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Can you get a title loan on a car that is financed?
My finances have been a bit tight this month, and I’m looking for a way to help make ends meet. I’ve heard getting a car title loan is an easy way to get cash quickly, but can I get the loan if my vehicle is financed?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can get a car title loan on a financed vehicle, but you have to find a willing lender. Finding a lender who will issue the loan can be difficult, but there are no legal restrictions to getting a car title loan on a financed vehicle.
Once you find a lender who offers title loans, you will likely have to provide the following:
- A completed loan application
- Your vehicle’s title
- Your driver’s license
- The financial documents for your car, including the remaining amount on the auto loan
- Proof of income
While reviewing your application, the lender will also examine the vehicle and may request additional information. Keep in mind, a car title loan will provide you with cash quickly, but it often has a short repayment period, high-interest rates, and expensive monthly fees.
The annual percentage rate (
APR
) on a car title loan can easily reach 300%, so you may want to find an alternative to help make ends meet, like taking out a personal loan, using a credit card, or applying for a payday advance loan. All of these options have a lower APR, and you don’t have to risk losing your car.Owning a car is expensive, but you can save money on your
car insurance
using the Jerry
app. In less than 45 seconds, Jerry collects all of your information from your existing insurer. Choose from competitive quotes from up to 50 top insurance companies and Jerry takes care of the rest—securing your new policy and helping you cancel your old one. No long forms. No calling around. No hard work. Just savings. The average Jerry user saves $879 a year on car insurance.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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