Can You Get Title Loans on Financed Cars?
It is feasible to obtain title loans for cars that are financed. Your income and the current equity in your car are two important criteria that title lenders use to assess your eligibility for funding when you apply for a car title loan. Depending on whether you have paid off the car entirely or you are still in the process of financing it, your car may have sufficient equity to be used as collateral for a title loan. ¹.
Apply now for auto title loans on financed vehicles! If approved, you could get fast funding in as little as one business day, competitive interest rates, and more! Visit the LoanMart website or give them a call at 855-422-7412 to find out more about auto title loans for vehicles that aren’t yet paid off. ¹ ³.
How to Calculate the Amount of Equity in Your Vehicle
By deducting your auto loan balance from the car’s current market value, you can determine how much equity you have in your car. Your car’s equity is equal to its market value if you have no outstanding auto loan debt. Negative equity, on the other hand, results from having more debt than your car is worth. Generally speaking, if your vehicle has negative equity, you will not be eligible for a car title loan.
Fortunately, you may use LoanMart’s online calculator tool to get a free loan quote and an estimate of the amount of available equity in your vehicle!¹ Simply enter some basic information about the vehicle you’re financing into the car title loan calculator to get going. Your car’s age, condition, and make/model are just a few of the variables that can impact its current worth. The calculator makes it easy to find out how much your car is worth and whether you qualify for a title loan!¹
How Do I Get Title Loans for Cars Not Paid Off Yet?
Are you looking for title loans for cars that you haven’t paid off yet? You may be asking yourself, “Can I use my car as collateral if I still owe on it?” The answer is that you might be able to apply for a car title loan without having to buy the car outright.
When you apply for a title loan, a title lender might ask you to fill out and sign a written permission and authorization form if you want to get one while still paying off your car. When this form is filled out, the title lender can use it to get details about your current auto loan and pay it off. The amount you still owe on your auto loan will be applied to the principal amount of the title loan when you use a financed car as collateral.
What Happens When I Use a Financed Car as Collateral?
What happens when I use my financed car as collateral for a title loan? Generally speaking, if you are approved for a title loan, the lender will subsequently file a lien against the title of your car. If you don’t make your loan payments on time, the title lender has the legal right to take your car back. The primary risk connected to a loan based on collateral is repossession. It is crucial that you make your monthly payments on time because, should you default on your loan, the lender may seize your vehicle and put it up for auction.
Paying your loan on time is crucial, even though most title lenders would rather not have to repossess cars. Once the loan is paid in full, the title lender will release the lien. You will have access to your car and be able to drive it wherever you need to go during the repayment period.
If you have any questions about utilizing a financed car as collateral for a title loan, call LoanMart at 855-422-7412.
What Do You Need to Get a Car Title Loan While Still Making Payments on Your Car?
You will need to submit a few documents with your loan inquiry in order for the lender to validate your information and the car’s current value in order to obtain a title loan on a financed vehicle.
You can anticipate a convenient application process that is quick and easy to complete at LoanMart. The necessary documents can be uploaded via the LoanMart website during the application process, or they can be sent by email or text to a LoanMart title loan agent. Applying for title loans on financed cars is that easy!¹ ·
Do You Need a Vehicle Inspection to Get Title Loans for Cars Not Paid Off?
During the application process, car title lenders typically ask applicants to finish a vehicle inspection. The purpose of this inspection is to ascertain an automobile’s worth and present state.
With LoanMart, you have the option to complete the car inspection online! Just submit a few clear photos of your financed car to skip the hassle of a physical car inspection.¹
You will be required to submit photos of the following:
- The Hood, Rear, and Sides of the Vehicle
- The Odometer Reading
- The Vehicle Identification Number (VIN)
On the LoanMart website, you can easily upload your documents and photos. If you would like to apply for title loans on financed cars, please call 855-422-7412!
How Much Can You Get if You Use a Financed Car as Collateral for a Title Loan?
The following factors influence how much emergency cash you can obtain with a title loan on a financed vehicle:
- The Current Amount of Equity in Your Car
- Your Ability to Repay the Loan
In general, if you are eligible for a title loan, you can receive up to %2050%% of the total value of your vehicle. Use the LoanMart online calculator tool to find out how much your car is currently worth and to request a free loan quote right now!¹
Where Can I Apply for a Title Loan on a Financed Car Near Me?
See the following three steps for applying for title loans on financed vehicles:
- Call 855-422-7412 or fill out a brief inquiry form on the LoanMart website.
- Submit a Few Documents to Verify Your Information
- Get Your Money if You Qualify!¹
If you meet the requirements for a LoanMart-served auto title loan, you could have access to fast money in as little as one business day!¹ For more information, give a title loan agent a call at 855-422-7412.
As a native of Puerto Rico and a bilingual author, Bastian S. specializes in producing informative and engaging financial content in both English and Spanish. He is passionate about financial literacy and has been a valuable member of the LoanMart content team for almost 3 years. Bastian received a BA in mass communications from Texas State University, and in his free time, he writes articles for his personal blog, which focuses on recent movie releases. Click here to connect with him on Linkedin.
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1Loan approval is contingent upon fulfilling the credit requirements of the lender, which may involve supplying suitable collateral. Each consumer may have different eligibility requirements for the loan’s actual loan amount, term, and annual percentage rate. The primary purpose of loan proceeds is to be used for personal, family, and household needs. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.
2Based on customers who borrowed money from LoanMart between February 2002 and October 2018.
3Application processes could take five (5) minutes to complete. After completion, pending documentation review, a conditional approval might be granted. The funding period begins on the business day before 2:00 PM PT and ends when all necessary documents have been received, reviewed, and signed.
4The consumer(s) must give written notice to the lender by midnight on the third calendar day after obtaining the loan in order to exercise the right to rescind. Any money received and fees paid on behalf of the consumer(s) must be returned by certified funds within one business day of receiving notice of revocation.
5In order to prevent further finance costs, lenders advise and motivate borrowers to make larger, more frequent, and early payments.
NOTE UNDER THE USA PATRIOT ACT: IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT: Federal law mandates that all financial institutions obtain, verify, and record information that identifies every individual who opens an account in order to assist the government in combating the funding of terrorism and money laundering activities. What this means for you: We will request your name, address, birthdate, and other details to enable us to identify you when you create an account. We might also request to view your driver’s license or other official identification.
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Can a financed car be used as collateral?
To use a possession as collateral for a secured loan, you have to have equity in it. Equity is the amount that remains after deducting your outstanding debt from the value of the collateral. For instance, you have $3,500 of equity in your car if its resale value is $6,000 and you still owe $2,500 on your auto loan.
Can you get a title loan in New York State?
Federal laws do not regulate title loans in New York. These are granted by third-party direct lenders in New York. The interest rates on title loans are typically determined by the lender’s capacity to lend As a result, if you don’t qualify for traditional loans, you can still obtain a short-term loan.
How much equity do I have in my car?
When a person has equity in their vehicle, it indicates a high degree of financial ownership. With a little basic math, you can determine the equity in your car by deducting the total amount you still owe the bank or dealership from the car’s actual value. That’s the easy part.
How do I get positive equity in my car?
You have positive equity and can use that money to pay for your new car if the value of your current vehicle exceeds your debt. You will have to settle any outstanding balances with the dealer if your car is worth less than what you currently owe. Additionally, you can trade in a leased vehicle before the term of your lease expires.
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