While some car title loan providers may not offer loans to individuals who are still making payments on their vehicles, it’s important to know that policies can vary among lenders. In general, getting a car title loan while you are still making payments on your vehicle can be challenging. Most car title loans typically require the borrower to own the car outright, meaning there are no outstanding payments or liens on the vehicle title. The title serves as collateral for the loan, and lenders usually prefer clear ownership.
However, practices may vary among different lenders, and some may have specific policies or programs that allow individuals with outstanding payments to obtain a car title loan. Quick Title Loans will consider providing car title loans even if you’re still in the process of making payments on your vehicle. In some cases, we can even help you pay off the existing balance on your car.
How Much Money Can I Get With a Car Title Loan?
A car title loan is a type of secured loan where the borrower uses their vehicle’s title as collateral. At Quick Title Loans, all loans start at $2,500 minimum, and the amount of money you can borrow is based on the market value of your vehicle. The main factor in determining whether you’re qualified for a loan comes down to the equity you have in the vehicle.
If your car is fully paid off, getting a loan from Quick Title Loans is quite easy. If you’re still making payments, you can calculate the equity by subtracting the remaining balance from the car’s resale value. For example, if your car is valued at $15,000 but you still owe $5,000, the equity in your vehicle is $10,000. Having equity not only qualifies you for a loan but will also help you secure a larger loan as opposed to having negative equity. This is because lenders will typically offer you a loan up to a certain percentage of your car’s equity.
What You Need For A Car Title Loan at Quick Title Loans
Getting a loan at Quick Title Loans is easy. We can approve you even if you have:
- Bad credit
- No credit
- Tax liens
- Outstanding car payments
Items you will be required to show are:
- Certificate of Title
- Registration (if available)
- Proof of insurance
- Government-issued ID
- Proof of income
- Proof of address
If you are missing any of these items, let us know. Quick Title Loans may still be able to help.
Car Title Loans in Southern California
If you’re interested in exploring this option further, please reach out to Quick Title Loans directly. You can inquire about our specific requirements, terms, and conditions for obtaining a car title loan while still making payments on your vehicle. Be sure to provide accurate information about your situation, including details about your car, outstanding payments, and any other relevant factors. Give us a call at (844) 422-7676 to get started.