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Can I Get A Title Loan If I Still Owe on The Car?
By MArcela De Vivo • Apr 19, 2023
Many people take out auto loans to purchase new or used vehicles. In fact, auto loan debt grew to a record high of nearly $1.4 trillion in the U.S. last year.
The average auto loan term is 70 months for a new car and 65 months for a used car. A lot can happen over these 65 to 70 months. Your financial situation could change drastically. At some point, you may need extra cash to cover home repairs, medical bills, or other unexpected expenses.
Many people who need fast cash take out title loans, but if you are still making payments on your auto loan, you may wonder whether you are even eligible for this type of loan. Can you get a title loan if you still owe on the car? Here’s what you need to know:
Title Loans vs. Auto Loans: What’s the Difference?
First, it’s important to understand the difference between title loans and auto loans. An auto loan is money you can use to purchase a new or used vehicle. The vehicle you purchase with the money you borrow is used as collateral for the loan. This means the lender will put a lien on the title to your vehicle until your loan has been completely repaid. You can take out an auto loan from a bank, credit union, automotive dealer, or online lender.
The title to your vehicle is used as collateral for a title loan, too. However, the money you borrow through a title loan is not necessarily used to purchase a new vehicle. A title loan is a type of personal installment loan, which means the money can be spent in any way you see fit so long as it is for legal purposes.
Title loans are generally only available through title lenders. Just like an auto loan lender, a title loan lender will put a lien on the title to your vehicle until your loan has been repaid.
In short, if you need money to purchase a new or used vehicle, you should apply for an auto loan. However, if you need to borrow money for your personal use, a title loan might be the solution.
What Are the Eligibility Requirements for Title Loans?
There are a number of requirements you must generally meet in order to qualify for a title loan. Some of these requirements include:
● You must be at least 18 years old.
● You must own a car, truck, SUV, RV, or motorcycle.
● You must have equity in your vehicle.
● You must have an auto insurance policy covering your vehicle.
● You must consent to a credit check.
● You must have a reliable source of income.
Every lender may have different requirements, so it’s best to contact your title lender directly to find out if you are eligible.
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MArcela De Vivo • Apr 19, 2023
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USA Patriot Act Disclosure: Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you apply for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Loans may be made by one of several lenders, including: Wilshire Commercial Capital L.L.C. dba 1 (800) Car-Title and Wilshire Consumer Credit, a licensed lender in certain states. Loans not available in all states. In California, loans are made pursuant to a Department of Business Oversight California Finance Lenders License. See State Disclosures for additional information.
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Wilshire Commercial Capital, LLC dba 1 (800) Car-Title and Wilshire Consumer Credit is located at 4727 Wilshire Blvd, Suite 100, Los Angeles, CA 90010.
TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Tracy Bergiman, Director of Compliance, 4751 Wilshire Blvd. Suite 100, Los Angeles, CA 90010, 323-837-5775, tbergiman@westlakefinancial.com.
New Mexico Only: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at
(505) 476-4885 or visit the website: https://www.rld.nm.gov/financial-institutions/.