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23 Jul 2019   /   0 comments

Getting a Title Loans on a Financed Car

Paul

There are several times in life when we experience unexpected emergencies or problems. You can resolve unexpected emergencies by getting an Auto Title Loan.

Can I get a Car Title Loan on my financed car?

The answer to the above question is: It depends. When you have a loan on your vehicle, the lender can take your current loan, pay it off and wrap it into an Auto Title Loan. But your interest rate would spike because Auto Title Loans has a high-interest rate. Although you can get a title loan on a financed car, it doesn’t make sense to do so, except you are experiencing a financial emergency. If you are looking into getting a title loan for an emergency and you would like to know how car title loans work, learn more here now.

What does it take to get a Car Title Loan on my financed car?

In most cases, you are unable to get an Auto Title Loan, until you are willing to take your current loan and have a Car Title lender pay it off.  When this happens, the next step would be for you to ensure you meet the following criteria:

  • A car, truck, or SUV, which has less than 200,000 mileages on it.
  • A car or truck, which has full-coverage insurance.
  • Means of Identification.
  • Proof of Ownership
  • The Car Title
  • Pictures of the Vehicle or Inspection
  • Personal References
  • Proof of income – at least $1,200 a month
  • A car that qualifies
  • Professional references
  • No pending or active bankruptcies

You should also bear in mind that the lender would be using your vehicle as secured collateral. The lender will be willing to lend money on your car, truck, SUV, or motorcycle if there is equity on your car.  Ensure you note that with an Auto Title Loan, a lender can repossess your car or truck if you do not make payments on your vehicle.

Visit our website to find out if you are approved, or call us. Our staff is friendly, professional, and will take the time to answer your questions.

Learn more here: https://www.thebalance.com/car-title-loans-315534

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