Can you get a title loan on a car that is financed?
My finances have been a bit tight this month, and I’m looking for a way to help make ends meet. I’ve heard getting a car title loan is an easy way to get cash quickly, but can I get the loan if my vehicle is financed?
Yes, you can get a car title loan on a financed vehicle, but you have to find a willing lender. Finding a lender who will issue the loan can be difficult, but there are no legal restrictions to getting a car title loan on a financed vehicle.
Once you find a lender who offers title loans, you will likely have to provide the following:
- A completed loan application
- Your vehicle’s title
- Your driver’s license
- The financial documents for your car, including the remaining amount on the auto loan
- Proof of insurance
- Proof of income
While reviewing your application, the lender will also examine the vehicle and may request additional information. Keep in mind, a car title loan will provide you with cash quickly, but it often has a short repayment period, high-interest rates, and expensive monthly fees.
The annual percentage rate (APR) on a car title loan can easily reach 300%, so you may want to find an alternative to help make ends meet, like taking out a personal loan, using a credit card, or applying for a payday advance loan. All of these options have a lower APR, and you don’t have to risk losing your car.
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