Is it Possible to Get a Title Loan if I Still Owe on the Car?
If you’re facing upcoming bills and need a little financial support to take care of them, you may have considered using your car to obtain a loan. But what if you’re still making car payments? “Can I get a title loan if I still owe on the car?”
With a title loan, it’s possible for you to qualify even if you still owe on the car! Keep reading to learn about the inquiry process and what you will need.
How Can I Be Eligible for a Title Loan if I Still Owe On the Car?
Title loans are secure installment loans that typically offer flexible qualification requirements. The reason for this is that the loan is secured through the borrower’s car title, not solely on credit history.
In order to qualify for a title loan, you need the following:
- Qualifying Car
- Car Title
- Reliable Income
Get a Title Loan with a Qualifying Car
The car you intend to use as collateral for a title loan must qualify and have enough equity. Title loan requirements are known to be flexible, so a lot of car makes and models are accepted. But can you get a title loan if you still owe on the car?
Even if you still owe on the car, you could be deemed eligible if the car has enough equity. Equity is essentially the ownership of assets. To find out the current equity in your car, you need to subtract the amount you still owe on the car by the current resale value.
One simple way to determine if your car has enough equity is to use an online car title loan calculator. All you need to do is enter some details about your car, such as the vehicle year and current mileage. If your car qualifies for a title loan, you may receive a free loan estimate!1
Get a Title Loan with a Car Title
Aside from a qualifying car, you must also have a car title in your name if you want to get a title loan. If the car title is not in your name, then you do not legally own the car. Until a title transfer is requested, you may not sell the car or use for a title loan.
Requesting a title transfer is easy, for the first step you just need the current owner of the car to sign the car title. Take the signed car title to a Secretary of State office (SOS) or the Department of Motor Vehicles (DMV).
Once you receive a new car title with your name, you may inquire for a title loan even if you still owe on the car.
Get a Title Loan with Reliable Income
If you have a qualifying car and a car title in your name, the last requirement you need for title loan qualification is a source of reliable income! If you can prove to an agent that you can make monthly payments on time, you could be deemed eligible for emergency cash!
To show proof of your ability to repay a title loan, you may present bank statements, invoices, paycheck stubs, tax returns, and more.
What Documents Do I Need to Get a Title Loan if I Still Owe On the Car?
If you want to get a title loan but you still owe money on the car, know that qualification is possible with a car title in your name and proof of income. But what other documents are required for the approval process?
Take a look at the general documents you may need for a title loan:
- Photo Identification: To confirm you are who you say you are, a government-issued ID will be requested. You can use a driver’s license, state ID, passport, etc.
- Proof of Residence: To inquire for a title loan in your state, you must provide proof of residence. You may choose to show recent utility bills, a rental agreement, credit card statements, etc.
- References: A title loan agent may ask you to submit a few references, usually they can be professional or personal.
How Do I Inquire to Get a Title Loan if I Still Owe On the Car?
Is it possible to get a title loan if you still owe on the car? Yes! Even if you still owe on the car, you could qualify for fast financial support through title loans!
The agent will ask a few basic questions about your car, so you will need to know the make, model, style, year, and current mileage. Using this info, a title loan agent will determine if you are prequalified for approval!
Title loans serviced by LoanMart offer emergency funds in as little as 24 hours after approval!1,3 Contact an agent today to learn more about the simple process!