Can you get a title loan in California if you still owe money on the car? One of the most frequent questions associated with Car title loans Long Beach CA is whether you can get a title loan in California if you still owe money on the car. The answer is not a simple yes or no but it depends on the specific situation. In most of the cases, you are eligible to use your vehicle as a collateral for an auto title loan. Here is all you need to know about it.
What are the requirements to get a car title loan on a car that I am still repaying? One of the main advantages of auto title loans is that they are fast and they do not depend on your credit history. In other words, you can get emergency financing even with bad credit in as little time as 30 minutes, as it is with Fast Money Car Title Loans. The main requirement is to have the title on your vehicle оn your name and use it as a collateral for the loan that you are going to receive. In case, however, that you are still repaying your car, you can get an auto title loan and the amount depends on the following criteria:
The brand of your vehicle The model of your vehicle The age of your vehicle The mileage If you have a salvage title on your vehicle, meaning that your vehicle has been damaged Your monthly income – note that according to the legislation in California it should be minimum $1,200 Full coverage insurance Personal and/or professional references