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Can I Get a Title Loan on a New Vehicle?

Information about LendNation customers getting a title loan on a new vehicle

Imagine you’ve just bought a brand new vehicle that you love. It still has that new car smell, clean shimmer, and it’s in your favorite color. Then, a financial emergency rains on your parade and you need to borrow cash to handle the problem. That’s where a title loan from LendNation can help.

The short answer is: yes, you can use a new vehicle for a title loan. This page will guide you through the requirements and benefits of getting a title loan on your new vehicle.

When lenders give you money for a title loan, they are using your car as collateral while you pay back the loan. If you do not have the title to your car, then a lender cannot give you a title loan. The great thing about a LendNation title loan is you get to keep your car while you pay back the loan.

The simplest way to look at if you qualify for a title loan is based on if you own your car outright. If you purchase a new vehicle and pay for it outright, you can apply for a title loan. But if you have to make monthly car payments on a new car, then you will not qualify for a title loan.

As with any loan, it’s important to understand the repayment terms. All loans include interest, the amount you will repay, and if collateral is required for the loan. With LendNation, we make sure you understand the terms of your loan.

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What Can I Use a Title Loan For?

There is really no limit to the types of things you can use a title loan for. That said, keep in mind how important it is to act responsibly with the amount you borrow.  Like any loan, a title loan will have to be paid back with interest.

Many LendNation customers use a title loan in case of an emergency or unexpected expense.  LendNation customers commonly use title loans for:

  1. Car repairs. You have to get to work, right? If you can’t get to work, then you start to lose out on income you need to pay bills and everyday living expenses. When your car breaks down, it’s important it gets fixed as soon as possible. A LendNation title loan will get you the money you need to get your car back up and running.
  2. Medical expenses. There is never a good time to experience a medical issue. Medical emergencies can cost several hundreds or thousands of dollars out of pocket. Depending on the value of your car, a title loan could help you pay for medical expenses.
  3. Home repairs. A friendly game of baseball ends with a broken window. A storm causes hail damage to your roof. The plumbing under the sink backs up. These are all things that can happen when you own a home. A title loan might come in handy for home repairs.
  4. To bridge the gap. Title loans can help you catch up on debt by giving you the money you need right now. Our LendNation loan experts will help you understand the requirements and guide you on how to responsibly repay the title loan.

Title Loan Benefits

  1. Larger Borrowing Amounts: Compared to other types of loans, title loans can sometimes allow you to borrow more cash. You may get approved for a larger loan amount if you have a newer vehicle.
  2. Quicker Access to Cash: Title Loans are faster to get than applying for a traditional loan through a bank.
  3. Flexible Repayment Terms: LendNation Title Loans come with flexible payment options, giving you anywhere from 6 – 12 months to pay the loan back (and even up to 36 months in some cases).

Can I Get a Title Loan on a Financed Car?

No, you cannot get a title loan on a car that is currently being financed. If you purchased a used car or new car and you are still making payments, then you do not qualify for a title loan until you pay off your car in full and receive your clean title.

How to Use a Vehicle as Collateral for a Loan

Using your vehicle for a title loan is simple after you are approved. All you have to do is turn over the title of your car. You do not have to hand over your car when you receive a title loan with LendNation. Your title paperwork serves as the collateral requirement while your loan is in good standing.

Where Can I Get a Title Loan?

Whether you can get a title loan depends on the state you live in. If you aren’t sure how to get a title loan, or which type of loan is right for you, contact a store near you today!

What You Will Need to Complete Your Application

What you need to provide to apply for a title loan with LendNation:

  • Free & Clear Car Title in Your Name
  • Current US-issued Photo ID
  • Proof of Income
  • Bank Statement from Within Past 30 Days
  • Active Bank Account
  • Current Phone Number & Email Address

Get a title loan today – Apply in-store

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Why Choose LendNation? 

Here are some of the main reasons why our customers choose to borrow from us:

  • Friendly, helpful customer service
  • Quick application process
  • Funds are transferred to your account typically within 30 minutes of approval
  • Flexible repayment options
  • Available in multiple states

Are you ready to use the value of your new vehicle for immediate financial relief? Visit a LendNation store near you to apply for a title loan today.

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