Can I Get a Title Loan While Still Making Payments?

Jan 28, 2020
Title Loans

Introduction

Welcome to Title Loans McAllen, your trusted resource for information on title loans and financial solutions. In this article, we will explore the topic of getting a title loan while still making payments on your vehicle. If you find yourself in a situation where you need financial assistance, but you're unsure if you qualify for a title loan while having an existing auto loan, read on to discover valuable insights.

Understanding Title Loans

Before we dive into the specifics of qualifying for a title loan while making payments, let's first understand what a title loan is. A title loan is a form of secured loan where borrowers can use their vehicle title as collateral in exchange for immediate cash. These loans are typically short-term and aim to provide individuals with quick access to funds for various financial needs.

Can You Get a Title Loan While Repaying Your Vehicle?

The answer to this question depends on several factors, such as your lender's policies and the remaining balance on your existing auto loan. It's important to note that each lender may have slightly different requirements and guidelines when it comes to approving title loans for borrowers in this situation.

1. Check with Your Title Loan Lender

If you're interested in getting a title loan while still making payments, the first step is to contact your current lender and discuss your intentions. Some lenders may allow you to take out a title loan, provided that the remaining balance on your existing auto loan is within a certain range. They may require you to pay off a portion of the outstanding balance or adjust your loan terms before approving the title loan.

2. Understand the Loan-to-Value Ratio

Another important factor to consider when trying to get a title loan while making payments is the loan-to-value (LTV) ratio. LTV ratio is the percentage of the vehicle's current value that a lender is willing to finance. In some cases, the lender might require the LTV ratio to be within a specific range to approve a title loan while you're still repaying your vehicle.

To determine the LTV ratio, the lender will assess the current market value of your vehicle and subtract the remaining balance on your auto loan. If the LTV ratio doesn't meet the criteria set by the lender, you may need to explore other options or wait until your repayment progress improves.

3. Meeting Other Requirements

Aside from the loan-to-value ratio, title loan lenders also consider other requirements to ensure your eligibility. These may include your income, credit history, and the overall condition of your vehicle. While some lenders may be more flexible, others may have stricter criteria. It's crucial to research and compare different lenders to find the one that suits your circumstances.

Conclusion

In conclusion, it is possible to get a title loan while still making payments on your vehicle, but it depends on various factors such as your lender's policies, the remaining balance on your auto loan, and the loan-to-value ratio. It's important to carefully evaluate your situation and explore different options. Contact Title Loans McAllen today to learn more about our title loan services and discover how we can assist you in your financial journey.

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