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Spanish Do you own a vehicle, but are you unsure if the car or truck is paid off and eligible to be used as collateral for a title loan? Or maybe you still owe your original lender a bit of money but want to see if it's possible to get a title loan that would pay down the balance to the original lienholder.
A clear car title means that you have complete ownership of your car, and no other lender or person can claim that vehicle as theirs. But what if you've already taken out a title loan and have a lienholder on the vehicle? Or what if you still owe money from when you purchased the car? One of the most common questions people ask is if they can get a car title loan without a clear title. While there's not always an exact answer, we'll attempt to explain if you can get an online car title loan if the car is not entirely paid off.
Getting a title loan with a vehicle that's not paid off can be a complicated process, and most title loan lenders will give you an astounding "No." when you first apply. The good news is that at Hyperlend, we're always ready to match you with the best offer for a title loan without a valid title. That means you may be able to get approved for a title loan if the vehicle's not paid off, but these scenarios are genuine, and you need to meet certain conditions.
Can you get a car title loan if you don't have a clear title?
You can sometimes get a title loan without a clear title, but it's often difficult to borrow more than a few hundred dollars. The car should be free of debts to qualify for any title loan of $1,000 or more. If the vehicle is jointly owned, the lender must know that all the parties listed as owners have agreed to use the car as collateral. That means you'd have to add your cosigner to the title loan agreement, and for most people, that's a non-starter.
Another way to get a title loan without a lien-free vehicle is to negotiate with the title loan company and see if they will pay off the first lienholder. A title loan buyout is probably out of the question if you owe more than a few thousand dollars, but often, people come to us only owning $500 or less to their original lender. In this case, you can get a title loan for $2,500 or more, and some of that money will be earmarked to pay off the original lender.
I want a title loan but can't remove any liens or other obligations from the car's title.
When you have a vehicle with a lien against it, you first determine if you can pay off the lienholder or if your title loan company can pay them off. It may be possible to get a second lien title loan or buy out the original loan, but ultimately, it's far easier to get a title loan with a lien free pink slip!
- Clear your Debt
If you are dealing with legitimate lien holders, the easiest way is to pay off your debts. Credible lien holders relinquish their hold on your car immediately after you clear the debts that you owe them. Even if they don't do so, you can always take legal action against them. Consider that this is the same situation if you're paying late and facing a title loan repossession.
- Negotiate a better loan payoff.
The good news is that many lenders are always ready to negotiate, especially if you make it clear that you may stop paying on the loan. They would prefer to give you a discount on your debt so that you can pay immediately rather than pursuing the costly repossession process. Even if you can reduce the interest rate by a few percentage points or reduce the principal debt amount, you can save thousands over the entire lending term by refinancing.
- Correct any mistake in the title history.
No one is perfect; sometimes, lien holders and even title service companies will make mistakes. You may have settled your debt but still haven't received the clear vehicle title. Contact the lien holder and let them understand you've honored your contract but still haven't received your end of the deal.
In some instances, you might be the lien holder of a vehicle whose previous owner didn't honor the deal with the lien holder. Let them know you're the new owner, and they will probably rectify the mistake. In other cases, there may be a simple paperwork mistake or difference in the amount you owe the lender.
- Dispute improper liens
Sometimes, you may not come to an understanding with the lienholder. More importantly, some liens are tailored to expire after some years. Conduct conclusive research and understand the terms of your contract with the lienholder. If the lienholder has violated the agreement, pursue legal measures to dispute it.
Title Loans Without The Clear Title
All these steps can get you on the way to getting a new or revised vehicle title. By doing so, the state is obliged to offer you a certificate of title. They also seek your interest if someone claims their car ownership, and you know you're protected. There's no need to even apply with a direct lender if you owe more than $1,000 to your lender, as your options are limited at best. No finance company will offer you a secured loan when no collateral backs up the loan amount!
For more information on how to get an online car title loan without a clear title, contact Hyperlend at 1-800-971-3022. We'll do our best to negotiate with your original lender, or perhaps we can get you new loan terms for a vehicle title loan!
