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If you have a car, then you have access to a valuable financial asset! You may be able to use that asset during a financial crisis to obtain a title loan. But can you get a car title loan if the car is not paid off?
With a title loan serviced by LoanMart, you may be able to get the emergency cash you need by using your financed car!1
How to Qualify for a Car Title Loan with a Financed Car?
Title loans serviced by LoanMart work with a variety of cars, even financed ones! But in order to qualify as collateral, the car must have a sufficient amount of equity.
The equity of a car is not the same as the resale value, as you need to know the current resale value to find the equity. By subtracting the value of your car by the remaining financed amount of the loan, you can calculate the equity.
You may know how much you have left to pay on the auto loan, but how can you find out what your car is worth on the market? It’s easy! Just answer a few simple questions online about your car to get a free cash value estimate.
You will need to know the following details to potentially get a free estimate:
- The car year
- The make and model
- The style and body type
- The current mileage
- The current condition
These details are used to appraise the car, as the value of it will greatly determine how much money you could acquire with a car title loan. There is no obligation when you inquire, so go ahead and see just how much financial support your car could help you obtain.1
How is the Condition of My Financed Car Verified for a Car Title Loan?
Even though your car is still financed, it could qualify for a car title loan if the market value is satisfactory. But how is the current condition verified?
Part of the approval process for a car title loan means completing a car inspection. This inspection is done to verify the cosmetic and structural condition of the car. But your schedule is undoubtedly busy, so you may not have time to travel to a brick-and-mortar store when you need emergency cash now.
Title loans serviced by LoanMart make the approval process hassle-free with online inspections! All you have to do is answer some questions about your car and submit some photos for verification of the condition. That’s it!
What Documents Do I Need to Get a Car Title Loan with a Financed Car?
If you want a car title loan but the car is not paid off, rest easy knowing that you may still qualify when you work with title loans serviced by LoanMart.1
During the approval process, you will be asked to turn in some documentation. But one of the perks of online title loans is that your documents can be uploaded online for convenience! All you have to do is scan them or take pictures using your smartphone.
The general documents you will be asked to provide include:
The title to your car must be in your name, as it proves you legally own the vehicle. If your title is missing or is in someone else’s name, you will need to obtain a new car title in your name at your local DMV before you can be approved for emergency funding.
Proof of Income
Your ability to make monthly payments will affect how much emergency money you may be able to get1, that way your finances are not burdened by the title loan.
If you are currently unemployed or retired, you may wonder if eligibility is still a possibility. Title loans serviced by LoanMart work with people of varying financial backgrounds. As long as you have the ability to make payments, you don’t necessarily need to be actively employed or working.
As proof of your ability to make car title loan payments, you can provide an agent with paycheck stubs, bank statements, a workers compensation letter, Social Security benefit statements, and more.
Proof of Address
To obtain a title loan in your state with a financed car, you will need to prove you are a resident. As proof, you could provide credit card statements, utility bills, insurance statements, a lease agreement, and more.
Proof of Identity
As with any financial process, you will need to show a government-issued photo ID to confirm your identity. You could use a driver’s license, state ID, or US passport.
You may be asked to provide professional references or personal references.
How to Apply for a Car Title Loan with a Financed Car?
If you are still making payments on your financed car, but you need emergency cash to handle a financial crisis, then consider a car title loan! Title loans serviced by LoanMart are one of the best options out there and you could qualify with a financed car.1
Title loans serviced by LoanMart offer numerous advantageous perks, such as:
- Fast cash available in as little as 24 hours3
- Past bankruptcy and bad credit may be ok1
- Keep your car while you make payments
- No hidden fees or prepayment penalty fees5
- Competitive interest rates from the start
- And much more!
To start the approval process, make an inquiry over the phone by calling (855) 277-4847 or by completing the online car title loan form. Why wait to get the emergency cash you need now? Inquire with title loans serviced by LoanMart today!