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Can You Get a Title Loan on a Financed Car?

June 22, 2018

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Ttitle Loan on Financed CarA title loan is a great way to get the extra money you need when you need it. There are a lot of reasons someone might need extra money. Whether it's for home improvements, a vacation, a medical emergency, or even if you've gotten behind on your bills, a title loan can be the source you need for getting a quick loan, even if your credit is less than stellar. The awesome news is that almost anyone can get a title loan. There are some instances where a title loan is not possible, however, and one of those reasons has to do with whether or not you have a clear title for the vehicle you'll be using to secure your title loan.

What is a Title Loan?

Car title loans are loans that many people find convenient and easy to get. That's because anyone who has a clear car title is typically eligible to get one. The process for getting a title loan is pretty simple. If you have the title to your vehicle, you use the title as a form of collateral. The amount of the loan varies, depending upon the equity in your vehicle (the value of your vehicle). It is entirely possible to walk away with a fairly large loan amount. In many cases, the amount of the loan you are able to obtain is large enough to help you pay off unexpected bills or to keep you from going into debt further if you are already having a financial crisis.

The big advantage of car title loans is that they are much easier to get than a loan from traditional lenders. Traditional lenders are going to look at your credit history and credit score, they are going to ask for a lot of information, and you will likely have to wait for a bit before your loan is approved or disapproved. With a car title loan, your credit history is not an issue. Your employment history, your resident history, and the equity in your car are the key factors that determine whether or not you get a loan from a car title agency.

Can You Get a Title Loan on a Financed Car?

Unfortunately, the answer to this question is no. In order to get a title loan, you must have a free and clear title. This means the car you want to get a loan on is completely paid for. You must own the car and be in a position to sign over the title if you decide not to pay off the loan. The car is your collateral, and if that car is still owned by a bank, the bank has a lien on it until the loan is paid off. For this reason, car title loans are unable to put a lien on a finance car if that financing has not been satisfied.

Free and Clear Car Title
Does this mean if you don't have a clear title on your car that you have no chance of getting a loan using your automobile? Not necessarily. There are ways to get what is called an auto equity loan. An auto equity loan may be the right solution for someone who needs some quick cash, who has a vehicle that is still being financed, and who has a good history of making payments on that financed vehicle. With an auto equity loan, you can typically secure small loans that might be just what you need to get you through a particularly challenging financial crisis. The loan amount you can borrow on an auto equity loan will not usually be as large a loan as you can take out on a car title loan, but again, it may be all you need for an emergency.

Who qualifies for auto equity loans? There are some criteria that need to be met if you're looking for an auto equity loan. You will need an identification issued by the government, proof of steady and adequate incomes, a car or truck that is registered to you, and paperwork showing that you are paying on a vehicle and have a good track record of paying that is usually at least six months without missing payments or being late. Those six months must be consecutive, and you have to be current on your car payments at the time of the auto equity loan.

Getting an auto equity loan is not as easy as getting a car title loan. In order to get an auto equity loan, you must find a place that handles auto equity loans. Unfortunately, because many people don't know the difference between the two types of loans, car title loan companies and companies that give auto equity loans are often thrown together without regard for what services are actually offered. This makes it difficult to find specific lenders who give auto equity loans without doing a bit of research.

If you own a car with a clear title, or even if you have a trusted friend or family member who owns a car with a clear title who might be willing to help you out, getting a car title loan is the better option. Because car title loans are so easy to get and don't require a lot of headaches and jumping through hoops, they are the ideal way to find the money you need for home repairs, medical emergencies, bills, or unexpected expenses of any kind. All you need is a clear car title and a little bit of information. Car title loans are easy and require very little beyond a few documents (your title), history of residence, and job history (often just the current employer information). In most cases, you can walk out with your loan right away. You aren't even required to disclose the reason for your loan in most cases. The title loan company doesn't need to know why you need the money, and in almost all cases, they will never ask you why you need a loan.

Map of Florida
In the state of Florida, finding a car title loan company is easy. The best choice every time is Quick Cash Auto Loans. If you've found yourself in a bind and you're looking for quick cash to help you get back on your feet, Quick Cash Auto Loans is the answer to your problems. We specialize in car title loans and making sure our customers are able to get the loans they need when they need them. A financial crunch can hit anybody at any time, and it can be a stressful situation. Don't let your finances cause you untold stress and headaches. If you have a car or truck with a clear title, let us show you how you can use that vehicle to get back on track.

Quick Cash Auto Loans is a consumer finance company licensed in Florida under statute 516. Our only mission is to serve your financial needs by helping you get the cash you need. We value your business, respect your needs, and care about offering the best customer service in the business. The process for getting a loan at Quick Cash Auto Loans couldn't be easier. Fill out the form on our website and we'll contact you to arrange an appointment in our office that's convenient for you. We will assess your vehicle, tell you the loan amount you qualify for, and in many cases, issue your loan on the spot. There's no need for extensive paperwork. Your credit history doesn't need to be flawless. Your loan amount is based on the equity in your vehicle. It really couldn't be easier. Our goal is help you get the worry-free loan you need to help you get the things you need when you need them. Best of all, you get to drive away in the car you used to secure your loan. This means your life can go on without the stress. You can continue to work, continue to run errands, take your kids to school and other appointments, and live your life without worrying about debt or any other financial crisis.

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Car title loans are easy to secure through Quick Cash Auto Loans. Get started today by giving us a call at (786) 600-3411 or by filling out the convenient form on our website. We look forward to serving your loan needs today.

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