Yes, you may be able to get a title loan on a financed car. But the exact loan amounts and financing terms will be determined by your current loan details. If your title is currently with the lien holder, then it’s going to be difficult for you to qualify for a title loan. However, it may be possible to get a title loan for a car that’s not paid off if it has sufficient equity.
If your title is not with you, then the lender will ask for a certified copy of your car title as well as some other documentation before they can approve your loan. If you have equity, then applying for a title loan on a financed car may be possible but you will still need to show proof of where the vehicle pink slip is and also verify that the vehicle has sufficient value.
The other main factor to consider is the resale value of your car. As online title loans are backed by the value or security of your car you may be able to qualify for cash even if there are still payments owed to the original lender. Bottom line, if the vehicle is worth a decent amount then a lender will be ok with offering you cash with a title loan or with salvage title loans that will probably end up at a lesser amount. because they know there is value or equity available in your car. You can easily find out how much equity is in a car by checking with a title lender online, such as Car Title Loans 123 We can quickly let you know how much you could potentially get from a title loan even if the lien holder still wants to keep the original title.
Some title loan companies will be wary of offering you cash for a vehicle that’s not paid off. But even in that scenario there are a few ways to borrow money using that car’s collateral. You could consider a title loan refinance or even ask your lender if they would buyout the remaining amount owed on your loan. Let’s say you want to borrow $10,000 with a car title loan but still owe your original lender $1,000. It may make sense for the title loan company to payoff or buyout that amount you owe so they can get the actual vehicle title and then offer you a title loan.
The additional requirements for title loans on cars that aren’t paid off are quite similar to what’s needed for most online title loans. You need to be able to verify your address and identity when you first apply. The title lender will also ask you to provide information about the car’s value and your employment status so they can approve your title loan request quickly. Besides the vehicle value and in person vehicle inspection this is probably the most important requirement. By showing the lender you have money coming in and can make the monthly payments you may be able to borrow a higher amount of cash
If you are looking for title loans that accept poor credit, then there are options because these loans are backed by the actual collateral which is usually a car title. Keep in mind that the title lender must have physical possession of the vehicle title during the transaction, but they can still offer cash for bad credit or no credit despite any payments being made on the original lien! Also, if there have been other recent events like a repossession that may lead to a lower loan amount, but we still see companies offering pink slip loans as well as title loans for cars not paid off even when there’s a bankruptcy in the past.
To get started on an application for a title loan that’s not paid off you will want to fill out our online application or call and speak to one of our customer service representatives. Once all this information is verified, you can go ahead and send in any additional paperwork requested by the title company. At this point it can take a few minutes to a few hours for final approval and then you’re well on your way to getting an online title loan even if the car is not fully paid off!