Can I Take Out a Title Loan on a Financed Car? | Cash-N-Go Auto Title Loans of Phoenix

Can I Take Out a Title Loan on a Financed Car?

January 11, 2021

Auto title loans are available in 25 states. These loans allow car owners to borrow money against the value of their vehicles. In some instances, you may be allowed to take out a loan against a financed car as well.

In Arizona, vehicle owners can take out an auto title loan either in a lump sum or installments. Lump sums typically require a balloon payment after one month, whereas installment loans are paid back over time.

Below is a title loan FAQ in Phoenix, AZ that should address some of the major questions you should ask yourself before getting an auto title loan.

Will I have to wait to get a title loan?

In most cases, no. Lenders usually provide a quick process so you can get cash fast. This process includes completing an auto title loan application over the phone or online. This will help the lender retain information about you and your vehicle. Once you’re approved, you’ll receive your money. You may even be approved on the same day!

Can I get an auto title loan on a financed car?

This depends on the lender. Some will allow for loans on financed cars, whereas others do not. Note that if you do receive a loan on a financed car, it works exactly the same as with a car you own outright.

Should I apply for an auto title loan?

This depends largely on your current financial situation. These loans are ideal for people who need cash right away—anywhere from $300 to $75,000—and are willing to use their car’s title as collateral. If you analyze your expenses and determine you will be able to pay the loan back, this can be a great option to get the cash you need.

What happens if I’m unable to pay the loan back?

If you can’t pay the loan back as agreed, there will be consequences which can lead to your car being repossessed. However, if you understand the terms of the auto loan, plan ahead and make your payments on time, then it’s a simple way to get access to cash.

How do I know which lender is right for me?

There are a number of factors to consider when choosing an auto title lender. You want one with convenient locations, friendly and helpful staff, flexible payment options and reasonable payment terms.

You want a lender who will be honest and upfront and won’t charge any hidden fees. You’re also looking for a lender with a straightforward application process who will give you access to the money you need quickly.

That’s where Cash-N-Go Auto Title Loans of Phoenix comes in. We’re the leader in financed car loans in Phoenix, AZ. Our team of friendly professionals will help you through every step of the process. We even offer same-day approval on request.

If you’re frustrated with other car title lenders due to hidden fees and high interest rates, we can help lower your payments, too. Give us a call today at 602-264-3640 to learn more!

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Glendale Location

Cash-N-Go Auto Title Loans of Glendale
18561 N 59th Ave #116
Glendale, AZ 85308

(602) 443-1055

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