Usually, borrowers have their cars paid off before they apply for a title loan. While that is the norm, many applicants with financed vehicles may still need cash. Would that factor disqualify borrowers from getting a loan? Thankfully, there might still be a way to get auto title loans on a financed car!
Read below for more information on how to qualify for emergency cash when financing a vehicle.
How Can I Get Car Title Loans On Financed Cars?
Title loans work by allowing borrowers to use their vehicle title to secure the loan. The loan amount you could get depends on the available equity in your car, not just the number of installments left on it. With a car title loan, a title loan lender uses the equity from your car to determine the loan amount you’d receive. Even if you are still financing your vehicle, it could still have a good amount of equity to access! As long as your car has enough positive equity, you could qualify for a title loan on a financed car!
In addition to having a good equity amount, you must be able to prove your ability to repay loans. You don’t need a full-time job to qualify for a title loan, but you must be able to afford it. That is why it’s critical to choose loan terms you can afford in the long run. Speak with your title loan provider to see if they can set up loan terms that are convenient and affordable for you.
Before getting title loans on financed cars, you must consider how it could factor into the total amount you would owe. When trying to get a title loan on a financed car, the remaining amount you owe on it will apply to the title loan’s principal balance. But don’t worry! Your vehicle may have a good equity amount to help cover your expenses without breaking the bank.
If you don’t know your car’s equity amount, that is okay! There are different tools available to help you find a rough estimate. Once you get it, you could determine if your vehicle’s equity can qualify for a car title loan.
Do I Need Documents To Acquire Auto Title Loans On Financed Vehicles?
Car title loans could help people from different financial backgrounds get the money they need. Even if you have a financed car, you could still get through the approval process like everyone else.
During the inquiry process, a title loan lender will ask you to submit some documents to verify your information. Some lenders require that you send these documents via mail or in person, while others could allow you to upload them online! Speak with your lender or provider to see if they have an electronic method.
Keep in mind that some states may ask you to provide additional information. However, you can anticipate turning in the following documents:
1. Prove Your Address By Using Credit Card Statements, Utility Bills, Mail, Etc.
2. The Title to a Qualifying Vehicle in Your Name
3. A Valid, Government/State-Issued Photo Identification, Such as Your Passport, Driver’s License, or Other Certified State Identification Cards
4. Proof of Income, Such as Bank Statements, Pay Stubs, Settlement Income, Worker’s Compensation, Etc.
5. Some Personal or Professional References
Don’t hesitate to contact your title loan lender if you have questions about documentation or eligibility. While you are at it, you could ask them about other loan-related queries or concerns.
Where Should I Apply For Title Loans On Financed Cars?
Now that you know you can get a car title loan on a financed car, it is time to apply for one! While several title loan options are available, some might benefit you more than others. For example, if you inquire about a ChoiceCash title loan serviced by LoanMart, you could take advantage of a convenient approval process that could get you money in no time!
You would only have to complete the following steps to get title loans on a financed car:
1. Start a Title Loan Inquiry Online or Over the Phone at 855-914-2945.
2. Submit Your Documents.
3. Collect Your Funds!
Contact a ChoiceCash title loan agent for more information.
No matter which title loan provider you choose, you may get the funds you need with a financed vehicle! Contact your provider to start on your application today!
