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Getting a title loan with a preexisting lien can be difficult, but it’s not impossible. In fact your chances are much higher when you arm yourself with sensible information that can guide you through the application process.
While certain creditors will balk at title loan applicants with liens on their vehicles, firms like Montana Capital Car Title Loans will make sure you’re getting a fair assessment. Here’s what you should know about seeking title loan financing when you already have a lien placed on your car from your original creditor.
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What Are Title Loans and How Can They Help You?
Title loans provide lender financing that’s borrowed against the title of your vehicle. While often a last resort of sorts, title loans are great options for people who need to get access to cash fast. A title loan is generally exceptionally easy to qualify for, however there can be complications when you already have a lien placed against your car.
Getting a Title Loan with a Lien
While some lenders work with people who have a lien on their car, not all creditors or states will allow this. If you’re lucky enough to find a flexible lender like Montana Capital Car Title Loans, you can still get a title loan despite the lien by refinancing with them. Here’s how to get a title loan with an existing creditor and what you need to know about getting a 2nd lien title loan.
Pay Off the Lien
The only way you’ll be able to get a title loan in California is by paying off the original lien. Title loans in general are only possible in the state of California via certain loopholes due to their heavy restrictions.
After you pay your original creditor, the lien can be released, giving you clear title to the vehicle and making it possible to get a title loan with relative ease. Other factors like your credit score may have bearing on your aptitude for getting a title loan.
Refinance Your Car Loan
Perhaps one of the most flexible options for people who already have a lien on their vehicle, barring them from possessing a clear title, is to refinance the loan under a new creditor. When you partner with a trusted lender like Montana Capital Car Title Loans, you can most likely get a better deal than the one offered by your existing lender.
Refinancing in this manner can get you the money you need, and the lien will transfer to your new lender. They will pay off your other creditor and essentially buy your debt, allowing you to get the financing you need.
If the lien prevents you from successfully getting a title loan, you can explore the registration loan option. A registration loan offers financing whether you have a clear title or not. As long as your name is on the registration, you can usually get a registration loan. Even if your credit is exceptionally poor, you’ll most likely be able to qualify for a registration loan regardless.
Getting a Title Loan Off of a Second Vehicle
For those of you who have two vehicles and have a lien placed on one but not the other, you can easily get a title loan on the vehicle without the lien on it. Taking out a title loan on your second vehicle is easy and your chances of approval will be much higher if you meet some of the following requirements.
- At least one vehicle with a clear title
- Must be at least 18 years of age
- Have a government issued ID
These requirements aren’t particularly restricting, meaning many of you will be able to get a title loan, especially when you work with the right lender.
Note that Montana Capital Car Title Loans provides one loan per household.
It All Starts with the Right Creditor
Finding the right creditor is a key step in the title loan process and can make a huge difference for you. There are several important things to watch out for when selecting a lender for a title loan. You’ll want to make sure that they cannot raise the minimum payment spontaneously without written forewarning.
Predatory lenders will often raise the minimum payments without warning, throwing borrowers off guard. California law discourages this, but it still happens on occasion. The key is to find a lender that can be trusted.
Montana Capital is Your First Choice for Title Loans
Make your title loan experience a good one with a trusted industry leader like Montana Capital Car Title Loans. Not only do they look out for their customers, they offer some of the best title loan packages on the market for eligible applicants. Get in touch with them today and learn how Montana Capital Car Title Loans can help you apply for a title loan. Montana Capital Car Title Loans offers quick access to cash to customers who are in need.
Get a hold of Montana Capital Car Title Loans right away; they’ll help you navigate the title loan process. You won’t find a better deal anywhere.