Title Loans on Financed Cars

Can You Get Title Loans on Financed Cars?

Yes! It is possible to get title loans on financed cars. With a car title loan, the current amount of equity of your vehicle and your income are two key factors that are used by title lenders to determine your eligibility for funding. Whether you’re currently financing the car or have completely paid it off, your vehicle could potentially have enough equity to qualify as collateral for a title loan.¹

Apply for car title loans on financed cars today! If you qualify for a car title loan serviced by LoanMart, you could receive competitive interest rates and quick funding in as little as one business day! Visit the LoanMart website or dial 855-422-7412 to learn more about car title loans for cars not paid off yet.¹ ³

How to Calculate the Amount of Equity in Your Vehicle

You can calculate the amount of equity in your car by subtracting the amount that you owe on your auto loan from the current market value of your vehicle. If you owe nothing on your auto loan, then the amount of equity in your car is equal to its market value. However, if you owe more than your car is worth, then you have negative equity. Typically, you will not be able to qualify for a car title loan if your car has negative equity.

Fortunately, you could use LoanMart’s online calculator tool to get an estimate of the amount of available equity in your car and a loan quote, free of obligation!¹ Just enter some basic details about your financed car into the car title loan calculator to get started. There are a number of factors that can affect the current value of your car, including its age, current condition, and make / model. You can conveniently use the calculator to learn more about the value of your vehicle and find out if you qualify for a title loan!¹

How Do I Get Title Loans for Cars Not Paid Off Yet?

Looking to get title loans for cars not paid off yet? You might be wondering, “Can I use my car as collateral if I still owe on it?” The answer is yes! You may not need to own your vehicle outright to apply for a car title loan.

If you want to get a title loan while still making payments on your vehicle, a title lender may request that you complete and sign a written permission and authorization form during your application. The title lender can use this completed form to obtain information about your existing car loan and pay it off. When you use a financed car as collateral for a title loan, the remaining balance that you owe on your auto loan will be applied to the principal amount of the title loan.

What Happens When I Use a Financed Car as Collateral?

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You might be thinking, “What happens after I use my financed car as collateral for a title loan?” Usually, if you qualify for a title loan, a lender will place a lien on your vehicle’s title after the loan is funded. Until the loan is completely paid off, the title lender has the legal right to repossess your car if you default on the loan. Repossession is the main risk that is associated with a collateral-based loan. It is incredibly important to keep up with your monthly payments because if you fail to repay your loan, the lender could take your car and sell it at auction after a period of time.

While most title lenders prefer to avoid vehicle repossessions, it is essential to pay your loan on time! Once the loan is paid in full, the title lender will release the lien. Throughout the repayment period, you will be able to access your car and drive it wherever you need to go.

Contact LoanMart at 855-422-7412 if you have questions about using a financed vehicle as collateral for a title loan.

What Do You Need to Get a Car Title Loan While Still Making Payments on Your Car?

To get a title loan on a financed car, you will need to submit a couple of documents during your loan inquiry to verify your information and the current value of your car.

Here at LoanMart, you can expect a convenient application process that was designed to be efficient and fast. You can upload the required documents on the LoanMart website during your application! Or, you can email / text them to a LoanMart title loan agent. It’s that simple to apply for title loans on financed cars!¹ ³

Do You Need a Vehicle Inspection to Get Title Loans for Cars Not Paid Off?

Typically, car title lenders will require applicants to complete a vehicle inspection during the application process. This inspection is used to determine the value of a car and its current condition.

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)

You can conveniently upload the pictures and your documents on the LoanMart website. Dial 855-422-7412 if you have questions about applying for title loans on financed cars!

How Much Can You Get if You Use a Financed Car as Collateral for a Title Loan?

The amount of emergency cash that you can get through a title loan on a financed car is affected by:¹ ³

•  The Current Amount of Equity in Your Car
•  Your Ability to Repay the Loan 

Generally, you can receive up to 50% of your vehicle’s total value if you qualify for a title loan. You can use LoanMart’s online calculator tool to learn more about the current value of your vehicle and get a loan quote with no obligation today!¹

Where Can I Apply for a Title Loan on a Financed Car Near Me?

Check out the three-step application process to apply for title loans on financed cars:¹

• Submit a Short Inquiry Form On the LoanMart Website or Call 855-422-7412
• Submit a Few Documents to Verify Your Information
• Get Your Money if You Qualify!¹

If you qualify for a car title loan serviced by LoanMart, you could access quick funding in as little as one business day!¹ ³ Call a title loan agent at 855-422-7412 if you have questions about title loans for cars not paid off yet.