When you’re trying to get a title loan, you may be wondering what you can and can’t do with that title loan, as well as under what circumstances you can obtain one.
If you have a financed car, you’re probably wondering whether or not title loan ownership is available, and how you should go about getting a title loan in such a situation. MaxCash is here to answer all your questions and more!
What is the Definition of a Financed Car?
This terminology might be unfamiliar to those new to the financial world, so let’s cover the definition of a financed car before getting into anything else. A financed car is rather straightforward – it’s simply any car that you still owe money on. So long as you’re still paying back a loan on the vehicle, whether it’s your first loan or your fourth, the vehicle is still being financed. So, the question at hand is whether you can get a title loan on a vehicle you still owe money on.
To that question, the answer is yes! So long as you go through the process for applying for a title loan and follow it to completion, you can get a title loan on a financed car just like you would for any other class of vehicle. So then, what is the process of getting a title loan for your vehicle, and how can you get started?
Step 1: Title Loan Online Inquiry
Your first step in the title loan process will be to make your way onto MaxCash’s website. Once there, you’ll need to track down their title loan page, which we’ve gone ahead and linked here for your convenience. Once there, you’ll be asked for some specific types of information, all of which will be useful for tracking down your potential lenders. The information they’ll be asking for will include:
- Your General Address – They won’t need anything as specific as your home address but having a general idea of your location in terms of city, state, and zip code, will be necessary.
- An Estimate of Your Monthly Income – Depending on whether you’re able to afford it monthly, your loan could be big or small. An estimate of how much you earn each month will give lenders a ballpark estimate of how much you can pay each month.
- Your Contact Information – In order to get in contact with you, MaxCash will need to obtain some contact information. Just your name, phone number, and email will do.
- Your Vehicle’s Statistics – Finally, the last thing you’ll need is the stats of your vehicle. This will include information such as the make, model, year, and mileage. This will determine your vehicles value, as well as the worth of your title loan on it.
Once you’ve finished providing all this important information, you’ll have completed the first step towards obtaining a title loan. Almost immediately, MaxCash will be putting that information to good use, as you’ll soon see.
Step 2: Tracking Down and Negotiating with Title Loan Lenders
Once they’ve got your information, MaxCash will waste no time helping you find a lender. First, they’ll use your provided address information in order to find out what lenders are available in that specified area. These lenders in the qualifying zone will be presented with your financial and vehicle information before being asked whether or not they’d be interested in working with you.
Once your lender options are discovered, MaxCash will record the best loan offers, taking into account the best interest rate or best monthly payment. These highlights will then be presented back to the interested lenders, who will be asked if they’re willing to match or do better than those offers. Want to learn the art of haggling yourself? Check out this article to learn how to start improving your own negotiation skills.
Eventually, one lender will make a deal none of the others will be willing to match. This loan offer will compliment your unique financial situation.
Step 3: Contact and Conclusion of the Title Loan Process
Once your perfect lender has been located by MaxCash, they’ll put the two of you in touch with each other. There are two methods by which you can interact: over the phone or via email.
Once you establish a mode of communication, you’ll be ready to do the final phase of the process: signing the loan contract. You’ll discuss the loan details with the lender and after signing the loan contract, you’ll be able to receive your funds.
There are 3 ways to receive your money, including: visiting the lenders store in person to pick up the money, having a check sent in the mail, or having the money deposited into an online account of your choosing.
As you can see, in just 3 steps, you’ve gone from a loan-less financed vehicle to having a title loan ready and waiting on your financed vehicle. With the help of MaxCash, you’ll have received an amazing loan deal. Want to get involved? Find out more on MaxCash’s title loans page!