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If you are faced with an unexpected bill, you should know that it could be possible to borrow money against your car!1 Title loans offer eligible borrowers the ability to obtain the money they need by tapping into the equity in their car.
But can you get title loans for cars that are not paid off? It may be possible when you work with title loans serviced by LoanMart!1
How to Borrow Title Loan Money with a Financed Car
If you are still making payments on your car, that’s okay! You may still be eligible for a title loan if the market value of your car is worth more than the remaining principal amount of the auto loan.1
During the title loan process, the car title is used as collateral to secure the money lent. Therefore, the car must have value and be in working order. Also, even though the car is used to secure the loan, you can still keep driving when you work with title loans serviced by LoanMart!
The value of a car is determined through various factors, such as:
The value of a car decreases with both wear and time. If you have an older car, you may not receive as much title loan money as you would with a newer one. But don’t worry, as you could still be eligible for funding.1
The Make and Model
The make and model of a car affects the value as a result of market demand. Some brands and models are more desirable than others. A few popular car makes and models in the US include the Ford Mustang, Honda Civic, Honda CR-V, Nissan Rogue, and more.
The style of a car includes the body style as well as the features. For example, a Nissan Rogue comes in all-wheel drive and front-wheel drive options. And then, your car style may also include a sunroof or leather seats–which can increase the value.
The Current Mileage
The more miles are put on a car, the more the value depreciates. The average amount of miles that a car can have before requiring major repairs or replacement is usually around 200,000 miles. If you have a car with high mileage, you could still qualify.1 But keep in mind that the amount you obtain may not be high as it would be if the mileage was lower.1
The condition of a car, both structurally and cosmetically, affects the overall value. To be fully approved for a title loan, you have to complete a car inspection. With title loans serviced by LoanMart, you can fulfill this requirement by submitting photos of your car!
How Much Title Loan Money Can I Borrow with a Financed Car?
Title loans serviced by LoanMart offer free estimates to eligible inquirers over the phone or online.1 You only need to answer some questions about your car, such as the year, make, model, style, and current mileage. These details could potentially help you get a fast quote with no obligation!
What Documents Do I Need to Borrow Title Loan Money with a Financed Car?
With title loans serviced by LoanMart, it may be possible to get a car title loan with a car that’s not paid off, but you will need some key documents.1 Title loan lenders almost always accept a wide range of documents, which is ideal for people that may not have a traditional job.
Take a look at some of the paperwork you may be asked to provide:
- Car Title: To qualify for a title loan, you will need a qualifying car title in your name. If the car title is currently lost or in someone else’s name, then you will need to request either a title transfer or a duplicate copy.
- Proof of Income: As proof of your ability to make monthly payments on time, you could provide an agent with bank statements, paycheck stubs, government award letters, and more.
- Proof of Identification: To prove your identity, you will need to show a valid government-issued photo ID such as a driver’s license, state ID, or passport.
- Proof of Address: To prove you live at your current address you can show recent utility bills, credit card statements, insurance statements, a lease agreement, etc.
- References: You will be asked to provide personal references, professional references, or a mix of both.
Apply to Borrow Money Against Your Car
Whenever you are ready to take back control of your finances, title loans serviced by LoanMart are ready to assist.1 Unlike with other loan options, you can look forward to competitive rates, affordable payments, no hidden fees, and more!1
There are two main ways to start the inquiry process:
The 3-step approval process is swift and easy. After inquiring, you can submit your documents, and then get your title loan money!1 Don’t waste time with other long processes when you could get same-day cash with title loans serviced by LoanMart!1, 3 Inquire today and see if you’re eligible to borrow money against your car.