Title Loan with Lien

How Can You Get an Auto Title Loan with a Lien on Your Car?

A title loan is a secured loan and a qualified borrower can use their qualifying car’s title as collateral for emergency funding. In order to use your car’s title to guarantee the loan, a title lender will need to add a lien after you have signed your loan agreement. Getting a title loan with a lien on your vehicle is possible, and there are two common reasons why you might have a lien present on your car’s title:

1. You Have a Loan From an Auto Lender or Another Financial Institution To Finance the Purchase of a Vehicle
2. You Have an Existing Title Loan On Your Car

Applying for a title loan with a lien on your car’s title is possible whether you currently have a car title loan or you are still financing your vehicle. For example, some lenders offer second lien title loans, but in order to obtain approval for this option, your first lienholder must allow the second lienholder to add an additional lien to your car’s title.

If your first lienholder grants the second lienholder permission to add another lien to your title, you must submit proof of the original lien when applying for a second lien title loan online. Many lenders don’t offer this type of loan due to state restrictions and other complications related to adding a second lien, so finding a lender willing to work with you can be difficult. Instead, another option to pursue is refinancing your current title loan. Essentially, refinancing your title loan means replacing your existing loan with a new one in order to obtain different loan terms or additional funds.

If you are still making payments on your car and do not have a clear title, another option is to apply for a car title loan on your financed vehicle. To obtain approval, your vehicle must have enough positive equity and you will need to meet the lender’s requirements.¹

Keep in mind that not every title lender offers refinancing options or title loans on financed vehicles. However, you can expect both options to be available when applying for a ChoiceCash title loan serviced by LoanMart! Dial 855-422-7402 if you have any questions about refinancing a car title loan or applying for a vehicle-secured loan with a financed car.¹

What is the Difference Between a Lien and Collateral?

Before you can pursue a title loan with a lien, it’s important to have a solid understanding of the terms “lien” and “collateral”, because they play an important role in title loan applications.

Collateral refers to an asset that is pledged to guarantee a loan, and it protects the financial interests of a lender or financial institution. As mentioned above, the collateral for a car title loan is the title to your qualifying vehicle. Title loans can allow you to borrow against the value of many different vehicles, including cars, trucks, and SUVs.

When you use a vehicle as collateral for a loan, the lien on your car’s title is the lender’s legal right to your car until the loan is fully paid off. If you receive final approval for a title loan and sign your loan agreement, the title lender will add a lien to your title as soon as the loan is funded. The lender will release the lien once you’ve made the final payment on your loan. While you’re making payments on your loan, it’s possible to maintain access to your vehicle and continue driving it like it’s business as usual.

What Do I Need to Qualify for Online Title Loans with a Lien on a Car Title?

If you’re thinking about applying for an online title loan with a lien on your car’s title from an existing title lender or finance company, there are a few important requirements you need to meet. Here’s a quick breakdown of everything you’ll need to receive title loan approval:¹

• Required Documents: To apply for an auto title loan, you’ll need to provide a few different documents to verify your information. This includes a driver’s license or another valid, government-issued ID, proof of income and residence, and several photos of your vehicle to complete a virtual inspection.
• Vehicle Requirements: Your vehicle must meet certain eligibility to qualify as collateral for an online title loan. The vehicle should be in good working condition and have a sufficient amount of positive equity, meaning it is worth more than the remaining balance on your existing loan. Conveniently use ChoiceCash’s online questionnaire to find out if your vehicle has enough value to qualify for a title loan!¹
• A Qualifying Car Title: You’ll be asked to submit a qualifying vehicle title during your application. This document must be in your name at the time of your loan request.

By meeting the requirements and providing the correct documentation, applying for an auto title loan with a lien on your title can be a breeze. The best place to get a title loan with a lien is oftentimes online because it is typically faster than applying for a loan in person!

Through ChoiceCash title loans serviced by LoanMart, you can conveniently upload all of your paperwork and vehicle photographs online when submitting your application. Sending your documents to a title loan officer through email or text message is another option during your loan request!

How to Get Title Loans With a Lien

Getting an auto title loan with a lien on your car’s title can be simple. However, if you want a better understanding of how you can get title loans with a lien, take a look at the following example that might help you get a clearer picture:

Suppose you have a car loan or an existing title loan with an outstanding balance of $2,000. If you apply for a car title loan with a lien on your car’s title and you are approved for a $5,000 loan, the title lender will use $2,000 of the approved loan amount to pay off your existing loan. Once the lender pays your existing loan, you will receive the remaining balance of $3,000 to use for any kind of personal expense, and you are responsible for repaying a title loan of $5,000.

If you’re ready to apply for a car title loan, the process can be simple through ChoiceCash title loans! Here’s what you can expect when applying for a ChoiceCash title loan with a lien:¹

1. Complete a Short Questionnaire Online or Call 855-422-7402 to Find Out if You Are Prequalified
2. Submit Your Documents, Which Can Change Depending On Whether You Are Refinancing Your Title Loan or Applying for a Title Loan on a Financed Car
3. Sign Your Agreement if You Qualify!

Don’t wait to get started! Call ChoiceCash’s toll-free number or fill out a short pre-approval form now to apply for a title loan with a lien today.

What are the Benefits of Applying for a Title Loan With a Lien?

Looking to apply for auto title loans with a lien? Take a closer look at some of the benefits of a ChoiceCash title loan serviced by LoanMart that you can take advantage of as an eligible borrower:

• Quick Funding: When choosing ChoiceCash title loans serviced by LoanMart, qualified borrowers can access their funds in as little as 24 hours.¹ So, if you have a financial emergency that needs to be solved quickly, an auto title loan is an option to consider!
• Flexibility: Unfortunately, not every lender offers refinancing options or allows you to apply for a car title loan on a financed vehicle. However, refinancing your existing loan and applying for a title loan while still paying payments on your car is possible through ChoiceCash title loans serviced by LoanMart!¹
• Convenient Funding Process: One of the many conveniences of applying for a ChoiceCash title loan is that you have a few different options to get your money! If you receive final approval, you can access your funds through a direct deposit to your bank account, have the funds added to a debit card, or pick up your cash at any participating money transfer location.¹

If you’re ready to get started, complete the prequalification form now, or feel free to call us at 855-422-7402 to learn more about applying for a car title loan with a lien on your vehicle!