Can You Get a Title Loan For Cars Not Paid Off?
Table of Contents
- How Do Title Loans Work?
- Requirements For a Title Loan
- Can You Get a Title Loan For Cars Not Paid Off?
- Frequently Asked Questions
If you’re in need of quick money, TNL Car Title Loans can help you. People will get loans for various reasons, but one of the main reasons why people get title loans is because of its speed and efficiency, which offers quick access to cash for those who are in need of emergency cash. However, can those who are still paying off their car still get title loans? Read below to discover how title loans work and the answer to this question.
How Do Car Title Loans Work?
A title loan is also known as a car title loan, an auto title loan, and a pink slip loan. If you are the sole owner of your vehicle TNL Car Title Loans can offer you a loan that is based on your vehicle’s equity value. You can use your car as collateral for your loan, meaning if your car carries enough value, you would be able to get a loan with us. Your car title or pink slip is used as collateral to obtain a loan with a lender. The title shows the lender that you have already paid off all your car payments and are now the sole owner of your vehicle. The pink slip is therefore under your name and you may now use it as leverage in the case of a car title loan.
Requirements for a Car Title Loan
To get started on a car title loan, give us a quick call at 888-663-7074 or fill out our quick form online to find out immediately if you qualify for a loan with TNL Car Title Loans. A loan officer will be in touch with you, and after going through a few details about the make and model and mileage of your car, you can find out in less than 15 minutes if your application is approved for a loan. You’ll also find out how much you can get for your loan.
After you’re approved for the loan, you’ll need to gather some paperwork and documents that are needed for your loan contract. These documents include:
- Valid form of ID or driver’s license
- Car title or pink slip, must be under borrower’s name
- Proof of income of at least $1,500 a month (this could be from social security, disability, etc.)
- Proof of up-to-date insurance and registration for the vehicle
After you turn in these documents, your loan officer will help you create a flexible payment plan that fits you and your needs.
Finally, you’ll have access to cash immediately once you decide how you would like to receive your funds. Your loan can be disbursed by check or deposited into your bank account, or you can also pick it up at any MoneyGram location located in retailers nationwide.
Can You Get a Title Loan for Cars Not Paid Off?
Car title loans offer borrowers a convenient way to obtain cash through the use of their car title. However, what happens if you’re still paying off your car? Unfortunately, you may not be eligible to take out a car title loan until the car is paid in full. The reason is that the car is not 100% fully yours yet. Car titles provide paperwork proof demonstrating vehicle ownership, and until ownership is verified, you won’t be able to use the car as collateral for the loan. The loan requires the use of a collateral asset that carries enough value and equity to borrow against. This means that if the car that you own is valued at $8,000, you’ll be able to take out a loan that is equal or lesser than $8,000.
Frequently Asked Questions
Will My Bad Credit Disqualify Me?
Although most lenders and banks will turn you down if your credit score is poor, you will not be disqualified for a car title loan with TNL Car Title Loans. Since the loan is based on your car’s value, you can still get a loan even if you have bad credit.
How Fast Can I Expect To Get The Cash?
At TNL Car Title Loans, we work hard to get the cash to you as quickly as possible. Depending on how fast you gather your necessary paperwork, you can get your loan as quickly as the next business day. In some cases, if everything is good to go, you can even get your loan in just a few hours.
What Happens If I Repay My Loan Early?
Paying off your loan early is encouraged because you will save a great amount of money from the interest rate. When you pay off your loan early, you will not be charged with any pre-penalty fees.
To get started on your car title loan today, give TNL Car Title Loans a call at 888-663-7074 or fill out our quick form online to see if your car qualifies for a loan and how much you can get for your loan.