When a vehicle is financed, the lender holds the title until the loan is completely paid off. If you need access to the title for a loan, there are steps you can take to get the process moving quickly. As your title loan broker, TFC Title Loans will help you secure the highest loan amount at the lowest interest rate. Whether you have a motorcycle, commercial truck, RV, or classic car, our referral lenders, all of whom carry the state-required lender’s license, can assist you in getting a vehicle equity loan.
Understanding the Process of Getting a Title for a Financed Auto
If your auto is still under financing, the title is held by the lienholder, typically a bank or financial institution. To release the title, you will need to satisfy the outstanding balance or work with the lender to obtain a lien release. Some financing companies offer options that allow for partial payoff arrangements or direct payments to clear the title.
Vehicle Equity Loans with a Financed Title
Many people wonder if they can get a vehicle equity loan while still making payments on their auto. The answer is yes! Some lenders offer loan programs that work with vehicles that still have a balance, allowing you to borrow against the equity. The loan amount depends on the remaining balance and the current value of the automobile.
Steps to Access Your Title for a Vehicle Loan
- Contact Your Lender – Ask your financing company about their title release policy. If you plan to refinance or use the vehicle for a loan, they may provide you with specific instructions.
- Pay Off the Remaining Balance – If possible, clearing the loan will release the title to your name.
- Request a Lien Release – Some lenders will provide a lien release letter, which can be used in states that allow electronic titles.
- Transfer the Title to Your Name – Once the lien is released, visit the Department of Motor Vehicles (DMV) to update the ownership records.
Fast Approval for Online Title Loans
TFC Title Loans offers an online process that can get you approved in as little as 24 hours. All vehicle title loan applications include a credit check to ensure compliance with state regulations. Our referral lenders provide flexible financing for a variety of automobiles, including motorcycles, commercial vehicles, and classic cars. Even if your vehicle is financed, options are available to help you leverage its equity.
Pink Slip Title Loans for Quick Funding
If your vehicle is already paid off and you have the pink slip in hand, you may qualify for a pink slip title loan. This type of funding allows you to use your fully owned auto as collateral without dealing with a financing company.
How Location Impacts Vehicle Title Loan Availability
Title loan regulations vary by state, and some areas have restrictions on how loans can be structured. Our referral lenders ensure compliance with state laws, offering secure and legal financing options. Whether you are in California, Texas, or Florida, different rules apply to interest rates, loan amounts, and repayment terms.
Can You Get a Title Loan with a Lien on Your Auto?
Yes, it is possible to secure funding even with a lien on your automobile. Some lenders offer programs that allow for lien buyouts, rolling the existing balance into the new loan amount. This process helps borrowers access additional cash while working towards full ownership.
Daniel Joelson on Title Loans and Consumer Finance
According to Daniel Joelson, a consumer finance expert, “Leveraging your vehicle’s equity can be a practical solution for short-term financial needs, but it’s important to work with licensed lenders who offer transparent terms and competitive rates. Borrowers should always compare options and understand the repayment structure before committing to a loan.”
Frequently Asked Questions
What Happens if My Vehicle is Financed and I Need a Loan?
Lenders may offer vehicle equity loans based on the remaining value of your auto. If your lender allows a lienholder payoff, the new loan may incorporate the remaining balance.
How Long Does It Take to Get a Vehicle Title After Paying Off the Loan?
Most lenders release the title within 10 to 30 days after the final payment. Electronic titles may be transferred faster, depending on your state.
Can I Use a Financed Motorcycle for a Title Loan?
Yes, lenders provide financing for motorcycles, commercial trucks, RVs, and classic cars, as long as there is sufficient equity.
Do All Title Loan Applications Require a Credit Check?
Yes, all applications undergo a credit check to meet state regulations and ensure responsible lending practices.
By following these steps and working with trusted lenders, you can gain access to your vehicle’s title and unlock its equity when you need it most. TFC Title Loans is here to connect you with the best loan options available, providing fast funding with fair terms.
