Table of Contents
- How to Get a Title Loan with a Financed Car
- What Happens to the Car Title When You Get a Title Loan?
- Can I Get a Title Loan with a Financed Car?
- Can I Keep Driving My Car with a Title Loan?
- What Documents Do I Need to Get a Title Loan?
- Is a Car Inspection Required for Title Loans?
- Start the Approval Process for a Title Loan
Buying a car can be one of the most exciting ventures in life! And when you finance a car, you are usually given a car title and access to a valuable financial asset.
The great thing about having a car is that if you ever experience a financial crisis, you could use the title to obtain an affordable title loan!1
How to Get a Title Loan with a Financed Car
Title loans are a secure loan option for people that want to use their car’s title as collateral for funding. Why would someone want to do so?
A lot of traditional loan options require good credit, which not everyone has. Life can be chaotic and your financial history may not be ideal to a lot of finance companies. However, by using an asset as collateral (such as a car title), it may be possible to qualify for emergency money with bad credit.1
To obtain a title loan, the following are required:
- A car title in your name
- A car with sufficient equity
- Proof of income
And if you work with title loans serviced by LoanMart, you could get unbeatable perks such as competitive rates, same day funding, longer repayment terms, and more!1, 3
What Happens to the Car Title When You Get a Title Loan?
When you obtain a title loan, a lien is placed on the vehicle title. A lien is a financial hold on an asset for a designated period of time. During this time, the loan provider is made the lienholder–meaning they temporarily own the car until the financial obligation is met. When the title loan is repaid in full, then the lien is removed from the car title and the borrower regains complete ownership of the car.
Can I Get a Title Loan with a Financed Car?
Wondering how to get a title loan without the car being fully paid off? Turn to title loans serviced by LoanMart! If your car’s resale value is greater than the amount you currently owe on it, you may be able to qualify for the money you need!1
To find the resale value of your car, you can use a title loan calculator online. Title loans serviced by LoanMart offer free estimates, as long as you know the following information about your car:
- Vehicle Year
- Current Mileage
Can I Keep Driving My Car with a Title Loan?
Working with title loans serviced by LoanMart is convenient, which is why drivers get to keep their car while they make monthly title loan payments! Many other loan options require the car to remain at a secure lot until the money is repaid, but that can disrupt your lifestyle and make the repayment process stressful.
Title loans serviced by LoanMart aim to make the repayment process as simple and easy as possible.
What Documents Do I Need to Get a Title Loan?
If you are interested in using your car to get a title loan, it is a good idea to gather your required documents ahead of time. Luckily, the documents required are minimal and you could easily upload them online! Just use a scanner or your phone to take images of your paperwork (front and back side).
Take a look at some of the general documents required for title loans:
- Car Title: The car title must be in your name to qualify for title loans. By visiting your local Department of Motor Vehicles, you could replace a missing title or ask for a title transfer if the title is not in your name.
- Proof of Income: To be eligible for title loans, you must have some form of consistent income. As proof of income, you may be able to provide bank statements, paycheck stubs, Social Security benefit statements, workers’ compensation letter, and more.
- Proof of Identity: As proof of your identity, you can show a government-issued photo ID such as a state identification card, driver’s license, or U.S. passport.
- Proof of Address: To show proof of your residence, you can provide an agent with recent credit card statements, insurance statements, utility bills, and more.
- References: You may be asked to provide personal or professional references.
Is a Car Inspection Required for Title Loans?
If your life is busy, but you need a title loan, you may ask yourself, “Can I get a title loan without bringing in my car?” When you work with title loans serviced by LoanMart, the answer is yes!1
While some title loans may require an in-person inspection to verify both the exterior and the interior, online title loans only require photos! With title loans serviced by LoanMart, you can take photos of your car and upload them online for review. There is no need to schedule an appointment or drive out to a store location.
Start the Approval Process for a Title Loan
When you find yourself in need of quick financial relief, turn to title loans serviced by LoanMart!1
Even if you are still making payments on a financed car, you could still qualify as long as your car has enough equity.1 Finding out if you are eligible for a title loan is easy, and the entire approval process can be completed entirely online–possibly the same day you start!1