Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Have you had difficulty qualifying for a personal loan because of bad credit? Most people turn to Car Title Loans 123 to pull out cash from a paid off vehicle, but did you know you can be approved for a title loan with a financed car? These title loans have been common for years, and while most customers have a clean and clear title, there's still a chance you get cash while still owning your lender or even if there's a cosigner or 3rd party noted as lienholders on the pink slip. The loan amounts aren't as high with title loans on a car that's not completely paid off; think $1,000 to $5,000, and you may have to repay the loan more quickly. But a title loan could be an option if you can cash out equity from your car while still owing your original lender!
Car title loans are backed by the value or security of your car, but you may qualify for cash even if payments are still owed to the original lender. The bottom line is if the vehicle is worth a decent amount, then a lender will be okay with offering you cash with a title loan or salvage title loans that will probably end up at a lesser amount. You can quickly determine how much equity is in a car by checking with a title lender online, such as Car Title Loans 123. We can quickly tell you 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.
Another way to cash out equity from a financed car is to take on a cosigner willing to put up their vehicle as collateral for a title loan. Of course, you need to find someone willing to risk losing their vehicle, but these loans are possible in cities such as Milwaukee and Wichita, where you have limited other options to borrow money.
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. The lender will ask for details about the car's value and your employment status so they can determine a loan amount and repayment term. Besides the vehicle value and an inspection, confirming your income is just as important when underwriting a title loan. By proving that you have money coming in and can make the monthly payments, you may be able to borrow more 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 physically possess the vehicle's 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 when there was a bankruptcy in the past.
Car Title Loans 123 works with all types of applicants, and we may be able to help you even if your vehicle is not entirely paid off or if you have a cosigner or third party on the car's title! Call us at 844-567-5011; we'll work to get you approved for a title loan if there's equity in your vehicle!
