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Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
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, it will be difficult for you to qualify for a title loan. However, getting a title loan for a car that has not been paid off may be possible if it has sufficient equity.
If your title is not with you, the lender will ask for a certified copy of your car title and 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’s 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 qualify for cash even if payments are still owed to the original lender. The 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. 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 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 buy out 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 pay off or buy out 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 similar to what most online title loans need. 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 employment status so they can quickly approve your title loan request. 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, usually a car title. Remember that the title lender must have physical possession of the vehicle title during the transaction. However, they can still offer cash for bad credit or no credit despite any payments made on the original lien! Also, if there have been other recent events like a repossession that may lead to a lower loan amount, we still see companies offering pink slip loans and loans for Uber drivers, not paid off even when there was a bankruptcy in the past.
You may want to call and speak to one of our customer service representatives to get started on an application. Once all this information is verified, you can 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!
