in for an inspection today? Call Car Title Loans 123 at 844-567-5011 to learn more!
