Title Loans on Financed Cars – Get Cash Now

Can You Get Title Loans on Financed Cars?

Are you thinking about getting a title loan, but you’re still making payments on your vehicle? You might be wondering, “Can a financed car be used as collateral for a loan?”

The good news is that applying for title loans on financed cars is possible! An online title loan is a secured loan that allows you to borrow against the value of your vehicle by using your car’s title as collateral for funding. Even if you are still making payments on your qualifying sedan, truck, or SUV, you may still be eligible for the financial relief you need.¹

In order to qualify for a title loan on a financed car, you must meet the following requirements:¹

• Be At Least 18 Years Old
• Have a Vehicle Title In Your Name
• Be Able to Demonstrate Your Ability to Repay a Loan Against Your Car
• Have a Vehicle With Sufficient Positive Equity

The credit requirements for title loans are usually less stringent than the requirements for traditional bank loans. Although a title lender will review your credit history, it won’t be the focus of your application. Instead, the two factors that matter the most when you’re applying for a title loan on a financed car are your vehicle’s current equity and your ability to repay the loan. Even if you are still making payments on your vehicle, it may have enough positive equity to qualify as collateral for a title loan. A vehicle will have positive equity when its market value surpasses the amount that is owed on it.¹

If you aren’t sure how to calculate the current value of your vehicle, conveniently use ChoiceCash’s online title loan calculator! By entering information about your vehicle and your state of residence into the online form, you can receive a vehicle equity estimate and an instant title loan quote with zero obligation.¹

When you need emergency cash, consider applying for a title loan on a car that is not paid off yet! If you are eligible for a ChoiceCash title loan serviced by LoanMart, you can take advantage of a flexible application process and get your funds in as little as 24 hours. Apply for title loans on financed cars today!¹

How Do I Get Title Loans for Cars Not Paid Off Yet?

Start your title loan journey by researching different title loan companies online and find a lender who is willing to offer title loans on financed cars. One of the ways to learn more about a lender is to read positive customer reviews on Trustpilot or the Better Business Bureau. You would be hard-pressed to find a business without a few negative reviews online, but it’s important to find a title lender with mostly positive ones. Once you’ve found a suitable lender who offers competitive interest rates and optimal loan terms, you can begin the application process in person, online, or over the phone!

If you decide to apply for a ChoiceCash title loan with a car that has not been paid off yet, the three simple steps of the application process are listed below.¹

1. Submit Your Loan Request: You can get started by filling out a short prequalification form online or by calling 855-422-7402 to speak with a friendly ChoiceCash title loan agent, who can easily walk you through this process. After you’ve completed the first step of your title loan application, you can find out if you are pre-approved for the financial help you need!¹
2. Provide Your Paperwork: During the second step of the application process for title loans on financed cars, prequalified borrowers will be asked to provide documentation. Typically, you should be prepared to submit a valid, government-issued photo ID, your vehicle’s title, proof of income and residence, and recent pictures of your vehicle. After you submit all of the required paperwork, you can find out if you have been fully approved.¹
3. Get Your Money: If you receive full loan approval, the last step is to read over your loan contract, choose how to receive your funds, and sign your loan agreement! With ChoiceCash title loans serviced by LoanMart, you can choose direct deposit or have your funds added to a debit card to get your money in as little as 24 hours! Sometimes, eligible ChoiceCash title loan borrowers can access their money the same day they are approved.¹

If you feel as though a title loan on a financed car could help you get back on your feet financially, call 855-422-7402 to speak with a ChoiceCash loan officer! If you qualify, you can access perks like competitive interest rates and have flexible repayment terms to pay back your funds.¹

What Do You Need to Get a Car Title Loan While Still Making Payments on Your Car?

If you are ready to apply for a title loan on a financed vehicle, it’s smart to start gathering the required paperwork to verify your income and other relevant information. The documentation required for applying for a title loan on a car with ongoing payments can differ depending on your state of residence, but generally, you can expect to need a qualifying vehicle title in your name and the documents listed below to complete your application:¹

• Valid, Government-Issued Photo ID: You can submit a valid driver’s license, REAL ID, U.S. passport, or another eligible government-issued photo ID to verify your age and identity during your application.¹
• Recent Pictures of Your Vehicle: Your vehicle’s value is an important part of the application process, and a vehicle inspection is required to verify your car’s current condition. When applying for a ChoiceCash title loan serviced by LoanMart, you can complete a virtual car examination by submitting several pictures of the interior and exterior of your vehicle.¹
• Proof of Income: Submit a recent pay stub, bank statement, or other qualifying document to prove your ability to repay a title loan on a financed vehicle.¹
• Proof of Residence: Recent utility or phone bills, signed lease agreements, and credit card statements are examples of documents you can submit to verify your current residence.

During your application for a ChoiceCash title loan on a financed truck or sedan, you can conveniently submit all of your photos and documents online through the online portal! If you’re ready to apply for a car title loan while still making payments on your vehicle, complete a brief pre-approval form online or call ChoiceCash’s toll-free number today!¹

What Happens When I Take a Loan Out on My Car if I Still Owe?

A title loan can be a convenient way to get the emergency funding you need. It is important to educate yourself on the process and fully understand the potential risks of using a financed car as collateral for the loan. When you take out a title loan on a financed vehicle, the lender will pay off your existing auto loan and place a lien on your vehicle’s title after you sign your loan contract and your loan is complete.¹

During the repayment process, you are allowed to maintain access to your vehicle, and you will have the freedom to drive wherever you need to go while you are paying off your title loan. When you’ve made the final payment on your loan, the lender will release the lien on your car’s title!

It is important to note that if you fail to keep your title loan in good standing and default on your payments, your lender has the legal right to repossess your vehicle. However, through proactive communication and careful budgeting, you can try to avoid this situation. If you feel like you may miss a payment or if you are struggling to keep up with your payment schedule, contact your lender immediately to discuss your options. While most title lenders are willing to work with you to avoid a negative outcome like vehicle repossession, it is incredibly important to prioritize your financial obligations and avoid loan default. Make sure that you only take out a title loan against your financed car if you are confident you can afford to pay it back.

How Much Can You Get if You Use a Financed Car as Collateral for a Title Loan?

As mentioned above, one of the factors that greatly influences the total amount you can secure through a title loan on a financed vehicle is the value of your car. Typically, title lenders will consider the make, model, year, style, mileage, and overall condition of the vehicle in order to determine its value. In most cases, the higher the value of the car, the greater your loan amount can be if you are eligible for a car title loan.¹

Another factor that influences your title loan amount is your income since title lenders will need to ensure that you are capable of paying your title loan proceeds back.¹

In addition to the elements mentioned above, your maximum loan amount is significantly influenced by your lender’s maximum loan-to-value (LTV) ratio. The LTV is the percentage of your car’s value that a title lender is willing to lend. For example, if the lender is willing to offer an LTV ratio of 50% and your car is valued at $10,000, you may be eligible for a loan amount of up to $5,000.¹

The last factor that can impact the amount you will receive through a title loan is the amount that you still owe on your SUV, car, or truck. The approval amount for a title loan on a financed car will be divided between the amount needed to pay off your existing loan and the amount that can be disbursed to you.¹

Typically, if you are eligible, you can expect to access anywhere from 25-50% of your vehicle’s value. If you are curious about exactly how much emergency cash your vehicle’s title can unlock through this secured loan option, submit a pre-approval form online or call 855-422-7402 to speak with a ChoiceCash title loan agent today!¹