Can I get a title loan if I’m still financing my vehicle?

Are you still financing your vehicle? At Lake Title, we are still able to assist you in accessing any equity that you may have in your vehicle through our 2nd lienholder program! In order for you to qualify for this program, one of our representatives will need to assess the amount of equity that you currently have in your vehicle which means you will need to provide us with your most recent billing statement from your current lienholder for us to compare you currently owe with the value of your vehicle and help us determine the available equity your vehicle holds to qualify for this program. If you know your current principle balance (an estimated amount is fine!), please give us a quick call at (352)692-2274 to get a pre-approval quote from Lake Title today!

The documents that are required to qualify for the 2nd lienholder title loan with Lake Title are listed below:

Registration or Title Receipt:

The most important document you will need to qualify is your registration or receipt from the DMV with your vehicle information listed. This document is a white piece of paper, looks like a title, that the DMV would have provided you with when you first had the paperwork processed or the last time you changed your title through your local DMV.

Loan Statement/Proof of Residency:

Since you are applying for a title loan on a vehicle that is currently still financed, we will need you to provide us with your most recent account statement from your current lienholder. Title loans do not require credit checks, so we do require proof of residency to qualify for the title loan. The good new is that the loan statement can help to act as your proof of residency as well.

Proof of Income:

While we do have a number of loan programs to assist all of our applicants get approved for a title loan, it is essential to provide proof of income if you would like to increase the amount of the loan that Lake Title will be able to approve you for. This is why it is always recommended to always bring your proof of income in with you. We typically request that you bring in your most recent paystub or bank statement if you receive direct deposit, a copy of your paycheck from your employer or the award letter from the Social Security Administration if you receive supplemental income. In certain circumstances, we will accept an official employment verification letter with the company letterhead from your employer if you are unable to provide proof of income in traditional means.

Photo ID:

We require all applicants to verify their identity by providing us with a valid State or Government issued photo ID. This is typically an easy one for our customers, since most have a driver’s license or identification card from the state in which they reside.

Your Vehicle:

In order to qualify for the title loan, you will need to drive your vehicle to the office in order for us to approve your request. During the approval process, a Lake Title representative will complete a quick, 5 minute inspection of the vehicle to gather the information needed for your specific vehicle in order to pull the current value of your vehicle to help us determine what amount you qualify for. The evaluation is a quick and easy process!

If you have any additional questions or concerns regarding our 2nd lienholder program, please reach out to a Lake Title representative at (352) 692-2274. We look forward to assisting you today!