If your car is currently being financed by another company that means they are the legal owner of the vehicle. In order to get a title loan in such a case, the title loan lender will need to pay off the remaining balance on the car. You may also be eligible to get extra cash on top, depending on the value of the car and your ability to repay the loan.
The entire process is usually handled by the title loan lender and is called a 3rd party payoff. You may be required to speak to your current finance company in order to approve the communication between them and the new lender.
Getting a title loan on a financed car can be a great option if you’re looking to get more money or improve the terms of your loan. Give 5 Star Car Title Loans a call or click here to learn more on how we can help!