Can you get a title loan on a financed car?
Many times in life we hit unexpected emergencies and problems. A car title loan is one way to get money quickly.
Watch this video to learn more and continue to read the article below:
Getting a Vehicle Title Loan On A Financed Car? Is It Possible?
The answer is: It depends. If you have a loan on your vehicle the car title loan lender can take your current loan, pay it off, and wrap it into an auto title loan. Of course, generally your interest rate will go up high as auto title loans have a very high interest rate. So, although you can get a title loan on a financed car, in many cases it doesn’t make sense to do so unless you are having a financial emergency.
What does it take to get a car title loan on a financed car?
First, auto title loans are generally based off of the equity in your car or truck. So, in most cases you can’t get an auto title loan unless you are willing to take your current loan and have a vehicle title lender pay it off. If that happens, the next step will be for you to make sure that you have the following:
- A car, truck, or SUV that has less than 200,000 miles on it. Generally speaking, lenders don’t like cars with more than 200,000 miles unless it is a diesel truck or vehicle.
- A car or truck that has full-coverage insurance on it
- Identification
- Proof of ownership
- The title – which then the lender will become first on the title once you sign over and get the loan.
- Pictures of the vehicle – or an inspection
- Personal References
- Proof of income of at least $1,200 a month
- A car that qualifies – call us today or fill out the information form to find out what type of cars qualify.
- Professional references
- No pending or active bankruptcies
These are the main criteria.
Keep in mind that the lender is using your vehicle as secured collateral and will only be willing to lend money on your car, truck, suv, or motorcycle if their is enough equity in your car. Please understand also that with an auto title loan a lender can repossess your car or truck if you do not make payments on your vehicle. Go here to get find out if you are approved. Or call us toll free at 888-538-6052! Our sales staff is friendly, professional, and will take the time to answer your questions.
