How do you get a title loan on a financed car?

My girlfriend and I are going on vacation soon, and I want to ask her to marry me on the trip. I know the ring I’m going to buy, but it’ll be a few more weeks until I have enough saved up—and we leave in just a few days. I want to take out a title loan to cover the remaining cost of the ring, but how do you get a title loan on a financed car?

Answer
Congratulations on finding the one! This all must be very exciting for you.
Applying for a title loan using a financed car is almost identical to applying using a vehicle you own. You will have to find a lender that offers title loans for financed vehicles and must provide financial documents for the car.
Not every lender will provide loans to financed vehicles or offer the same rate, so you should shop around and compare multiple loan agreements. Once you have found a lender, you will have to provide the vehicle’s financial documents and the following:
  • A completed loan application
  • Your vehicle’s title
  • Your driver’s license
  • Proof of insurance
  • Proof of income
While reviewing your application, the lender will inspect the vehicle and may request additional information before approving the loan. Before you sign a loan agreement, make sure you understand any fees you may incur and what your annual percentage rate is.
Once she says yes and you tie the knot, don’t forget to inform your car insurance company and enjoy the savings that come with being married.
When updating your insurance, you should also shop around and compare quotes from many insurers to find the best rate. If you’d rather leave the hard work of gathering quotes to someone else, use Jerry. The Jerry app can collect quotes from up to 50 top insurance companies, like Travelers, Nationwide, and Progressive, in seconds! They even help cancel your old policy once you’ve made your pick.
Jack Walsh
Answered on Nov 08, 2021
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