Does A Car Need To Be Paid Off To Be Eligible For A Title Loan?
If you’re thinking about taking out a title loan from Utah Title Loans, Inc., you may be wondering whether any existing debts affect your eligibility. For example, if you haven’t finished paying off your car, can you still get a loan against it? What about if your car has another debt against it?
It’s important to figure all of these questions out before you start looking at loans. Having a good sense of your current financial position and what your options are is key. Existing loans can affect your ability to get another loan, so be aware of this before you start applying.
Does A Car Need To Be Paid Off To Be Eligible For A Title Loan?
Yes, you must have paid the car off. We can only offer title loans for vehicles that are owned completely by you (the person looking for the loan). If you haven’t got a paid-off car yet and you’re looking for a title loan, we unfortunately will not be able to help you. We only offer loans on vehicles that are lien-free, and that generally includes payments for purchasing the car.
That’s the case whether you have purchased the car from a dealer or an individual. We don’t offer title loans on any vehicles that you don’t own in full, and we can’t advance your application if you aren’t able to show a clear title that proves your ownership of the vehicle. That’s true even if the vehicle seller is in agreement.
If you have any questions about this, you can speak to one of our agents, and they will be glad to help if they can. They are highly trained and you can reach them either by calling one of our Utah locations or by filling in the online form and waiting for a callback. Somebody will be in touch with you as soon as possible!
What About Other Kinds Of Debts?
Unfortunately, we also cannot offer loans on vehicles that have other kinds of debts against them. Your vehicle must be “clear” or lien-free for us to provide a loan against it.
Part of the loan application process involves bringing your vehicle for an inspection by one of our agents. They will check its condition, age, etc., and will also run checks to see whether there are any existing liens against it.
If there are, we will not be able to advance the application and will have to deny the loan until the other debt has been fully cleared. Again, if you’ve got any questions about any of this, you can speak to one of our agents for help and advice. If you’ve been denied in the past but your vehicle is now lien-free, you’re welcome to apply again.
What Else Do You Need To Get A Title Loan?
As well as the vehicle itself, you will need the vehicle’s title. This should be brought along when you meet up with our agent. It is proof of ownership and also helps the agent to check that there aren’t any liens on the vehicle.
Make sure that the vehicle title is in your name, or you won’t be eligible for a loan. If the car is registered to somebody else, you’ll need to get this updated by the DMV before you can borrow money against it. We can’t offer you a loan until the title is in your name, so it’s best to do this before you start the application process to avoid disappointment.
You’ll also need some identification to get a title loan. This needs to be state-issued and must have a recent photograph on it. A driver’s license or a passport will work. Do note that you must be 18 years or older in order to be eligible for this kind of loan. If you’re under 18, you can’t get a title loan in Utah, even if you own a vehicle outright.
Apply Now To See If You’re Eligible
Utah Title Loans, Inc. offers loans to people in many different circumstances. If you aren’t sure about your eligibility for a title loan, you can easily find out by getting in touch with us today. Our agents will be happy to assess your situation and tell you whether you can get approval for a title loan.
Almost any kind of paid-off car can be used for a title loan, but if you’re not sure, just ask! You do need to make sure that you’re the sole owner of the vehicle and that there are no debts on it, but if that’s taken care of, getting a title loan is usually straightforward.
Apply today to get more information, or just to chat to an agent about your current circumstances and options.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.