Is it Possible to Get Auto Title Loans with Liens?
When unexpected financial emergencies pop up, getting access to funds quickly is crucial. If you need quick cash and have a lien on the title to your vehicle, you might be searching for a way to get car title loans with liens.
It is possible to get a car title loan if your vehicle title has a lien on it, but there is a little bit of nuance to consider before you submit an application. Keep reading to learn more about how liens work, getting a title loan with a lien on your car’s title, and other options you can explore if you have a lien on your car’s title and need emergency cash.1
How to Get a Car Title Loan with a Lien
Before you can learn more about applying for car title loans with liens, you need to understand the difference between the terms “lien” and “collateral,” because they cannot be used interchangeably. A lien is a legal claim that a lender or financial institution holds against your asset to secure a debt. In the case of title loans, the asset is a qualifying vehicle with positive equity. Collateral, on the other hand, refers to an asset that you pledge to a lender in order to guarantee the loan. When you apply for a car title loan, you can use the title of your car or truck as collateral to secure the funding, making the application process more flexible and convenient than unsecured loan options. Your title lender adds a lien on the title to your car after the loan is funded, and it will be released when you have completely paid off your loan.1
If you do not have a clear title in your name, the title loan application process becomes a bit more complicated. As the term implies, a clear title has no liens that can impact the ownership of the vehicle. When you have a car loan or a title loan, you will likely have a lien on your car’s title. If you do not have a clear title in your name and are trying to borrow against the value of your vehicle, you may be trying to find a lender who can offer second lien title loans. Unfortunately, not every title lender will be willing to work with you if your goal is to obtain a second lien title loan.
Typically, the only way to get a second lien title loan is by your first lienholder granting the second lienholder permission to place a second lien on your vehicle’s title. However, many states do not permit multiple liens to be placed on a vehicle, which is another roadblock that you may run into when searching for car title loans with liens.
If you are unable to find a lender offering a second lien title loan, then you may want to consider applying for a title loan on a financed car or trying to refinance your current title loan!1 Call a ChoiceCash title loan agent at 855-422-7402 to discuss your options when you have a lien on the title to your vehicle.1
Can I Get Second Lien Title Loans Online?
Are you trying to get a car title loan with a lien on your vehicle’s title? If so, you may be considering applying for a 2nd lien title loan online. But, as explained above, that option may come with a few complications. So what can you do if you can’t find a lender who offers second lien title loans? It may still be possible to get a car title loan even if your vehicle title has a lien on it from a title lender or auto finance company if you are still making payments on your vehicle.
Depending on your situation, you can apply for a title loan on a financed car or try to refinance your existing title loan.
In order to get a title loan on a financed vehicle, a written permission and authorization form may be requested so that the lender can obtain information about your current auto loan. With this information, the title lender will be able to pay off your existing lender, and include your remaining auto loan balance in your new loan.
If your vehicle purchase loan is paid off but you already have a title loan, you can try to apply for title loan refinancing in order to acquire more optimal loan terms and competitive interest rates!1
If you want to apply for car title loans with liens, then dial 855-422-7402 to look into all of your potential options with a helpful ChoiceCash title loan agent.1
Frequently Asked Questions Related to Car Title Loans with Liens
Do you have questions about applying for car title loans with liens? Check out these frequently asked questions below:
Can You Get a Second Lien Car Title Loan?
While getting a second lien car title loan is possible, finding a lender offering this option is a whole different story. If you are searching for second lien car title loans, consider all of your alternatives, which can be refinancing your current title loan or applying for a title loan with a financed vehicle.1
What are My Refinancing Options for Car Title Loans With Liens?
If you aren’t happy with the current terms of your loan, you can try to refinance your title loan with a new lender or your existing one. Refinancing your car title loan means you are taking out a new loan to pay off your existing one! Call 855-422-7402 to learn more about title loan refinancing and see what your options are through ChoiceCash title loans serviced by LoanMart.1
Can You Get a Title Loan if Your Car is Not Paid Off Yet?
It is possible to get a title loan even if you are still financing your vehicle and have a lien on your car’s title. The current amount of equity of your vehicle and your income are the main factors that title loan lenders use to determine if you are eligible for a car title loan. Whether you’re still making payments on the car or have completely paid it off, your vehicle could have enough equity to qualify as collateral for a ChoiceCash title loan.1
Where Can You Apply for 2nd Lien Title Loans?
Since many lenders do not offer second lien title loans, searching for them online can be quite a hassle. Fortunately, you can consider the alternatives to second lien title loans, which can be trying to refinance your current title loan or applying for a title loan on a financed car! The application process can be simple when you choose a ChoiceCash title loan serviced by LoanMart. Dial 855-422-7402 to get more information and speak to a ChoiceCash title loan agent.1
