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If I Have a Title Loan, Can I Trade in My Car? Options and Practical Tips
As tough as selling a car can be, to sell a car with title loan debt can add even more stress to the transaction. However, you’ll be relieved to know that hundreds of people go through the same struggle every day.
Although it is clearly easier to sell a vehicle that is paid off, there are a variety of options that you can take advantage of when you are selling a vehicle you are still paying off. One option is to trade in your car, which can help with the financing
of a new vehicle, especially if you understand the loan status, including any liens or negative equity. The two main ways to sell a car with title loan debt successfully are:
- 1. Pay off your debt if possible.
- 2. Transfer your title to the buyer that wants to purchase your car. However, this has to be done through the loan provider from which you bought the vehicle.
Maybe you are wondering: “who buys cars with title loans?” Below are a few additional steps you can apply to sell a car with title loan debt:
Ask Help From Your Lender
The first method to sell a car with title loan debt is to ask for help from your lender to remove your loan and sell your vehicle. It is crucial to address the previous lender to pay off the loan and release the lien on the vehicle’s title, enabling you
to transfer ownership to a buyer. Luckily, you don’t have to figure this out yourself and can ask for guidance from your lender.
All you have to do is call them and ask them for their advice on how to sell a car with title loan debt on it. Some lenders have local offices where you can meet them and discuss your situation further. However, this is a great time to ask them other
questions, such as processing times, fees, and other penalties that you may incur.
Determine the Loan Payoff Amount
To obtain a clear title, you need first to determine your loan payoff amount that you must pay your lender. Unfortunately, you’ll be less than likely allowed to sell a car with title loan debt without paying off your full debt.
Knowing your solid payout amount, you can pay off your debt before you sell a car with title loan for a clear title to offer your buyer. You can obtain an official payoff letter that shows the amount you view from your primary lender.
Other details on your payoff letter include payment methods available and the amounts you can pay on which dates. With this letter, you’re less likely to get fined or charged for not paying on time. However, your goal should be to repay the loan in one
swoop to sell a car with title loan faster.
Clear Your Title Transfer
To finish the sale of your vehicle, you need to pass on a clean title to your buyer. This involves you signing the back of the title as part of the title transfer process to transfer ownership. However, in most states, the title also doubles as a bill
of sale that offers all the buyer’s needs to register the car. Unfortunately, if you do not have a clean title, you cannot offer your vehicle for sale since it is still technically the lender.
Paying Off My Debt to Sell My Car With Title Loan
When you want to sell a car with title loan debt, the best thing you can do is pay off your debt before selling it. Paying off the loan balance is necessary to have a clean title before selling the car to your buyer. This also allows for a smoother transaction
and makes transferring it to your buyer easier.
If you still owe money on the vehicle, it may seem like a “red flag” to some buyers. However, keep in mind that the money you use to pay off your vehicle goes right back into your pocket after you sell a car with title loan. But, if you’re behind on your
loan, you may also have to pay more fees and charges that add to your debt.
Trading Your Car With a Dealer
Believe it or not, the trade in process with a dealer is often easier than selling it to an individual buyer. Understanding the trade in value is important when trading in a car with a dealer. Most likely you’ll be working closely with a dealer who will
handle the majority of the paperwork. After you pay off your loan prior, it is one of the best options to help you sell a car with title loan debt as soon as possible.
Plus, you don’t always have to buy a new vehicle after you trade one in. Some dealerships sell a car with title loan in an auction or on their own lot. However, one large downside to trading in a car is that you’ll get less for it than selling it to an
individual buyer. However, if you still owe a lot on one car, transferring your debt to another vehicle can help you, but don’t let it snowball out of control.
Find a Private Buyer to Sell a Car With Title Loan Debt
You will most likely receive the best price if you work with a private buyer who wishes to own and use the car. Be sure to find a buyer that trusts you. If they do, the transaction can be as easy as selling your car with the knowledge that the title is
not available yet.
For the buyer, this may seem risky. However, if you keep detailed documentation about everything, this can be an alright idea. After selling a car with a title loan and receiving the money, you must give them the car keys, pay off the title loan with
their funds, and sign over the title once you receive it from the lender. This process can take a few weeks altogether. The remaining balance after paying off the title loan can
impact the transaction, especially if there is equity or negative equity involved.
The buyer may be more comfortable paying the lender directly. However, this still requires a bit of trust. The process might be a little different with an upside-down loan. You will need to supplement the payment from the buyer with your own money.
It can be tempting to have the buyer take over your loan payments and just leave the loan in place. This is usually a bad plan. You are responsible for paying off the loan as long as it is in your name, no matter who is driving the car.
Head to the Bank
If you are dealing with a skeptical buyer when you are going to sell a car with title loan debt, it may be beneficial to meet at your bank together. When you meet at the bank, the buyer can directly handle the remaining loan balance and the title loan buyout in Texas. Meanwhile, you can get a clear title and sign it over to your buyer. This way, you can complete the whole transaction in one trip. However, it will take a bit of planning to accomplish this kind of meeting. Your buyer will also need to be willing
to follow this plan with you. Just make sure you call your bank before your meeting so you know which documents you must bring with you. When you call, you should also double-check to be sure that a qualified staff member will be available to meet
with you and your buyer when you arrive at the bank.
Use The Services of a Trusted Third Party to Sell a Car With Title Loan Debt
You also have the option to utilize a neutral third party. Ensure that you both can trust the third party so the transaction can go as smoothly as possible. For example, an escrow service can be used to protect the needs of buyers and sellers. There are
even online escrow services that can help out the deal. This way, if the buyer does not pay for the car, you keep the title, and if you do not deliver the car or title, you do not get money. Just be sure to find a third-party service that is affordable
and easy to work with.
Help With Paying off Your Title Loan, No Vehicle Inspection
Getting trapped in a title loan with bad terms can be stressful. Refinancing with competitive interest rates can provide financial benefits. Not only are you paying too much for the loan, but the installment amounts may be unaffordable for your budget.
The good news is there is help available.
Texas Approval is how to sell a car with a title loan. We lend money to people who are desperate to get out of a bad loan situation. Thousands of Texas residents have benefitted from a title loan refinance with our assistance. Here are a few benefits
that you can expect to experience when you partner with us.
- You can continue to own your vehicle. Your new title loan at Texas Approval allows you to keep your vehicle while you repay the loan.
- You will not be subject to a credit check. Even if your credit is in disrepair, you may qualify for a car title loan.
- Texas Approval does not charge our customers hidden fees or early repayment penalties. We will explain the details of your loan before you sign your new loan contract.
To learn more about our vehicle inspection policy for our car title loans, contact us today.
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