Are you wondering if you can get a title loan while still making payments on your vehicle? The answer is yes, you can! TFC Title Loans is here to help you navigate the process smoothly. All our referral lenders have the state-required lender’s license, ensuring you get reliable and legal service.
A title loan allows you to borrow money using your vehicle’s title as collateral. This can be a quick way to get cash, especially if you have an urgent financial need. However, it’s important to understand how this process works, especially if you’re still making payments on your car.
Can You Get a Title Loan While Still Making Payments?
Yes, it is possible to get a title loan online while you are still paying off your car loan. Here’s what you need to know:
- Equity in Your Vehicle: The key factor is the equity you have in your car. Equity is the difference between your car’s market value and the remaining balance on your loan. The more equity you have, the more likely you are to qualify for a title loan.
- Lender’s Requirements: Your current lender may need to approve taking out an additional loan on the vehicle. Always check your loan agreement and discuss with your lender.
How Title Loans Work
When you apply for a title loan, the lender will evaluate your vehicle to determine its current market value. You’ll need to provide several documents:
- Your vehicle’s title
- Proof of insurance
- A valid driver’s license
- Proof of income
If you are approved, you will get the loan amount based on your car’s equity. Remember, if you fail to repay the loan, the lender can repossess your vehicle.
The Application Process
Applying for a title loan with TFC Title Loans is straightforward:
- Fill Out the Application: Provide basic information about yourself and your vehicle.
- Submit Required Documents: Include proof of income, insurance, and your vehicle’s title.
- Vehicle Inspection: The lender will inspect your car to assess its value.
- Receive Your Loan: Once approved, you’ll receive the loan amount in your bank account.
Benefits of Choosing TFC Title Loans
- Licensed Lenders: All our referral lenders have the state-required lender’s license, ensuring you receive trustworthy service.
- Quick Approval: Our process is designed to get you the cash you need fast.
- Flexible Terms: We offer flexible repayment terms to fit your financial situation.
FAQs
Can I Get a Title Loan If I Am Still Making Payments on My Car? Yes, as long as you have enough equity in your vehicle and your original lender approves.
What Documents Do I Need to Apply? You need your car’s title, proof of income, proof of insurance, and a valid driver’s license.
How Does Equity Affect My Title Loan? Equity is the difference between your car’s market value and the amount you owe. The more equity you have, the higher the loan amount you may qualify for.
What Happens If I Can’t Repay the Loan? If you fail to repay the loan, the lender can repossess your vehicle.
Can I Refinance My Existing Car Loan? Yes, you can refinance your car loan and then use the equity to get a title loan.
Expert Quote
“Before taking out a title loan while still making payments on your car, carefully evaluate your financial situation. It’s crucial to understand the added burden of multiple loans and ensure you can manage repayments to avoid financial pitfalls.” – Daniel Joelson, Consumer Finance Expert
Conclusion About Getting a Title Loan While Making Payments
Getting a title loan while still making payments on your vehicle is possible with the right lender. TFC Title Loans can help you through the process, ensuring you get the funds you need quickly and securely. Remember to consider your financial situation carefully and make sure you can handle the additional loan payments.
Contact TFC Title Loans Today
If you need a title loan, contact TFC Title Loans. Our licensed state and federal lenders are ready to help you get the cash you need. Apply today and take the first step toward financial relief.
