Can You Get a Title Loan if You Are Still Paying on Your Car?
Are you currently wondering ‘can you get a title loan if you are still paying on your car’? With TFC Title Loans, you can! There are several ways we can still help you out with a title loan even if your car is not all the way paid off. We have been helping our customers with their car title loans since 1994 and have perfected the lending process even when our customers aren’t done making payments on their vehicle.
There are two different circumstances in which we can help you get a title loan on a car that isn’t completely paid off. We can help you qualify for a loan on a car that you have obtained through traditional financing. We can also do something called a “buyout” when you already have a title loan with another lending company. Many customers decide to refinance their current title loan with us because of our competitive rates and friendly customer service.
Over the past 25 years, we have drawn thousands of customers to obtain their title loan through our services. It’s a priority of ours to make sure you understand our lending process. To learn more about getting a title loan when your car is still being paid off please continue reading. If you feel you are ready to get going with the process, then fill out our online application or call us today.
If you have a few loan payments left on your car with a finance company, traditional bank, dealership, or credit union we may still be able to approve you for a title loan. Many other title loan companies don’t allow you to get a loan if you are still paying on your car but TFC Title Loans can make it happen for you.
We can work to incorporate the last few payments into the loan. All we need in order to make this work is for the car to qualify for double what is still owed on the car. So, for example, if you owe $5,000 still on the vehicle you are trying to get a title loan on then you would need to qualify for a loan of $10,000. In the event that you do qualify for double what you still owe, then you must take out the full amount that you are qualified for.
Therefore, if we can incorporate the last few payments on your car into the loan your car will most likely need to be newer and have higher equity. If you have the majority of the car paid off, a good amount of equity already in the car, and you can provide proof that you are able to pay for a new loan then we won’t hesitate to approve you.
The other circumstance where you might still be paying on your car would be if you had already taken out another title loan with a different lender. If that is the case, we would love to assist you in your switch to TFC Title Loans by doing what we refer to as a buyout. We refinance your previous car title loan by paying off your current lender and drawing up new loan terms. If this is the case, we may even be able to give you more money if you need it.
All we need to know to do this is make sure that you are up to date on your payments with your current lender. We would call the lender to verify the buyout amount as well as their “per diem”. The “per diem” is a daily allowance for expenses that the lender requires. If it is a buyout that you wish to do, the vehicle would not need to qualify for double the amount owed like it would for a vehicle that was traditionally financed. It would only need to qualify for what they owe the lender.
Now you know that we can still approve you for a title loan even if you are not done making payments on your car. If you have decided, after reading this informative article, you are eligible for a title loan provided by TFC Title Loans then there are only a few simple steps you need to follow next. Contact us by calling our toll-free number at 844-242-3543 or fill out our fast and simple online application located on our secure webpage. Shortly afterwards, one of our friendly loan agents will contact you to walk you through each step of the process. It really is that simple so don’t hesitate to call right away!