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Can You Get A Title Loan on A Financed Car? Understanding the Basics

Do you need emergency cash? Looking to get an online title loan, and wondering if you can get a title loan on a financed car? In this blog from Jacksonville Title, we’ll answer your question and discuss everything you need to know.

Can You Get a Title Loan on a Financed Car?

Unfortunately, the answer is “no.” You can’t get a title loan on a financed car. If you are making payments on your vehicle, that means that you don't own it – your lender does.

Whether you finance with a bank or directly with a car dealership, you won’t get the car title for your vehicle right away – or you will get the title, but the dealership or bank will be the “lien holder.” In other words, they reserve the right to repossess your vehicle if you don’t pay – then, they can sell it to recoup the money you owe.

This is a problem if you want to get a car title loan. Why? Because the title loan provider must place a lien on your car’s title. In exchange for your loan, they get the legal right to repossess your car if you don’t pay – just like a bank or a lender would when you purchased it initially. This reduces the lender’s risk and is a key part of how car title loans work.

As you may have already figured out, it’s not possible to have two lien holders on a car title. If you already owe money on your car to another institution, the car title loan company – such as Jacksonville Title – will not be able to put a lien on your title. This means it’s impossible to get a title loan on a financed car.

Is There Any Other Title Issue That May Prevent Me from Getting a Title Loan?

If your car title is “free and clear” meaning that it’s paid off and you don’t owe any lender for the vehicle, you can probably get a title loan – with just one other exception. 

Your title loan must be in your name. If you’re driving a paid-off car that’s registered and titled to someone else, you can’t take a title loan out on it – even if you’re the principal driver of the vehicle.

The title loan must include your name – either by itself, or as part of a joint title for the vehicle. If your legal name is not on the vehicle title, you cannot get a title loan, even if the vehicle is paid off and the title is free and clear.

Make Sure Your Title Is Paid off and, in Your Name, to Get a Title Loan!

Unfortunately, if your car is not paid off, you will have to explore other options for emergency cash, like credit card cash advances, or payday loans. In addition, you cannot get a loan unless your name is on the title – so keep both of these things in mind as you apply at Jacksonville Title!