At TFC Title Loans, we get a lot of people asking the question “if I’m financing a car can I get a title loan”? That is a great question to ask because the answer isn’t completely straightforward. It usually comes down to how much money you have left to pay on your financed car. If you only have a few payments left on your vehicle, there are several ways that TFC Title Loans can still help you obtain a car title loan on your financed car. We have been assisting countless customers with title loans since 1994 and have nearly perfected the lending process so that we might even lend to those customers when they aren’t done making payments on their vehicle.
Generally speaking, there are usually two different circumstances in which we can get you a title loan for a car that is not completely paid off yet. We can help you qualify for a title loan on a vehicle that you have bought using traditional financing. Additionally, we can do something called a “buyout” when you are still paying down another title loan with another lender if you decide you would prefer to work with TFC Title Loans. Countless customers have decided to refinance their current title loan with TFC because of our friendly customer service and our competitive interest rates.
Here, at TFC Title Loans, we prioritize consumer education and lender transparency. We have been working hard to expand our website to include multiple types of resource articles that answer a wide array of questions that might come up in the title loan process. We long for our clients and potential customers to be as knowledgeable on the subject as they can be so they can make the most informed decision possible. We want to see our customers succeed because when they succeed, we succeed. We wish to see you through to a brighter financial future for your family.
Over the past 25 years, we have drawn thousands upon thousands of customers to get a title loan through our lending services. It’s a priority of ours to make sure you understand our lending process. To learn more about getting a title loan when your car is still being paid off please continue reading. If you feel you are ready to get going with the process, then fill out our online application or call us today.
If you have a few financing payments left on your car with a finance company, traditional bank, dealership, or credit union, we may still be able to help you for a title loan. Many other title loan companies don’t allow you to get a loan if you are still paying on your car but TFC Title Loans can make it happen for you. We are able to incorporate the last few financing payments into the loan. All we need in order to make this work is for the car to qualify for double what is still owed on the car. So, for example, if you owe $5,000 still on the vehicle you are trying to get a title loan on then you would need to qualify for a loan of $10,000. In the event that you do qualify for double what you still owe, then you must take out the full amount that you are qualified for.
Therefore, if we can incorporate the last few payments on your car into the loan your car will most likely need to be newer and have higher equity. In conclusion, if you have the majority of the car paid off, a good amount of equity already in the car, and you can provide proof that you are able to pay for a new loan then we won’t hesitate to approve you.
Another circumstance where you might still be paying on your car would be if you had already taken out another title loan with a different lender. If that is the case, we would love to assist you in your switch to TFC Title Loans by doing what we refer to as a buyout. We refinance your previous car title loan by paying off your current lender and drawing up new loan terms. If this is the case, we may even be able to give you more money if you need it. All we need to do this is make sure that you are up to date on your payments with your current lender. We then call the lender to verify the buyout amount. If it is a buyout that you wish to do, the vehicle would not need to qualify for double the amount owed like it would for a vehicle that was traditionally financed. It would only need to qualify for what you owe the lender.
If you have any remaining questions about getting a title loan on a financed car, then please give us a call right away! We have customer representatives waiting by the phone who are eager to answer any questions you might have. If you have decided, after reading this resource page, that you would like to obtain a title loan through TFC Title Loans or refinance your current loan with us then all you need to do is follow these few simple steps: give us a call toll-free or fill out our fast and simple online application. Shortly afterward, one of our friendly customer representatives will contact you to walk you through each step of the process. It really is that simple so don’t hesitate to call right away!