Get a Title Loan When the Car is Not Paid Off

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Can you Get Car Title Loans when Still Making Payments on the Car?

Expenses cannot always be planned. For example, you may not have foreseen a tree falling on your roof and damaging it or expected to need root canal surgery. Emergencies can uproot your finances, but if you happen to have a vehicle in your name, you could have access to the money you need! But what about title loans for cars not paid off?

Think you cannot get a title loan because you are still making car payments? Don’t worry! You may still be able to use your unpaid vehicle for a title loan!

Is it Possible to Qualify for a Car Title Loan When the Car is Not Paid Off?

In short, yes it generally is1. There are multiple reasons that a vehicle does not necessarily have to be entirely paid off before its title can be used as collateral. For more information on title loans for cars not paid off, you can call the helpful LoanMart team!

A car title loan is based partly on the equity of the borrower’s vehicle, not on the remaining payments that they are supposed to make. Whether the borrower is financing their vehicle or has paid it off in its entirety, there could be a good amount of equity in their vehicle.

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In order to be able to use your unpaid vehicle to get a title loan, the vehicle itself must have enough equity and you must have a reliable source of income. Title loans are known to come with flexible qualification requirements, so a lot of vehicles are accepted as collateral.

To check the equity of your unpaid vehicle, you need to know the current resale value as well as how much you still owe on it. If you don’t know these details, you can just use an online title loan calculator.

This type of online calculator only requires a few details, such as the vehicle year, make, model, style, and current mileage. By entering this information into the calculator, you could potentially get a rough estimate of the value of your vehicle!

What Year Does Your Vehicle Have to be to Get Car Title Loans while Still Making Payments?

Whether the borrower is financing their vehicle or has paid it off in its entirety, there could be a good amount of equity in their vehicle.

Title loan lenders look at the year, make, model, mileage and additional factory-added options that you may have on your vehicle. The biggest addition to value is the factory options. Some “base model cars” do not have electric heated or cooled seats, backup cameras, Navigation systems, Sirius Radio or Satellite Radio, and more.  Maybe yours does? Good news! That may add considerable value and put you into consideration for a regular title loan.

Cars with high mileage still may qualify. Some cars and pickups do not lose their value much over time and even with high mileage. The cars are so in demand that age and mileage have little effect on them. Do you have a car that is considered a popular model?  Wonderful! Apply now and see how much you may be able to get on that popular car!

Lenders may accept all kinds of vehicles when considering qualification for a title loan. You could be eligible to get the help you need!1

What Documents Do I Need to Get Approved for a Title Loan While Still Making Payments?

If you would like to use your unpaid vehicle for a title loan, you can get a head start by getting your documents in order before you make the inquiry.

Depending on your unique situation and background, you may be asked for more information, but these are the general documents you will need:

  • Vehicle Title: The title for your unpaid vehicle must be in your name for you to inquire about a title loan. If it isn’t, a loan agent may be able to help you with the process of requesting a transfer.
  • Proof of Income: To fully qualify for a title loan using your unpaid vehicle, you must show proof of your ability to repay. You can demonstrate your reliable income through bank statements, invoices, paycheck stubs, benefit statements, etc.
  • Proof of Address: As proof of address, you can use a recent utility bill, voter registration card, phone bill, credit card statement, insurance statement, etc.
  • Photo Identification: To show proof of your identity, you can show your state ID, driver’s license, passport, etc.
  • References: For the title loan process, you may be asked to provide some references. Usually, you can submit personal or professional references.

When you choose to inquire for a title loan online, you receive the convenience of being able to turn in your documents online! Take photos of your paperwork and email the images to a loan agent or scan your documents and upload the files online.

Must I Go through an Inspection to Get a Car Title Loan when the Car is Not Paid Off?

When you use your vehicle to obtain a title loan, you are typically expected to go through an inspection. However, when you inquire about an online title loan, you can do without that inconvenience!

Instead of driving your vehicle to a brick-and-mortar location to be inspected by an agent, you can just take photos using your smartphone! You will be asked to take an image of each side, the odometer, and one of the vehicle identification numbers.

Will I Go through a Credit Check if I Inquire About Title Loans for Cars Not Paid Off?

There are two types of credit inquiries you should know about, soft credit checks and hard credit checks. Soft credit checks are typically done when a person initially inquiries about a title loan. This type of credit check does not affect your credit nor does it appear on your credit report.

When you officially decide to pursue a title loan and receive emergency money using your unpaid vehicle, you will be required to go through a hard credit check. A hard credit check may affect credit and will appear on a credit report.

How Do I Get a Car Title Loan if my Car is Not Paid Off?

If you would like to start the process of using your unpaid vehicle for a title loan, all you have to do is make a call to (855) 277-4847 or complete an online inquiry form!

To check your qualification status, you will be asked to answer a few questions about your vehicle. If your vehicle has enough value, you can proceed with the approval process which involves turning in your informational documents.

Once your documents are received and verified, you will go over the repayment details at length with a title loan agent. Once you understand all of the nuances of your title loan agreement, you can sign on the dotted line and choose how you prefer to receive your emergency money! In some situations, you can receive your loan in cash, but you can also choose either wire transfer, direct deposit, check, or MoneyGram.

Title loans serviced by LoanMart may be one of the best title loan options out there due to quality service and advantageous benefits! Inquire today and you could receive your title loan money the same day you are approved!3

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