can you get a title loan on a financed vehicle?

Answer 1

Not that I would know of. A title loan has to be on a clear title. In Texas, I know, because I worked in that business, that is called risking and encumbered property. Strictly illegal. Plus if I gave you the loan, I could not seize it if you did not pay. It still belongs to the bank. Your solution is quit spending more then you earn.

Answer 2

No, you would need a clear title, in your name. The lender currently financing the vehicle would have the title, in most states, some states put the legal owner information on the title, and the owner keeps the title. And this type of loan is highly controversial. The interest rates are unbelieveable, something like 300% if you don't pay it in the 30day loan time. And you only receive a fraction of the value of the car, you would be better off getting a loan, and using the car for collateral through a different financial institution. These places really take you for everything, usually your only asset.

Answer 3

Its not illegal , but you probably wont find anybody because its not a secure loan for the second lender. What usually happens in this situation is the second lender pays off the first loan and refinances the vehicle to become the only lender . If your talking about a pawn shop or a payday lender the fine print probably says it would be considered that you are trying to defraud them . An inlaw could loan you the money with a written agreement that the equity in you car is their collateral . Bottom line , its not a good deal .

Answer 4

No, because then the loan company would not be able to sell your car if you defaulted on it. Gotta have a clear title.

Answer 5

it would be a second Len on the car . and the first one will not let you do this